February 15 is Pension Awareness Day in Ontario. Created by the Financial Services Regulatory Authority of Ontario (FRSA), it is a day designed to spark conversations about the importance of retirement planning.
Saving for retirement is expensive - just 38% of workers in Canada were covered by a registered pension plan as of 2021. This means nearly two-thirds of people are likely to have difficulty maintaining their lifestyle once they stop working.
A recent poll by FRSA suggested that workers just didn’t have enough information about retirement planning to make it a priority. In fact, about half of those questioned admitted to knowing more about their favourite TV show than their pension!
Your IUOE Local 793 Pension Plan
The IUOE Local 793 Pension Plan is known as a target benefit pension (TBP), blending elements of defined-benefit and defined-contribution plans to provide a base monthly pension at retirement.
Members of IUOE Local 793 automatically become a pension plan member when they work for an employer who makes a contribution to the plan based on hours worked. The exact amount of the contribution is determined by the collective agreement in place with the member’s employer.
The income a member receives each month when they retire depends on the total contributions made on their behalf - or credited to them because of WSIB disability.
Remember: plan members have a responsibility to review the information provided to them such as semi-annual contribution reports and are encouraged to seek professional advice from a qualified financial planner to ensure retirement goals are achieved.
For more information on all aspects of the IUOE Local 793 Pension Plan, click here to read our online guide or to download a copy.
We also have an online pension calculator designed specifically for members of the IUOE Local 793 Pension Plan. With this useful tool, members at any stage of their career can track their savings progress and make sure their retirement goals are within reach.
The calculator comes fully loaded with the member’s personal information, so results are immediate. All you have to do is log in! Visit the Pension page on the Local 793 website here to get started.
If you have a question about your IUOE Local 793 Pension Plan, please contact:
Operating Engineers Benefits Administration Corporation (OEBAC)
2201 Speers Rd. Unit 1
Oakville, ON L6L 2X9
Email: info@oebac.org
Telephone: 1-844-793-1919
Be sure to have your certificate number (found on the OEBAC Benefits Card) or Union registration number handy when you call for personal benefits information.
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