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Active members are those currently
contributing to the Plan. Deferred members are former employees who have
left their entitlement in the MTS Pension Plan to be paid at a later
date. Retirees and beneficiaries are those currently receiving a pension
from the Plan.
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Total
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Percentage Of
Membership
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Active Members
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3,556
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54%
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Deferred Members
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635
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10%
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Retirees and Beneficiaries
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2,378
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36%
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Total Members
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6,569
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Any decrease in contributing members will not affect the security of the
benefits being earned or the benefits being paid. The actuarial valuation
takes the membership statistics into account when determining the assets
needed to pay the promised benefits.
To Become A Member
MTS believes in the importance of retirement planning. It should come as
no surprise then that the Pension Plan is open to the majority of MTS
employees. Whether you are a regular full-time or part-time worker,
whether you are a casual or term employee, chances are you qualify to
participate in the Plan. Here’s how it works.
Regular Employees
As a regular full-time or regular part-time employee, you will
automatically become a member of the Plan on your date of hire. A regular
employee is defined as any person who is employed on a regularly
scheduled basis as determined by the Participating Employer.
Participating Employer refers to MTS and those associated
corporations the Company has invited to participate in the Pension Plan.
Term or Casual Employees
As a term or casual employee, you
may request to join the Plan at any time. All you have to do is
provide written notice to the Plan administrator. Your membership will
begin on the first day of the pay period in the month following the month
in which you apply. If you do not
elect to join the Plan, you cannot buy-back this service at a later date.
Depending on whether you’re a term or casual employee, however, you will
automatically become a member of the Plan under one or both of the
conditions listed below.
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Term or casual employees
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Condition of membership
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Term employees
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You will become a member of the Plan once you complete one
full year of continous employment with a
Participating Employer. Your membership will begin on the first day of
the pay period immediately following your one-year anniversary date.
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Term and casual employees
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You will become a member of the Plan once you earn at
least 25% of the Year's Maximum Pensionable
Earnings (YMPE) in any two consecutive calendar years.
In this case, your participation will begin on the first day of the pay
period in the month following the month in which your earnings equal
25% of the YMPE. Once you become a member of the Plan, your membership
will continue, even if you earn less than the 25% level in future
years.
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The Year's Maximum Pensionable Earnings
(YMPE) is simply a limit set by the federal government each
year to determine maximum Canada
Pension Plan (CPP) contributions and benefits.
Note: If you were a member of the CSSF and you were working for a
Participating Employer on January 1, 1997, you automatically became a
member of the MTS Pension Plan effective January 1, 1997.
You also became a member of the MTS Plan at that time if you are a former
MTS employee entitled to a deferred pension under the CSSF or if you are
an MTS retiree.
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