Dear Members:
Big news regarding your pension plan!
Over 10 years ago, UA Local 740 engaged with industry professionals to begin lobbying the provincial government to change the solvency funding rules for Multi-Employer Pension Plans (MEPPs), like ours. Over time, other Trade Unions with similar pension plans joined in the effort.
We are excited to announce that the provincial government has finally agreed to amend the Pension Benefits Act Regulations to provide a permanent exemption from the solvency funding requirement under the Pension Benefits Act. The effective date of the amendment is retroactive to December 1, 2020, when the temporary solvency funding relief expired. This is a monumental decision with an immeasurable benefit towards protecting the pensions for our plan members.
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