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Benefits in a nutshell - MIFA

EMPLOYER NEWSFLASH JUNE 2016. Auto Workers and Motor Industry Provident Funds Benefits in a nutshell Employers are usually the first port of call members make when they have a question about their provident fund Benefits . We include a summary of the funds' Benefits in an attempt to make your life easier when dealing with members of the Auto Workers and Motor Industry Provident Funds. Qualifying criteria Benefit Description Payment of Benefit When you leave your You will receive your Fund Credit Once the qualifying criteria have employer and you exit the (total savings in the Fund).

Allocation of Death Benefits and importance of completing Nomination of Dependant Form One of the most challenging tasks facing the Trustees is to ensure that lump ...

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Transcription of Benefits in a nutshell - MIFA

1 EMPLOYER NEWSFLASH JUNE 2016. Auto Workers and Motor Industry Provident Funds Benefits in a nutshell Employers are usually the first port of call members make when they have a question about their provident fund Benefits . We include a summary of the funds' Benefits in an attempt to make your life easier when dealing with members of the Auto Workers and Motor Industry Provident Funds. Qualifying criteria Benefit Description Payment of Benefit When you leave your You will receive your Fund Credit Once the qualifying criteria have employer and you exit the (total savings in the Fund).

2 Been met you can either: motor industry. Withdrawal Fund credit consists of total -Transfer your benefit to: member contributions plus A preservation fund;. employer contributions allocated to A retirement annuity;. retirement, plus investment bonus Your new employer's fund;. declarations. Or -Withdraw your benefit in cash. Normal retirement age is 65. You will receive your Fund Credit. 100% as a cash lump sum. You may retire early from age Retirement 55 with consent from your OR. employer. You may elect to purchase a pension from a registered Insurer of your choice.

3 Disability If you are disabled due to an 100% as cash lump sum. To qualify for this benefit you accident or illness and are unable must be continuously and to perform your own or similar permanently unable to perform occupation. your own occupation. The benefit is 3 x Annual Salary Risk Benefits Medical evidence to support Plus your claim must be submitted. Your Fund Credit. Benefits may be limited during the first 5 years of membership. death If you die while an active member 100% as a cash lump sum. All members qualify for this of the Fund.

4 Benefit you must have been a contributing member of the The benefit is 3 x Annual Salary Fund. Plus Your Fund Credit. Allocation of death Benefits and importance of completing nomination of Dependant Form One of the most challenging tasks facing the Trustees is to ensure that lump sum Benefits paid on the death of a member are equitably allocated to dependants of that member. In terms of the Pension Funds Act, the Trustees are required to: a) Identify dependants of the deceased member of the Fund. b) Establish and investigate each dependant's financial and other circumstances.

5 C) Allocate the death benefit on a fair basis. The Trustees therefore request your assistance in urging all members of the Fund to complete a nomination of Dependant form, and thereafter updated on a regular basis, to reflect an accurate record of the status of each member's dependants and/or nominees. A copy of the Fund's nomination of Dependant Form was included with the Yebo Yes and ON Route newsletters. Please ask members to complete, sign and then return the form to MIFA's offices via Fax to 011 7873046 or 7872849. If the member has no dependants or their dependants are not financially dependent on them in any way, then they may nominate a beneficiary, anyone they like, or a charity they would like to support.

6 NOTE: Being nominated or a claimant does not automatically entitle a person to a benefit, it only entitles a nominee/claimant to be considered when the distribution of the benefit is made.


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