Enhanced Pension Benefits and Plan Design Change

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

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Past Service Benefits

Active members (as of December 31st, 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 31st, 2024.
• Pensioners, surviving spouses, and beneficiaries will also receive a 20% pension increase effective January 1st, 2025.

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Future Service Accrual Rate

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

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Deferred Members

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

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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.

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For any questions, please contact us.