Our Funding Position as at January 1, 2022
The valuation is a financial check to ensure Plan assets cover Plan liabilities (promised benefits). The January 1, 2022 Valuation results show that the Plan is in a strong financial position to provide benefit enhancements.
With the strong long-term financial strength of the Plan over the past few years, the Board of Trustees were able to provide the following improvments consistent with the objectives of the Plan of provdiding benefit security and intergenerational equity;
Even after these improvements, the Plan remained well funded and continued to generate additional surplus. As such, based on valuation results presented to the Trustees in June 2022, the Trustees are pleased to announce additional benefit improvements!
Here's what is improving effective September 1, 2022
2013-2021 Accrued Benefits
Benefits earned during 2013 to 2021 will be adjusted to reflect a Standard Contribution Rate of $5.00
• Applies to active, inactive, and retired members who earned benefits during this period.
• Applies to all members: active, inactive, retired and survivors/beneficiaries receiving monthly benefits.
Standard Contribution Rate
• The Standard Contribution Rate will be capped at $5.00 for 2022 and 2023.
Valuation Results - Funding Position as at January 1, 2022
Going Concern - the Plan continues indefinitely, has a funded ratio of 132.9%
Solvency - if the Plan were to wind-up on January 1, 2022, has a funded ratio of 140.2%
Current Service Cost - determines the Standard Contribution Rate (SCR) is adequate to pay for future benefits assuming the Plan continues indefinitely. The current Sercive Cost at January 1, 2022 is $7.34 however, the Board has agreed that the SCR will remain at $5.00 for 2022 and 2023.
Effective May 4, 2014 under the Sheet Metal and Sheeters & Deckers Provincial Collective Agreements your Employer remits;
Commerical Rate: $4.50 per hour worked
Industrial Rate: $5.50 per hour worked
(example of "earned " hours; if you work 1 double time hour your Employer pays 2 hours of contribution)
If you work for an Employer with an individual Agreement the rate per hour may differ from the two Provincial Collective Agreement Rates.
All Contributions received are converted into Standard Contribution Rate (SCR). Our current SCR rate is $5.00 per hour. For each SCR hour a member earns 4.14 cents towards his/her monthly earned lifetime pension benefit.
100-8905 51 Avenue NW
Edmonton, AB T6E 5J3
T: 780-466-1999 Fax: 780-466-2095
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