Alberta’s unionized Millwrights are proud of their pension plan! It’s employer-paid – there are no pension deductions from your paycheque. Every hour you work, your employer contributes $7.25 to your pension.
It’s what’s called a defined benefit plan, meaning that you always have the security of knowing ahead of time what your retirement income will be. Funds in the plan are managed by an employee-employer Board of Trustees.
Our new contract means that pension payments are now calculated based on how many hours you’ve earned, so when you work double time, your employer pays double the hourly contribution on your behalf. That double contribution is now worth $14.50 per earned overtime hour!
Watch this space for details when our trustees have formally approved potential plan improvements!