Members for Democracy Archive

I have just received a notice in the mail advising me of a change in my CCWIPP Pension Plan.
It states:

A combination of low interest rates,difficult investment markets and regulatory requirements has resulted in the board of Trustees of the Canadian Commercial Workers Industrial Pension Plan having to allocate contributions in the amount of three cents per hour(three cent requirement) to support the benefits already accured under the Pension Plan.

In order to protect benefit entitlements already earned to May 1,2004, the board of trustees has decided that any increase in contributions on or after that date(existing collective agreements or renegotiated collective agreements)will first be used to offset the three-cent requirement before the benefit level is adjusted upwards.If however ,no increase in contributions is negotiated upon the renewal of your collective agreement,and the three-cent requirement has not been accommodatedpreviously,your current servicebenefit level will be adjusted,at that time.

The three cent requirement will be reviewed annually and eliminated when it is appropirate,financially,to do so .

Respectfully Submitted,
Bernard Christophe
Chairman,Board of Trustees