Our Funding Status
We are happy to report that the January 1, 2018 Valuation shows the Pension Plan is 114.2% fully funded. The Alberta Sheet Metal Workers' Retirement Trust Fund has sufficient assets to meet its future pension obligations to all Plan Members, plus 14.2%.
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. Effective January 1, 2019 the SCR will decrease to $6.98. For each SCR hour a member earns 4.14 cents towards his/her monthly earned lifetime pension benefit.