U.A. Local 71 Pension Plan

1 U. A. Local 71 Pension PlanPension Trust Fund | January 2015 United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and CanadaiPension Local 71 Pension plan January 2015 BOARD OF TRUSTEESL abour IndependentPaul Dupont Michel PoirierBrent PayneMichael ReidRoland RoyLarry St. GermainACTUARYM orneau Shepell Wilson LLPCONSULTANT AND ADMINISTRATORM ailing Address: Mailing Address: Box 3517, Station C 466 Tremblay Road Ottawa, ON K1Y 4H5 Ottawa, ON K1G 3R1 Telephone: 613-231-2266 Fax: 613-231-2345E-mail: or MANAGERSB rookfield Asset ManagementBTG Pactual Brazil Timberland Fund IBurgundy Asset Management Investment Counsel Institutional Asset ManagementGlovista Investments LLCH illsdale Investment Management Fraser Limited Investment CounselManulife Asset ManagementState Street Global Advisors CapitalOTHER PLACEMENTSL imited partnershipsPrivate mortgagesValleyview Lands LLPiiiTo all members of the Local 71 Pension PlanThe board of trustees is pleased to provide this updated booklet which is designed to provide answers to the most commonly asked questions about the Pension encourage you to read the booklet carefully to ensure that you understand the benefits you are entitled to receive under the Pension plan .

2 This booklet should be stored with your other important documents for future questions regarding the benefits, administration or application for Pension benefits should be directed to your plan yours,The board of trusteesivNotesIMPORTANTThis document contains important information concerning your Pension plan and, therefore, should be kept in a safe place. This booklet supersedes and replaces all previously communicated purpose of this outline is to explain briefly the main features of this Pension plan . This outline does not create or confer any contractual or other rights. The trust agreement and plan document of the Local 71 Pension Trust Fund and plan and any government regulations govern all rights and obligations of the NUMBERSF inancial Services Commission of Ontario and Canada Revenue Agency registration number OF ADDRESSIt is important to inform the plan administrator and the Local 71 of any address OR OMISSIONSE very effort has been made to ensure that this booklet is accurate and complete.

3 Should errors, omissions or disputes occur, the terms of the policies issued to the Local 71 Pension Trust Fund and plan will your personal informationThe administrator of your group Pension plan is Coughlin & Associates Ltd. At Coughlin, we recognize and respect every individual s right to privacy. When personal information is provided to us, we establish a confidential file that is kept in the offices of Coughlin, or the offices of an organization authorized by Coughlin. We use the information to administer the group Pension plan . We limit access to information in your file to Coughlin staff or persons authorized by Coughlin who require it to perform their duties, to persons to whom you have granted access, and to persons authorized by uses your Social Insurance Number for the purposes of government reporting, identification and administration of your Pension plan . Coughlin may exchange your personal information with the following persons, organizations or parties: financial institutions; government agencies; insurance companies; employers or former employers; your Local union; plan trustees; Pension advisory committee members; actuaries and auditors.

4 Coughlin may use the personal information on file to provide you with additional information regarding any benefits to which you are have the right to access or update any incorrect information by submitting a request in writing to:The Privacy OfficerCoughlin & Associates Box 3517, Station COttawa, ON K1Y 4H5 Table of contentsDefinitions ..1 Define the role of: ..11 Summary of the provisions of the plan ..13 Purpose ..13 Mission statement ..13 Effective date ..13 Eligibility ..14 Enrolment ..14 Beneficiary designation ..14 Participation ..15 Contributions ..15 Vesting ..17 Locking-in ..17 Unlocking locked-in funds ..18 Benefits on termination ..19 Retirement dates ..21 Applying for your Pension ..24 Form of Pension ..25 Amount of Pension ..29 Past service credits ..34 Sample calculation ..35 Government programs ..38 Post-retirement contributions ..38 Death benefits ..40 Credit splitting on divorce, annulment or separation.

5 42 Subsequent spouse ..43 Spousal waivers ..43 Remarriage ..44 Limitations on all payments ..44 Restriction on entitlement ..44 Assignment ..44 Investments ..45 Rights to information ..46 Administration ..471 Pension PlanDefinitionsActThe Pension Benefits Act, RSO, 1990 of Ontario and the regulations thereunder, as equivalentA benefit of equal value computed upon an actuarial basis recommended by the actuary and approved by the board of person who is a Fellow of the Canadian Institute of Actuaries or a firm employing such a person who is appointed actuary for the plan by the voluntary contributionsA contribution by the member to the Pension fund beyond any amount that he/she is required to make. Such a contribution does not require any additional concurrent contributions by an person or persons that administer the Pension plan as appointed by the contract that provides an income for a specified period of time such as a number of years or for person, or your estate, entitled under the terms of the plan to receive pre or post-retirement survivor benefits on your death.

6 Under the Pension Benefits Act of Ontario, a spouse (legal or common-law) is automatically the beneficiary unless the appropriate waiver has been filed with the administrator either prior to your death or the commencement of the Pension , as Local 71 Board of trustees or trusteesThe operation and administration of the Pension plan shall be the responsibility of the board of trustees. The board of trustees shall be comprised of five trustees named by the union, including one independent trustee who is neither a significant shareholder, partner, proprietor nor an employee of a participating Revenue Agency (CRA)The Canada Revenue Agency enforces the provisions of the Income Tax of membership or termination in the planCessation of membership or termination in the plan is defined as having ceased employment in the industry for any company under collective agreement with the Local 71, or for a participating company, for a continuous period of at least two years or more.

7 Nevertheless, a disabled member who qualifies for Workplace Safety and Insurance Board (WSIB) benefits, weekly indemnity, or long-term disability benefits under the Local 71 Health and Welfare Trust Fund, or who is considered totally and permanently disabled as defined in this booklet, is considered active or employed during that agreementCollective agreement shall mean any collective agreement between the Ontario Pipe Trades Council of the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada and the Mechanical Contractors Association of Ontario representing members of the Local 71. It also includes any modification or amendment of the agreement, by the terms of which the employer agrees to make contributions to the plan , which the board of trustees has agreed to PlanCommuted valueThe commuted value calculation is used to determine the lump sum value of the deferred Pension benefit.

8 It is calculated in accordance with the Standard of Practice for Determining Pension Commuted Values published by the Canadian Institute of Actuaries effective April 1, 2009, or any successor recommendations adopted by the Canadian Institute of Actuaries. The assumptions and methods used in determining the commuted value must also be acceptable under the Income Tax Act. The commuted value varies with the age of the member and spouse, the amount of benefit accumulated, and the interest rate in effect at the time the calculation is or employerCompany or employer shall mean any of the participating employers accepted for participation in the Pension plan by the board of Price Index (CPI)The Consumer Price Index for Canada (CANSIM V41690914) as published monthly in the Bank of Canada relation to employment, membership or service, continuous means without regard to periods of temporary suspension of employment, membership or service and without regard to periods of temporary layoff from employment not exceeding two consecutive years in duration.

9 It includes any period to a maximum of one year for which an employee is in receipt of benefits under the Workplace Safety and Insurance Board benefits trust agreementThe agreement or contract entered into between the trustees and the financial institution appointed by the trustees to invest the fund established under this Local 71 Credited interestInvestment earnings (losses) credited on post-retirement contributions at rates determined by the trustees at the end of each plan year, having regard to the actual net rates earned by the fund on the basis of the audited financial the purposes of determining the rate of credited interest to be credited on post-retirement contributions on an interim basis for refunds, death benefits and retirement benefits payable during the plan year, the administrator will determine the interim rate having regard to the actual net rates earned by the fund after allowing for applicable expenses and for all capital appreciation and depreciation whether realized or unrealized.

10 When information or data is unavailable to determine the present monthly net rate, the administrator will refer to the most recent month(s) of the fiscal period whereby the information is available and project the year-to-date net return on a pro-rata basis to the end of the month prior to the settlement Pension benefitA Pension benefit other than an immediate Pension benefit planA plan that defines the Pension to be provided but not the total contractA domestic contract as defined in Part IV of the Family Law person who is a member, or an employee, of the Local 71 and is employed on a regular, permanent, salaried or hourly-rated basis; or a person employed by a participating employer accepted by the board of trustees as a contributing or participating PlanEnrolment dateThe date upon which your enrolment in the plan takes Services Commission of Ontario (FSCO)The Financial Services Commission of Ontario is the provincial regulator that enforces the terms of the Pension Benefits Act of memberAn individual who has either terminated the employment that relates to the Pension plan or has terminated membership in the Pension plan and satisfies either of the following criteria:(i) the individual is entitled to a deferred Pension payable from the Pension fund; or(ii) he/she is entitled to receive any other payment from the Pension or trust fundThe fund established for purposes of the plan held in trust by the financial institution with whom the trustees have entered into an agreement for this purpose.