Our Funding Status
We are happy to report that the January 1, 2017 Valuation shows the Pension Plan is 110.7% fully funded. The Alberta Sheet Metal Workers' Retirement Trust Fund has sufficient assets to meet its future pension obligations to all Plan Members, plus 10.7%.
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 $7.54 per hour. For each SCR hour a member earns 4.14 cents towards his/her monthly earned lifetime pension benefit.
New Alberta Pension Legislation
New Alberta Pension Legislation was proclaimed effective September 1, 2014.
The key change that will affect new plan members is that there will be immediate vesting. The Administrative office, along with the Plan Consultant, are currently working through the required changes to the Plan Text. All documents, inclusive of the Plan Text and your membership booklet, have been updated to include all revisions.