Archive for the 'Retirees' Category
In response to the world-wide financial instability affecting global equity markets, stakeholder concerns have prompted the federal government to undertake cross country hearings to examine the state of pension funds and the regulations that govern them.
The federal government regulates a number of private pension plans governed by the Pension Benefits Standards Act, 1985. These plans cover many workers in the federal jurisdiction in transportation, telecommunications and banking, including PSAC members employed by Canada Post, Nav Canada, Purolator Courier, members who work for the many airport authorities across the country and members who participate in separate pension plans in the Yukon and Northwest Territories and Nunavut, as well as members employed with other bargaining units governed by the Canada Labour Code.
The government’s discussion paper, called Strengthening the Legislative and Regulatory Framework for Private Pension Plans Subject to the Pension Benefits Standards Act, 1985, was released January 9 and is available at the Department of Finance website at www.fin.gc.ca.
Important changes to the PSHCP!
This issue of the bulletin outlines important changes to the PSHCP that take effect April 1, 2006. These changes to the plan are the result of a two year collaborative effort between the Treasury Board Secretariat, Bargaining Agents and the Federal Superannuates National Association under the auspices of the National Joint Council.
The changes include
- the introduction of some brand new benefits,
- a number of upgrades,
- some changes to plan provisions to increase flexibility, and
- new contribution rates for pensioners.
Contents of the bulletin include
- Introducing new benefits
- Introducing benefit upgrades
- Introducing changes to plan provisions
- A few words on Pay Direct Drug Cards (PDDC)
- Questions and Answers
A copy will be mailed to all members covered by the plan, it is also available for download here .
OTTAWA — The National Joint Council is pleased to announce that an agreement on the Public Service Health Care Plan (PSHCP) has been reached between representatives of the bargaining agents of the National Joint Council, the Federal Superannuates National Association and the Treasury Board Secretariat. The Public Service Health Care Plan is an important program providing health care benefits and services to over 500,000 members and their dependants.
The agreement is the product of a collaborative process that began in 2004. The terms of the new five-year agreement will improve benefits and ensure that the PSHCP continues on a sound financial foundation for the future. The new terms of the PSHCP will come into effect April 1, 2006 and will mark the first major changes in benefits under the Plan in over a decade.
PSAC members don’t have to leave their Union behind when they retire from their jobs.
Now there’s a group – the Association of Public Alliance Retirees (APSAR) – just for them. Members can apply for membership even before they’ve actually retired. For the small annual sum for membership, members will continue to have access to many of the benefits available to them as Alliance members. APSAR is the only Public Service Retiree Association that exists under Federal Statute.
Some locals now pay for a first year membership as a going away gift for a retiring member. If you are interested in joining this organization, or in purchasing a complimentary membership for someone retiring in your local, you can contact their National Vice President for B.C. at the following address:
433 Abel Place
Kelowna BC V1Z 3E1
or phone: (250) 769 6079
or email: email@example.com
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