Enhanced Pension Benefits and Plan Design Change

The Alberta Ironworkers Pension Fund announces enhancements to pension benefits, effective January 1^st 2025:

‍

Past Service Benefits

Active members (as of December 31^st, 2024) will see:

• An increase in the 2024 pension formula to $41 per 1,000 hours (up from $39).
• A 20% increase in accrued pensions as of December 31^st, 2024.
• Pensioners, surviving spouses, and beneficiaries will also receive a 20% pension increase effective January 1^st, 2025.

‍

Future Service Accrual Rate

• Starting January 1^st, 2025, benefits will be based on 0.9% of contributions, a simplified and potentially more lucrative formula for members.

‍

Deferred Members

• Those not actively working under the plan will not receive the increases unless they retire and commence pensions before January 1^st, 2025.

‍

Plan Sustainability

• Members of this pension plan benefit from recent improvements, which are considered secure and sustainable, supported by updated Alberta pension laws ensuring greater cost predictability.

‍

For any questions, please contact us.