The purpose of the Insulators Local 95 Pension Plan ("Plan") is to provide certain retirement and related benefits for and on behalf of all eligible employees who become Members of the Plan and thier beneficiaries.
 
The Plan is registered under the Income Tax Act (Canada) with the Canada Revenue Agency (“CRA”), and under the Pension Benefits Act, R.S.O. 1990 (Ontario) with the Financial Services Commission of Ontario (“FSCO”), registration number 0221184.
 
The Plan is what is known as a negotiated contribution target benefit pension plan. This means that pension benefits are based on a formula derived from the negotiated contributions but are not guaranteed by the employers, the union or the government. In other words, if there is a shortfall in the money available for pensions, the benefit formula could be adjusted.
 
All contributions to fund the Plan are remitted by your employer each month to the Plan’s appointed administrative agent, which remits such contributions to independent pension fund managers who invest the monies. The Plan’s appointed custodian pays the required benefits to all members as they become due.
 
The Plan is governed by a pension trust agreement (the “Trust Agreement”), which established the pension trust fund, the Plan text adopted by the Trustees under the Trust Agreement and applicable federal and provincial laws and regulations. Any issues concerning eligibility for, or the amount of, or entitlement to pension benefits under the Plan will be resolved by reference to the Trust Agreement and the Plan text and applicable legislation.