Air Canada Pension Plans Understanding your Pension Presented
![Air Canada Pension Plans Understanding your Pension Presented by Christopher Hiscock 1 12/1/2020 Air Canada Pension Plans Understanding your Pension Presented by Christopher Hiscock 1 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-1.jpg)
![MONTRÉAL - YUL September, 2013 Ø Introduction Ø Plan Details & Options Ø Post MONTRÉAL - YUL September, 2013 Ø Introduction Ø Plan Details & Options Ø Post](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-2.jpg)
![Seminar Topics Ø Questions at any time Ø About the Air Canada Plans Ø Seminar Topics Ø Questions at any time Ø About the Air Canada Plans Ø](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-3.jpg)
![About Our Pension Plans Ø Ø Ø Ø Defined Benefit Pension Plans Federally Regulated About Our Pension Plans Ø Ø Ø Ø Defined Benefit Pension Plans Federally Regulated](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-4.jpg)
![Ex-CAIL Pension Committee Ø Ø Ø Chairman – Christopher Hiscock YVR Member – Demetri Ex-CAIL Pension Committee Ø Ø Ø Chairman – Christopher Hiscock YVR Member – Demetri](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-5.jpg)
![Air Canada Pension Committee Ø YEG Member – Grant Hornsby YWG Member – Tony Air Canada Pension Committee Ø YEG Member – Grant Hornsby YWG Member – Tony](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-6.jpg)
![Air Canada Pension Plans Ø Ø Ø Ø AC sponsors 10 Pension Plans AC Air Canada Pension Plans Ø Ø Ø Ø AC sponsors 10 Pension Plans AC](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-7.jpg)
![8 12/1/2020 8 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-8.jpg)
![Creation of a Single IAM&AW Plan q Effective January 1, 2014 q All Clerical, Creation of a Single IAM&AW Plan q Effective January 1, 2014 q All Clerical,](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-9.jpg)
![IAM&AW MEPP for New Hires q Applicable to all IAM&AW members hired after the IAM&AW MEPP for New Hires q Applicable to all IAM&AW members hired after the](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-10.jpg)
![IAM&AW MEPP for New Hires - 2 q q Air Canada has no responsibility IAM&AW MEPP for New Hires - 2 q q Air Canada has no responsibility](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-11.jpg)
![IAM&AW MEPP for New Hires - 3 q Lifetime pension q No purchase of IAM&AW MEPP for New Hires - 3 q Lifetime pension q No purchase of](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-12.jpg)
![Terms and Rules we will explain Ø Service – Allowable, Pensionable Ø Pensionable Earnings Terms and Rules we will explain Ø Service – Allowable, Pensionable Ø Pensionable Earnings](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-13.jpg)
![Service Ø Ø Ø Ø Air Canada service from date of hire. CAIL service Service Ø Ø Ø Ø Air Canada service from date of hire. CAIL service](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-14.jpg)
![Service – cont’d Ø Time on GDIP / WCB - No contributions required - Service – cont’d Ø Time on GDIP / WCB - No contributions required -](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-15.jpg)
![Annual Pensionable Earnings Ø Ø Ø All normal salary and wages shown on your Annual Pensionable Earnings Ø Ø Ø All normal salary and wages shown on your](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-16.jpg)
![YMPE Ø Ø Ø YMPE = Yearly Maximum Pensionable Earnings. Set annually by Revenue YMPE Ø Ø Ø YMPE = Yearly Maximum Pensionable Earnings. Set annually by Revenue](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-17.jpg)
![YMPE: 2002 - 2013 Ø 2013 - $51, 100 Ø 2006 - $ 42, YMPE: 2002 - 2013 Ø 2013 - $51, 100 Ø 2006 - $ 42,](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-18.jpg)
![Normal Retirement Ø The first day of the month next following your 65 th Normal Retirement Ø The first day of the month next following your 65 th](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-19.jpg)
![Early Retirement Ø 25 years of Qualifying Service OR Ø 80 Points of Age Early Retirement Ø 25 years of Qualifying Service OR Ø 80 Points of Age](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-20.jpg)
![Disability Retirement Ø Ø Ø Ø Eligible after 15 years qualifying service (10 years Disability Retirement Ø Ø Ø Ø Eligible after 15 years qualifying service (10 years](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-21.jpg)
![Terminations Ø If you have not met the retirement “milestones” of 25 years of Terminations Ø If you have not met the retirement “milestones” of 25 years of](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-22.jpg)
![Termination Options Ø >10 years prior to an unreduced pension (<70 points) = options Termination Options Ø >10 years prior to an unreduced pension (<70 points) = options](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-23.jpg)
![Pension Options – Survivor Benefits Ø Choice of J&S 50% or J&S 60% survivor Pension Options – Survivor Benefits Ø Choice of J&S 50% or J&S 60% survivor](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-24.jpg)
![Pension Options - Higher to 65 Ø Available for Retirements prior to Age 65 Pension Options - Higher to 65 Ø Available for Retirements prior to Age 65](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-25.jpg)
![Plan Rules Ø AC plan amended July, 1999 to reflect new benefit (all service) Plan Rules Ø AC plan amended July, 1999 to reflect new benefit (all service)](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-26.jpg)
![Plan Rules Ø Normal Retirement is at age 65 Ø Early Retirement is available Plan Rules Ø Normal Retirement is at age 65 Ø Early Retirement is available](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-27.jpg)
![Benefit Formula Ø Pension($$$$) = Service x Earnings x % Factors Ø Service is Benefit Formula Ø Pension($$$$) = Service x Earnings x % Factors Ø Service is](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-28.jpg)
![Benefit Formula % Factors Ø Ø Ø Ø AC % Factors 1. 75 % Benefit Formula % Factors Ø Ø Ø Ø AC % Factors 1. 75 %](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-29.jpg)
![Early Retirement Reductions Ø If you have attained 25 years of qualifying service or Early Retirement Reductions Ø If you have attained 25 years of qualifying service or](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-30.jpg)
![Termination Reductions Ø Prior to attaining 25 years qualifying service or 80 points if Termination Reductions Ø Prior to attaining 25 years qualifying service or 80 points if](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-31.jpg)
![New Early Retirement Reduction As agreed to in the 2012 Pension MOA q Effective New Early Retirement Reduction As agreed to in the 2012 Pension MOA q Effective](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-32.jpg)
![APPROXIMATE ACTUARIAL REDUCTIONS** 64 = 6. 0% 63 = 11. 64% 62 = 16. APPROXIMATE ACTUARIAL REDUCTIONS** 64 = 6. 0% 63 = 11. 64% 62 = 16.](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-33.jpg)
![Pension Estimates q Estimates can be done on the aéronet portal q Follow the Pension Estimates q Estimates can be done on the aéronet portal q Follow the](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-34.jpg)
![Pension Estimates (cont’d) 6) Select Pension Forms of Payment and Calculation Details to see Pension Estimates (cont’d) 6) Select Pension Forms of Payment and Calculation Details to see](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-35.jpg)
![Annual Pension Statement § The employee personal pension statement is issued to all employees Annual Pension Statement § The employee personal pension statement is issued to all employees](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-36.jpg)
![Your Personal Pension Statement Personal Data The benefits you have accrued as of December Your Personal Pension Statement Personal Data The benefits you have accrued as of December](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-37.jpg)
![Your Personal Pension Statement § The Company records show that your months of allowable Your Personal Pension Statement § The Company records show that your months of allowable](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-38.jpg)
![Your Personal Pension Statement Accumulated Pension § As of December 31, 2011, you have Your Personal Pension Statement Accumulated Pension § As of December 31, 2011, you have](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-39.jpg)
![Survivor Pensions Ø Ø Options for J&S 50% or 60% survivor benefit Your pension Survivor Pensions Ø Ø Options for J&S 50% or 60% survivor benefit Your pension](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-40.jpg)
![Changes to the Normal Form Pension q Effective January 1, 2014 – Inoperative per Changes to the Normal Form Pension q Effective January 1, 2014 – Inoperative per](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-41.jpg)
![Changes to the Normal Form Pension -2 q Married members still have the option Changes to the Normal Form Pension -2 q Married members still have the option](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-42.jpg)
![Consent Provision q Air Canada agrees they will not deny consent for an unreduced Consent Provision q Air Canada agrees they will not deny consent for an unreduced](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-43.jpg)
![Criteria for “Retiree” Status ü 25 years Continuous service OR 80 points age plus Criteria for “Retiree” Status ü 25 years Continuous service OR 80 points age plus](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-44.jpg)
![Benefits of “Retiree” Status ü Lifetime Air Canada Travel Privileges ü Eligibility for OAL Benefits of “Retiree” Status ü Lifetime Air Canada Travel Privileges ü Eligibility for OAL](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-45.jpg)
![Post-retirement Benefits – Insurance ü Basic Life Insurance - $10, 000, Company paid - Post-retirement Benefits – Insurance ü Basic Life Insurance - $10, 000, Company paid -](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-46.jpg)
![Post-retirement Benefits – Health ü Basic Health Plan ü Voluntary Supplementary Health Plan ü Post-retirement Benefits – Health ü Basic Health Plan ü Voluntary Supplementary Health Plan ü](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-47.jpg)
![2012 VSHP Monthly Premiums New Monthly Premiums effective May 1, 2012* Under 65 Single 2012 VSHP Monthly Premiums New Monthly Premiums effective May 1, 2012* Under 65 Single](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-48.jpg)
![2011 Pacific Blue Cross Premiums British Columbia Coverage New Monthly Rate (Effective January 1, 2011 Pacific Blue Cross Premiums British Columbia Coverage New Monthly Rate (Effective January 1,](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-49.jpg)
![Retiree Benefit Information AC aéronet hr connex Policies & Information (tab) 1 My Benefits Retiree Benefit Information AC aéronet hr connex Policies & Information (tab) 1 My Benefits](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-50.jpg)
![Benefit Coverage upon Retirement ü ü ü You are covered on your existing Claimsecure Benefit Coverage upon Retirement ü ü ü You are covered on your existing Claimsecure](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-51.jpg)
![Example of Combined Air Canada & Government Pensions AC OPTION PENSION LEVEL $2, 515. Example of Combined Air Canada & Government Pensions AC OPTION PENSION LEVEL $2, 515.](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-52.jpg)
![Net To Net Comparison WORKING RETIRED $65, 000 -$16, 500 $37, 428 -$6, 200 Net To Net Comparison WORKING RETIRED $65, 000 -$16, 500 $37, 428 -$6, 200](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-53.jpg)
![Retirement Application Process Via telephone at 1 -855 -0785 v Has moved online at Retirement Application Process Via telephone at 1 -855 -0785 v Has moved online at](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-54.jpg)
![Retirement Process – cont’d Expect and plan to receive no income for up to Retirement Process – cont’d Expect and plan to receive no income for up to](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-55.jpg)
![The Past 3 Hours of Your Life q Current and new Pension plans + The Past 3 Hours of Your Life q Current and new Pension plans +](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-56.jpg)
![Summary v Plan your retirement carefully v Seek independent financial advice v Choose the Summary v Plan your retirement carefully v Seek independent financial advice v Choose the](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-57.jpg)
![Where to Get More Information v Pension Committee – president@iam 764. ca v Local Where to Get More Information v Pension Committee – president@iam 764. ca v Local](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-58.jpg)
![www. iam 764. ca 59 12/1/2020 www. iam 764. ca 59 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-59.jpg)
![www. iam 764. ca Pension Seminar 60 12/1/2020 www. iam 764. ca Pension Seminar 60 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-60.jpg)
![www. iam 764. ca 61 12/1/2020 www. iam 764. ca 61 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-61.jpg)
![www. iam 764. ca Pensions 62 12/1/2020 www. iam 764. ca Pensions 62 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-62.jpg)
![www. getsmarteraboutmoney. ca 63 12/1/2020 www. getsmarteraboutmoney. ca 63 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-63.jpg)
![www. servicecanada. gc. ca 64 12/1/2020 www. servicecanada. gc. ca 64 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-64.jpg)
![. Thank You For your time and attendance 65 12/1/2020 . Thank You For your time and attendance 65 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-65.jpg)
- Slides: 65
![Air Canada Pension Plans Understanding your Pension Presented by Christopher Hiscock 1 1212020 Air Canada Pension Plans Understanding your Pension Presented by Christopher Hiscock 1 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-1.jpg)
Air Canada Pension Plans Understanding your Pension Presented by Christopher Hiscock 1 12/1/2020
![MONTRÉAL YUL September 2013 Ø Introduction Ø Plan Details Options Ø Post MONTRÉAL - YUL September, 2013 Ø Introduction Ø Plan Details & Options Ø Post](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-2.jpg)
MONTRÉAL - YUL September, 2013 Ø Introduction Ø Plan Details & Options Ø Post Retirement Benefits Ø Retirement application & process 2 12/1/2020
![Seminar Topics Ø Questions at any time Ø About the Air Canada Plans Ø Seminar Topics Ø Questions at any time Ø About the Air Canada Plans Ø](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-3.jpg)
Seminar Topics Ø Questions at any time Ø About the Air Canada Plans Ø Definitions & Plan Rules Ø Pension Options Ø Calculations Ø Annual Pension Statement Ø Survivor Benefits Ø Post-retirement Benefits 3 12/1/2020
![About Our Pension Plans Ø Ø Ø Ø Defined Benefit Pension Plans Federally Regulated About Our Pension Plans Ø Ø Ø Ø Defined Benefit Pension Plans Federally Regulated](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-4.jpg)
About Our Pension Plans Ø Ø Ø Ø Defined Benefit Pension Plans Federally Regulated (OSFI) Pension Benefits Standards Act Income Tax Act Pension Text and Collective Agreement All 4 documents define the rules and administration of our plans Pension Committees monitor Pension Plan administration 4 12/1/2020
![ExCAIL Pension Committee Ø Ø Ø Chairman Christopher Hiscock YVR Member Demetri Ex-CAIL Pension Committee Ø Ø Ø Chairman – Christopher Hiscock YVR Member – Demetri](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-5.jpg)
Ex-CAIL Pension Committee Ø Ø Ø Chairman – Christopher Hiscock YVR Member – Demetri Ghinis YYZ Member – Karnail Brar Retiree Member – Ed Wainwright DL 140 GC – Boyd Richardson (both CAIL & AC) 3 Company Members _____________________________________________________________________ Ø Meet with the company twice per year. Ø Advocate for members with problems / issues Ø Review financial reports and performance Ø Hold a 4 to 3 vote on the committee and must approve all changes to the Text. 5 12/1/2020
![Air Canada Pension Committee Ø YEG Member Grant Hornsby YWG Member Tony Air Canada Pension Committee Ø YEG Member – Grant Hornsby YWG Member – Tony](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-6.jpg)
Air Canada Pension Committee Ø YEG Member – Grant Hornsby YWG Member – Tony Rupps YYZ Member – Steve O’Hara YUL Member – Thalamas Louimeus YHZ Observer – Peter Mc. Carthy YVR Observer – Kevin Cox 4 Company members Ø ____________________________________________________________________ Ø Meet quarterly Ø Advocate for members with problems / issues Ø Review financial reports and performance Ø Approve payment of all pensions Ø Ø Ø 6 12/1/2020
![Air Canada Pension Plans Ø Ø Ø Ø AC sponsors 10 Pension Plans AC Air Canada Pension Plans Ø Ø Ø Ø AC sponsors 10 Pension Plans AC](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-7.jpg)
Air Canada Pension Plans Ø Ø Ø Ø AC sponsors 10 Pension Plans AC Master Trust Fund holds the assets of all the Pension Plans. Investments are actively managed. MTF market value $12. 244 B (12/31/2012) an increase of $1. 129 B from $11. 116 B(12/31/2011) Assets are held in trust (CIBC Mellon) and are not available to the Company or creditors Solely for the payment of member benefits and administration costs of the plans IAM members are in two different plans - AC Main Plan & IAM ex-CAIL Plan IAM members own approx. 24% of all assets ($3 B) 7 12/1/2020
![8 1212020 8 12/1/2020](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-8.jpg)
8 12/1/2020
![Creation of a Single IAMAW Plan q Effective January 1 2014 q All Clerical Creation of a Single IAM&AW Plan q Effective January 1, 2014 q All Clerical,](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-9.jpg)
Creation of a Single IAM&AW Plan q Effective January 1, 2014 q All Clerical, Finance and TMOS members will be placed in a single IAM&AW pension plan q All Plan assets remain in the Master Trust Fund q Single Pension Committee 7 members (YHZ / YUL / YYZ / (2) YWG / YYC-YEG / YVR) plus a Retiree member. q Better separation of assets and liabilities from other unions and management pension plans q More autonomy and control than under the current structure 9 12/1/2020
![IAMAW MEPP for New Hires q Applicable to all IAMAW members hired after the IAM&AW MEPP for New Hires q Applicable to all IAM&AW members hired after the](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-10.jpg)
IAM&AW MEPP for New Hires q Applicable to all IAM&AW members hired after the date of ratification of their 2012 collective agreement q Targeted Defined Benefit Pension plan. q Payable from age 65. Actuarially reduced for early retirement any time after age 55 q Contribution rates of 6% employee & company q q Pension based on 0. 92% of employer contributions Commuted Value or J&S 60% survivor pensions payable as applicable 10 12/1/2020
![IAMAW MEPP for New Hires 2 q q Air Canada has no responsibility IAM&AW MEPP for New Hires - 2 q q Air Canada has no responsibility](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-11.jpg)
IAM&AW MEPP for New Hires - 2 q q Air Canada has no responsibility for solvency funding. Funding shortfalls are addressed through adjustment of targeted benefits if required IAM&AW Trustees and appointed actuaries q All assets professionally invested and managed q Federally regulated under OSFI and the PBSA q Multi-employer pension plans lessen the risk of single employer funding or insolvency q Open to all IAM&AW federally regulated employers q Currently Air Canada, Garda, G 4 S & A. J. Walters 11 12/1/2020
![IAMAW MEPP for New Hires 3 q Lifetime pension q No purchase of IAM&AW MEPP for New Hires - 3 q Lifetime pension q No purchase of](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-12.jpg)
IAM&AW MEPP for New Hires - 3 q Lifetime pension q No purchase of service allowed q Shared risk for longevity & market performance q Pooled funds = lower costs and higher returns q Able to project future value of pension at retirement based on plan service & benefit rate q Lower PA value than traditional DB Plans – more room for personal RRSP or similar contributions 12 12/1/2020
![Terms and Rules we will explain Ø Service Allowable Pensionable Ø Pensionable Earnings Terms and Rules we will explain Ø Service – Allowable, Pensionable Ø Pensionable Earnings](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-13.jpg)
Terms and Rules we will explain Ø Service – Allowable, Pensionable Ø Pensionable Earnings Ø YMPE (Year’s Maximum Pensionable Earnings) Ø Normal Retirement Ø Early Retirement Ø Disability Pension Ø Survivor Benefits Ø Higher to 65 Option Ø Termination Benefits 13 12/1/2020
![Service Ø Ø Ø Ø Air Canada service from date of hire CAIL service Service Ø Ø Ø Ø Air Canada service from date of hire. CAIL service](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-14.jpg)
Service Ø Ø Ø Ø Air Canada service from date of hire. CAIL service from date of Pension Plan membership Previous Air Canada service. Company approved leave for Military Service. Pre-employment Military Service. Maternity / Paternity Leave Periods of interrupted service, e. g. , elected political office or full-time union representative Approved lay-off or Furlough avoidance leaves. (SVLOA) 14 12/1/2020
![Service contd Ø Time on GDIP WCB No contributions required Service – cont’d Ø Time on GDIP / WCB - No contributions required -](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-15.jpg)
Service – cont’d Ø Time on GDIP / WCB - No contributions required - Higher benefit (2% on all earnings for all full months) - Notional earnings if you retire from GDIP / WCB Ø Qualifying service (accounts for service in multiple plans to determine options) Ø Allowable service (AC - determines money) Ø Pensionable service (CAIL -determines money) Ø Cannot exceed 35 years – PBSA & ITA 15 12/1/2020
![Annual Pensionable Earnings Ø Ø Ø All normal salary and wages shown on your Annual Pensionable Earnings Ø Ø Ø All normal salary and wages shown on your](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-16.jpg)
Annual Pensionable Earnings Ø Ø Ø All normal salary and wages shown on your payroll Option to exclude overtime earnings Average Annual Compensation (AC) is calculated using your best 36 consecutive months earnings at anytime in your career Final Average Earnings (CAIL) is calculated using your best 3 consecutive calendar years or last 36 months of Continuous service Cap at $82, 000 ($71, 000 for CAIL service) The 36 month period used is now shown on your detailed report on the Calculator 16 12/1/2020
![YMPE Ø Ø Ø YMPE Yearly Maximum Pensionable Earnings Set annually by Revenue YMPE Ø Ø Ø YMPE = Yearly Maximum Pensionable Earnings. Set annually by Revenue](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-17.jpg)
YMPE Ø Ø Ø YMPE = Yearly Maximum Pensionable Earnings. Set annually by Revenue Canada Used to determine benefit and contribution levels in all AC pension plans Used to determine your contributions to the Canada / Quebec pension plans. Average Annual YMPE is used with AAC / FAE as part of the pension benefit formulas. The YMPE used is shown along with your AAC / FAE at the end of your detailed report on the Calculator 17 12/1/2020
![YMPE 2002 2013 Ø 2013 51 100 Ø 2006 42 YMPE: 2002 - 2013 Ø 2013 - $51, 100 Ø 2006 - $ 42,](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-18.jpg)
YMPE: 2002 - 2013 Ø 2013 - $51, 100 Ø 2006 - $ 42, 100 Ø 2012 - $50, 100 Ø 2005 - $ 41, 100 Ø 2011 - $48, 300 Ø 2004 - $40, 500 Ø 2010 - $47, 200 Ø 2003 - $ 39, 900 Ø 2009 - $ 46, 300 Ø 2002 - $ 39, 100 Ø 2008 - $ 44, 900 Ø 1990 - $ 28, 900 Ø 2007 - $ 43, 700 18 12/1/2020
![Normal Retirement Ø The first day of the month next following your 65 th Normal Retirement Ø The first day of the month next following your 65 th](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-19.jpg)
Normal Retirement Ø The first day of the month next following your 65 th birthday. Ø No reductions shall apply regardless of service q Air Canada has eliminated mandatory retirement at age 65. 19 12/1/2020
![Early Retirement Ø 25 years of Qualifying Service OR Ø 80 Points of Age Early Retirement Ø 25 years of Qualifying Service OR Ø 80 Points of Age](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-20.jpg)
Early Retirement Ø 25 years of Qualifying Service OR Ø 80 Points of Age + Qualifying Service Ø There are 2 Early Retirement reductions possible. They will apply whichever is the greater 1) Prior to attaining age 55 2) Prior to attaining age 60 or 80 points or 30 years service in the pension plan 20 12/1/2020
![Disability Retirement Ø Ø Ø Ø Eligible after 15 years qualifying service 10 years Disability Retirement Ø Ø Ø Ø Eligible after 15 years qualifying service (10 years](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-21.jpg)
Disability Retirement Ø Ø Ø Ø Eligible after 15 years qualifying service (10 years former CAIL) Payable as if age 65 (no penalties) CPP / QPP disability benefits also available Survivor benefit payable to spouse Application and instructions are on the aéronet (HR Connex) Member to initiate the process and submit detailed medical reports of disability. Independent 3 rd party medical evaluation determines eligibility if Company Chief Medical Officer disagrees with your doctor. 21 12/1/2020
![Terminations Ø If you have not met the retirement milestones of 25 years of Terminations Ø If you have not met the retirement “milestones” of 25 years of](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-22.jpg)
Terminations Ø If you have not met the retirement “milestones” of 25 years of qualifying service or 80 points or age 65, there are several pension options. Ø Options for cash refunds, transfers, deferred unreduced pensions or “pension without benefits” Ø Being eligible for an immediate pension does not qualify you as a “retiree” Ø The applicable options are dependant upon your age and qualifying service at your date of termination 22 12/1/2020
![Termination Options Ø 10 years prior to an unreduced pension 70 points options Termination Options Ø >10 years prior to an unreduced pension (<70 points) = options](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-23.jpg)
Termination Options Ø >10 years prior to an unreduced pension (<70 points) = options for either a commuted value transfer (lump sum) or a deferred unreduced pension. Ø Commuted Value Transfer option prior to age 45 (AC) or 50 (CAIL). Max age 55 (if <70 points). Ø Combinations of age & service >=70 points = options for either an immediate reduced pension or a deferred unreduced pension Ø There are some differences between the plans Ø See handout for detailed explanations 23 12/1/2020
![Pension Options Survivor Benefits Ø Choice of JS 50 or JS 60 survivor Pension Options – Survivor Benefits Ø Choice of J&S 50% or J&S 60% survivor](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-24.jpg)
Pension Options – Survivor Benefits Ø Choice of J&S 50% or J&S 60% survivor benefit Ø Only your spouse can waive the right to receive the J&S 60% benefit Ø Calculations are based on the J&S 50% survivor benefit option (Normal Form) Ø There is a pension reduction (1%) if you receive the J&S 60 % survivor benefit option Ø Your pension option choice is irrevocable after your date of retirement 24 12/1/2020
![Pension Options Higher to 65 Ø Available for Retirements prior to Age 65 Pension Options - Higher to 65 Ø Available for Retirements prior to Age 65](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-25.jpg)
Pension Options - Higher to 65 Ø Available for Retirements prior to Age 65 with >= 25 years of qualifying service or 80 points. Ø Provides a higher pension until age 65 and a lower pension after age 65. Ø The maximum increase is capped at the full 2% per year of allowable / pensionable service. Ø Does not affect Government Pension Plans Ø Not tied to when you take your CPP or OAS Ø Will affect the pension of the surviving spouse 25 12/1/2020
![Plan Rules Ø AC plan amended July 1999 to reflect new benefit all service Plan Rules Ø AC plan amended July, 1999 to reflect new benefit (all service)](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-26.jpg)
Plan Rules Ø AC plan amended July, 1999 to reflect new benefit (all service) and contribution rates Ø CAIL plan amended December 1, 2001 to mirror provisions of AC plan for all future service Ø (New CAIL text was agreed to in August 2008) Ø Pension contributions increased from: 4. 5% to 5. 25% on earnings up to YMPE Ø Pension benefit increased from 1. 4% to 1. 75% on earnings up to the YMPE Max cap on earnings increased to $82, 000 Ø 26 12/1/2020
![Plan Rules Ø Normal Retirement is at age 65 Ø Early Retirement is available Plan Rules Ø Normal Retirement is at age 65 Ø Early Retirement is available](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-27.jpg)
Plan Rules Ø Normal Retirement is at age 65 Ø Early Retirement is available after attaining 25 years of Qualifying Service OR 80 points (age + qualifying service) Ø Earliest Unreduced Retirement is at age 55 Ø Benefit Formula uses the best 36 months (AC) or 3 calendar years (CAIL) of consecutive service (including overtime – unless opted out) Ø Maximum Pension Benefit = 35 years in a pension plan and 2% per year of allowable / pensionable service (Income Tax Act) 27 12/1/2020
![Benefit Formula Ø Pension Service x Earnings x Factors Ø Service is Benefit Formula Ø Pension($$$$) = Service x Earnings x % Factors Ø Service is](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-28.jpg)
Benefit Formula Ø Pension($$$$) = Service x Earnings x % Factors Ø Service is calculated in whole months Ø Service is allowable (AC) and pensionable (CAIL) Ø Earnings = AAC (AC service) or FAE (CAIL service) Ø % Factors = 1. 4% (CAIL service) and 1. 75% (AC service) below the YMPE and 2% on all service above the YMPE & full months on GDIP / WCB 28 12/1/2020
![Benefit Formula Factors Ø Ø Ø Ø AC Factors 1 75 Benefit Formula % Factors Ø Ø Ø Ø AC % Factors 1. 75 %](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-29.jpg)
Benefit Formula % Factors Ø Ø Ø Ø AC % Factors 1. 75 % for Earnings up to YMPE 2. 0 % for Earnings in excess of YMPE 2. 0 % for full months of Disability / WCB Ex-CAIL % Factors 1. 4% for Earnings up to YMPE ( before 2001/12/01) 1. 75% for Earnings up to YMPE (after 2001/12/01) 2. 0% for Earnings above YMPE 2. 0% for full months of Disability /WCB 29 12/1/2020
![Early Retirement Reductions Ø If you have attained 25 years of qualifying service or Early Retirement Reductions Ø If you have attained 25 years of qualifying service or](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-30.jpg)
Early Retirement Reductions Ø If you have attained 25 years of qualifying service or 80 points of age + qualifying service 1) Prior to age 55 Reduction ratio factor = Allowable Service (at time of retirement) Allowable Service + months to age 55 (*60 CAIL) 2) Prior to age 60 or 80 points or 30 years qualifying service Reduction factor = ¼% per month prior to the attainment of the earliest of these dates. Ø If both apply they will apply whichever factor is the greater reduction 30 12/1/2020
![Termination Reductions Ø Prior to attaining 25 years qualifying service or 80 points if Termination Reductions Ø Prior to attaining 25 years qualifying service or 80 points if](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-31.jpg)
Termination Reductions Ø Prior to attaining 25 years qualifying service or 80 points if you opt to take an early reduced payment of your pension. Ø May be taken any time <10 years prior to your unreduced pension date. 1) <80 points = actuarially reduced from age 65 2) >80 points = actuarially reduced from your AC Pensionable Age or Deferred Pension Date. Ø Minimum reduction is ¼% per month from the earliest of age 60 or 80 points or 30 years of qualifying service 31 12/1/2020
![New Early Retirement Reduction As agreed to in the 2012 Pension MOA q Effective New Early Retirement Reduction As agreed to in the 2012 Pension MOA q Effective](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-32.jpg)
New Early Retirement Reduction As agreed to in the 2012 Pension MOA q Effective January 1 st, 2014 q Applicable to all retirements and terminations prior to attaining both age 55 and 80 points. q Replaces existing reduction factors. q Is an actuarial reduction calculated solely on age at retirement / termination less than age 65. q Actuarial Reduction is approximately 6% per year compounded q Actuarial Reduction also factors the interest rate at the date of retirement / termination compounded q 32 12/1/2020
![APPROXIMATE ACTUARIAL REDUCTIONS 64 6 0 63 11 64 62 16 APPROXIMATE ACTUARIAL REDUCTIONS** 64 = 6. 0% 63 = 11. 64% 62 = 16.](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-33.jpg)
APPROXIMATE ACTUARIAL REDUCTIONS** 64 = 6. 0% 63 = 11. 64% 62 = 16. 94% 61 = 21. 93% 60 = 26. 61% 59 = 31. 01% 58 = 35. 16% 57 = 39. 05% 56 = 42. 70% 55 = 46. 14% 54 = 49. 37% 53 = 52. 41% 52 = 55. 26% 51 = 57. 95% 50 = 60. 47% 49 = 62. 84% 48 = 65. 07% 47 = 67. 17% 46 = 69. 14% 45 = 70. 99% ** simple 6% compounded. Interest rate not included 33 12/1/2020
![Pension Estimates q Estimates can be done on the aéronet portal q Follow the Pension Estimates q Estimates can be done on the aéronet portal q Follow the](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-34.jpg)
Pension Estimates q Estimates can be done on the aéronet portal q Follow the steps: 1) Sign in to AC aéronet 2) Select hr connex from the tool bar at the top of the page 3) Select (Retirement) My DB Pension 4) From the Pensions tab select Project Retirement Income to do any calculations. 5) Input your requested age or date and select Redisplay Projection. 34 12/1/2020
![Pension Estimates contd 6 Select Pension Forms of Payment and Calculation Details to see Pension Estimates (cont’d) 6) Select Pension Forms of Payment and Calculation Details to see](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-35.jpg)
Pension Estimates (cont’d) 6) Select Pension Forms of Payment and Calculation Details to see your detailed pension options and dollar values. q You can run different retirement dates. Your pension amounts and options will be displayed as applicable. These different scenarios can be saved for later viewing. q We encourage all pension plan members to keep this step by step guide and to use it to access your pension plan details and familiarize yourself with your greatest benefit after your wages q The more information and knowledge each of us have, the more prepared you will be to make decisions about your pension 35 12/1/2020
![Annual Pension Statement The employee personal pension statement is issued to all employees Annual Pension Statement § The employee personal pension statement is issued to all employees](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-36.jpg)
Annual Pension Statement § The employee personal pension statement is issued to all employees in June of each year. It is prepared as of December 31 st of the previous year. § This statement provides you with a very reliable snapshot estimate of your pension calculations. § Air Canada will only provide individual pension calculations after you have submitted your request to retire. 36 12/1/2020
![Your Personal Pension Statement Personal Data The benefits you have accrued as of December Your Personal Pension Statement Personal Data The benefits you have accrued as of December](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-37.jpg)
Your Personal Pension Statement Personal Data The benefits you have accrued as of December 31, 2011, in the Pension Plan are based on the following data from the Company’s records § § § Your date of birth: Your date of hire: Your date of membership: January 1 st, 1978 September 1 st, 1998 Your estimated average annual compensation: - under CAIL type provisions - under AC type provisions Your qualifying service: Your allowable service $54, 321 12. 34 years 37 12/1/2020
![Your Personal Pension Statement The Company records show that your months of allowable Your Personal Pension Statement § The Company records show that your months of allowable](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-38.jpg)
Your Personal Pension Statement § The Company records show that your months of allowable service are broken down as follows: IAMAW Plan - CAIL – type service 3. 25 years - AC – type service 9. 09 years § Your employee contributions are summarized as follows: Accumulated Contributions Amounts with interest as of December 31, 2010 $123, 456 Contributions made in 2011 $4, 321 Interest credited in 2011 at 1. 82%** $1, 234 • • • (**5 year Canadian Bank deposit interest rate) • Amounts with interest as of December 31, 2011 $129, 011 38 12/1/2020
![Your Personal Pension Statement Accumulated Pension As of December 31 2011 you have Your Personal Pension Statement Accumulated Pension § As of December 31, 2011, you have](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-39.jpg)
Your Personal Pension Statement Accumulated Pension § As of December 31, 2011, you have accumulated a monthly pension payable, without reduction, at Normal Retirement as follows: Normal Retirement date Accumulated Pension IAMAW plan February 1 st, 2043 $1, 111 Projected Pension § § § The following table indicates your estimated Air Canada monthly pension payable from specific Retirement Dates, assuming you continue to work full time after December 31, 2011: § Date Age Allowable Pension Retirement with 80 points 2027/12/01 49 29. 33 $2, 222 Retirement without reduction 2033/02/01 55 34. 42 $3, 333 Normal retirement 2043/02/01 65 35. 00 $4, 444 However, a reduced pension of $1, 234 could be paid as early as December 1 st, 2022 Note: this is the date that you attain 70 points 39 12/1/2020
![Survivor Pensions Ø Ø Options for JS 50 or 60 survivor benefit Your pension Survivor Pensions Ø Ø Options for J&S 50% or 60% survivor benefit Your pension](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-40.jpg)
Survivor Pensions Ø Ø Options for J&S 50% or 60% survivor benefit Your pension is reduced 1% for the 60% option Irrevocable option selection at time of retirement Payable for the lifetime of the spouse Pension Survivor (50% Option) Pension (50%) Level Lifetime Pension Survivor (60% Option) Pension (60%) $2, 515. 02 $1, 257. 51 $2, 491. 38 $1, 494. 83 Higher to 65 $2, 778. 93 (Age<65) Higher to 65 $2, 113. 62 (Age >65) $1, 389. 47 $2, 752. 81 $1, 651. 69 $1, 056. 81 $2, 093. 75 $1, 256. 25 40 12/1/2020
![Changes to the Normal Form Pension q Effective January 1 2014 Inoperative per Changes to the Normal Form Pension q Effective January 1, 2014 – Inoperative per](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-41.jpg)
Changes to the Normal Form Pension q Effective January 1, 2014 – Inoperative per Picher Pension MOA Item 8 notation. q Normal Form pension will change from J&S 50% to a Guaranteed 10 year (G 10) option for all members q The Normal Form pension is used to value the liabilities of the pension plan The G 10 option pays 100% of the member’s pension to the beneficiary or estate for 10 years from the date of retirement in the event of the member’s death q The $$ value of the new G 10 = the current J&S 50% q q All pension options must be actuarially equivalent to 41 the normal form option 12/1/2020
![Changes to the Normal Form Pension 2 q Married members still have the option Changes to the Normal Form Pension -2 q Married members still have the option](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-42.jpg)
Changes to the Normal Form Pension -2 q Married members still have the option for a J&S 50% or a J&S 60% pension in addition to the G 10 option q The J&S 50% and J&S 60% pensions will be reduced by 3% from their current values q Only the spouse at the date of retirement will be recognized for a survivor pension q A new actuarially increased G 5 option will also be available for single members q This change in the Normal Form pension will be null and void conditional upon Air Canada obtaining Special Funding Regulations from OSFI 42 12/1/2020
![Consent Provision q Air Canada agrees they will not deny consent for an unreduced Consent Provision q Air Canada agrees they will not deny consent for an unreduced](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-43.jpg)
Consent Provision q Air Canada agrees they will not deny consent for an unreduced pension payable from age 55 and 80 points for the life of the collective agreement q The consent will be contained in the collective agreement q This consent is for all members who attain age 55 and 80 points during the life of the collective agreement. q The consent provision will be renewed with each successive collective agreement. q The Consent provision is for actuarial purposes and is included all 10 Air Canada pension plans 43 12/1/2020
![Criteria for Retiree Status ü 25 years Continuous service OR 80 points age plus Criteria for “Retiree” Status ü 25 years Continuous service OR 80 points age plus](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-44.jpg)
Criteria for “Retiree” Status ü 25 years Continuous service OR 80 points age plus continuous service OR Age 65 with at least 10 years continuous service ü Continuous service = Company service ü Company service is continuous from your last permanent date of hire at either CAIL or AC ü Includes all periods of layoff, strike, LOA, GDIP / WCB ü ü 44 12/1/2020
![Benefits of Retiree Status ü Lifetime Air Canada Travel Privileges ü Eligibility for OAL Benefits of “Retiree” Status ü Lifetime Air Canada Travel Privileges ü Eligibility for OAL](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-45.jpg)
Benefits of “Retiree” Status ü Lifetime Air Canada Travel Privileges ü Eligibility for OAL travel and Industry retiree discounts ü Post Retirement Health and Insurance Benefits ü Qualify for IAMAW retirement gift and retiree status. ü Qualify to yell at kids to get off your lawn and to drive for miles with your left turn signal on 45 12/1/2020
![Postretirement Benefits Insurance ü Basic Life Insurance 10 000 Company paid Post-retirement Benefits – Insurance ü Basic Life Insurance - $10, 000, Company paid -](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-46.jpg)
Post-retirement Benefits – Insurance ü Basic Life Insurance - $10, 000, Company paid - 15 years AC service or benefit pro-rated ü Optional Life insurance - 50% of active to age 60 - 25% of active to 65 ü Supplemental Life insurance - max $50, 000 - terminates at age 70 Voluntary AD&D (Accidental Death & Dismemberment) ü 46 12/1/2020
![Postretirement Benefits Health ü Basic Health Plan ü Voluntary Supplementary Health Plan ü Post-retirement Benefits – Health ü Basic Health Plan ü Voluntary Supplementary Health Plan ü](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-47.jpg)
Post-retirement Benefits – Health ü Basic Health Plan ü Voluntary Supplementary Health Plan ü Blue Cross - Company paid - $7, 500 Lifetime coverage ($6000 in 2013) - 15 years AC service or benefit pro-rated (12/15 th 2013) - Claimsecure - Company/Retiree shared cost - $50, 000 Lifetime coverage + $2000 annual reinstatement. - Dental = $800 / year + $550 for crowns/bridges/dentures - Excludes eyeglasses/contacts - Retiree paid (ex-CAIL) - $50, 000 Lifetime coverage 47 12/1/2020
![2012 VSHP Monthly Premiums New Monthly Premiums effective May 1 2012 Under 65 Single 2012 VSHP Monthly Premiums New Monthly Premiums effective May 1, 2012* Under 65 Single](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-48.jpg)
2012 VSHP Monthly Premiums New Monthly Premiums effective May 1, 2012* Under 65 Single Provinces 65 or Over 2 persons 3 persons or more Single 2 persons 3 persons or more Québec $41. 51 $82. 53 $103. 27 $48. 94 $95. 34 $119. 79 Ontario $76. 10 $151. 61 $189. 64 $60. 57 $122. 32 $152. 61 Alberta $55. 42 $110. 40 $138. 11 $48. 05 $94. 22 $118. 24 B. C. , Man & Sask. $40. 17 $80. 04 $100. 12 $63. 94 $128. 99 $160. 96 Atlantic $66. 65 $132. 56 $165. 90 $127. 46 $248. 30 $312. 04 * Excluding Provincial taxes 48 12/1/2020
![2011 Pacific Blue Cross Premiums British Columbia Coverage New Monthly Rate Effective January 1 2011 Pacific Blue Cross Premiums British Columbia Coverage New Monthly Rate (Effective January 1,](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-49.jpg)
2011 Pacific Blue Cross Premiums British Columbia Coverage New Monthly Rate (Effective January 1, 2011) Single $ 72. 88 Family $ 145. 76 Quebec Coverage New Monthly Rate (Effective January 1, 2011) Single $ 97. 42 Family $194. 84 All other provinces Coverage New Monthly Rate (Effective January 1, 2011) Single $ 70. 60 Family $141. 20 49 12/1/2020
![Retiree Benefit Information AC aéronet hr connex Policies Information tab 1 My Benefits Retiree Benefit Information AC aéronet hr connex Policies & Information (tab) 1 My Benefits](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-50.jpg)
Retiree Benefit Information AC aéronet hr connex Policies & Information (tab) 1 My Benefits . . . Retiree Benefits 3 choices Retiree Group Health Plans 6 choices _____________________________________________________________________________ Active Employee Benefit Information 1 My Benefits Health Care Plans Supplemental Health Care Plan 9 choices 50 12/1/2020
![Benefit Coverage upon Retirement ü ü ü You are covered on your existing Claimsecure Benefit Coverage upon Retirement ü ü ü You are covered on your existing Claimsecure](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-51.jpg)
Benefit Coverage upon Retirement ü ü ü You are covered on your existing Claimsecure and Manulife plans for the first 30 days after your retirement date. Submit all outstanding claims. On day 31 you will transition to your newly selected plan that you probably haven’t selected yet. Coverage is seamless. Keep all receipts for any expenses incurred between day 31 and the date you get confirmation of coverage with your new plan. Submit these receipts after your new coverage is established. 51 12/1/2020
![Example of Combined Air Canada Government Pensions AC OPTION PENSION LEVEL 2 515 Example of Combined Air Canada & Government Pensions AC OPTION PENSION LEVEL $2, 515.](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-52.jpg)
Example of Combined Air Canada & Government Pensions AC OPTION PENSION LEVEL $2, 515. 02 LIFE HIGHER $2, 778. 93 TO 65 PLUS CPP @ AGE 60 ($678. 35) PLUS OAS @ AGE 65 ($546. 07) $3, 193. 37 $3, 739. 44 CPP & OAS @ AGE 65 ($1, 558. 57) $4, 073. 59 $3, 457. 28 $3, 338. 04 ($2113. 62) $3, 672. 19 ($2113. 62) 52 12/1/2020
![Net To Net Comparison WORKING RETIRED 65 000 16 500 37 428 6 200 Net To Net Comparison WORKING RETIRED $65, 000 -$16, 500 $37, 428 -$6, 200](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-53.jpg)
Net To Net Comparison WORKING RETIRED $65, 000 -$16, 500 $37, 428 -$6, 200 PENSION CONTRIBUTIONS -$3, 537. 75 $0 CPP CONTRIBUTIONS -$2, 356. 20 $0 EMPLOYMENT INSURANCE -$891. 12 $0 UNION DUES -$916 N/A $0 -$961 $40, 798. 93 $3399. 91 /MONTH $30, 267 $2, 522 /MONTH GROSS INCOME TAX POST RETIREMENT BENEFITS NET INCOME 53 12/1/2020
![Retirement Application Process Via telephone at 1 855 0785 v Has moved online at Retirement Application Process Via telephone at 1 -855 -0785 v Has moved online at](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-54.jpg)
Retirement Application Process Via telephone at 1 -855 -0785 v Has moved online at the AC aéronet v hr connex > (Retirement) My DB Pension > Pension (tab) > Retire now. v Notify your manager and they must complete the online e 86 (Notice of Separation) to ensure the processing of your final pay v You are owed your first cheque on the 1 st day of the month you retire. You will not get it. v You will get a combined cheque for your first 2 months pension about 6 weeks after you retire. v Your final pay cheque from Air Canada takes about 30 days. (Time Bank, vacation owed, final wages – a total of all monies owed and owing) 54 v 12/1/2020
![Retirement Process contd Expect and plan to receive no income for up to Retirement Process – cont’d Expect and plan to receive no income for up to](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-55.jpg)
Retirement Process – cont’d Expect and plan to receive no income for up to 6 weeks after you retire. You will get all monies owed in 2 cheques – your final pay and first pension v First 3 or 4 cheques will be estimates (J&S 50%) v You will receive your benefit selection package at the same time as your pension package (**maybe) v The Company withholds $150 per month until you submit your benefits selection form. v They will pay you all withheld and owing funds when all of the selection forms are completed and returned. v Last and the most important step of all - sit back and watch the money roll into your bank account on the 1 st day of each and every month after that. v 55 12/1/2020
![The Past 3 Hours of Your Life q Current and new Pension plans The Past 3 Hours of Your Life q Current and new Pension plans +](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-56.jpg)
The Past 3 Hours of Your Life q Current and new Pension plans + new MEPP plan q Definitions & Plan Rules q Pension Options +Changes to early retirement reduction factors q Benefit formulas and calculations q Annual Pension Statement & Pension Projector q Survivor Benefits + changes to the normal form pension q Post-retirement Benefits q Application processes 56 12/1/2020
![Summary v Plan your retirement carefully v Seek independent financial advice v Choose the Summary v Plan your retirement carefully v Seek independent financial advice v Choose the](https://slidetodoc.com/presentation_image_h/caa5325ed5d6b34580c644d8fdbbd11d/image-57.jpg)
Summary v Plan your retirement carefully v Seek independent financial advice v Choose the options and benefits that are best for you and your family v Make sure that you fully understand all of your options and benefits before making your choice v Think carefully about your decisions once made they are irrevocable. v Enjoy your retirement – you have earned it!! 57 12/1/2020
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Where to Get More Information v Pension Committee – president@iam 764. ca v Local 764 website - www. iam 764. ca v Annual Pension Statement - every June v AC aéronet - http: //acaeronet. aircanada. ca v Govt. of Canada - www. servicecanada. gc. ca v Provincial Govt. - www. gov. bc. ca v CARP - www. carp. ca v www. getsmarteraboutmoney. ca 58 12/1/2020
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www. iam 764. ca 59 12/1/2020
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www. iam 764. ca Pension Seminar 60 12/1/2020
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www. iam 764. ca 61 12/1/2020
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www. iam 764. ca Pensions 62 12/1/2020
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www. getsmarteraboutmoney. ca 63 12/1/2020
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www. servicecanada. gc. ca 64 12/1/2020
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. Thank You For your time and attendance 65 12/1/2020
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