Marine & Shipbuilders Local 506 Pension Plan
The Marine & Shipbuilders Local 506 Pension Plan began on January 1, 1975, and is funded under the terms of collective agreements negotiated between the Marine and Shipbuilders Union and various employers in the marine industry. It provides retirement pensions to eligible members working in the bargaining unit of Marine & Shipbuilders Local 506.
BOARD OF TRUSTEES
The plan is managed by six Trustees appointed by the Union. The Trustees decide what the benefits of the plan will be and under what terms the benefits will be paid, consistent with applicable legislation and the terms of the collective agreement which apply to the plan. They appoint an investment manager to invest the fund and an actuary to value the liabilities and assets of the Plan at least once in every three years. The Trustees are:
- Shawn Sly - Chairman
- Kevin Bohun
- Jason Bresatz
- Kyle McConnell
- Sean O'Donnell
Each employee who is covered by a collective agreement with the Union, for whom required employer contributions are made is automatically covered by the plan. To be eligible for a pension you must have at least two years of plan membership.
The plan includes
- Current Service pension accrual based on the number of hours worked, provided your employer(s) pay the plan the negotiated hourly contribution for those hours.
- Past Service pension credited, upon application, for work while a member of the Union in the marine and shipbuilding industry in B.C. from 1949 to 1974 with an employer who, at that time, had a collective agreement with the Union. The full rules for Past Service are more fully explained elsewhere.
The Trustees have hired Pacific Blue Cross* to administer the Plan on their behalf. Every month, participating employers contribute to a trust fund on behalf of their eligible employees. The Trustees hold and invest the fund, which is used to pay for benefit coverage and for operating expenses.
The information on this web site is an outline of the benefits provided by the Marine & Shipbuilders Local 506 Pension Plan and is not a contract. This Plan only covers those benefits listed above and is subject to the terms of the Plan Text and the Plan Booklet. For further information about the Plan, contact the Plan Office or Local Union 506.