“The LiUNA Pension Fund of Central and Eastern Canada is dedicated to ensuring the security and welfare of our Plan members and their families. We are committed to providing the highest level of service in administering their pensions.”
A Brief History
The LPF is a Multi-Employer Pension Plan (MEPP), established on February 23, 1972 to provide retirement benefits for employees belonging to agreements negotiated between employers and the Union, and employers and the Trustees of the Plan.
Since its inception, the LPF has grown to over $10 billion in assets, over 142,000 members and over 25,000 pensioners and beneficiaries. The LPF is a union-negotiated, collectively-bargained (Defined Benefit) Pension Plan that has close to 3,000 unrelated participating employers.
If you are an employee of a company that has signed a collective agreement with the Union, your employer is required to make contributions to the LPF on your behalf based on hours worked at the negotiated contribution rate per hour.
The LPF is registered under the Ontario Pension Benefits Act and with Canada Revenue Agency.
Advantages of Belonging to a MEPP
Most pension plans are set up by one employer to cover its employees. A Multi-Employer Pension Plan (MEPP) is a type of Defined Benefit Plan that covers several employers and employees within the same industry. Within a MEPP, there can be many individual employers and thousands of pension plan employees. (You are referred to as a Participant only after certain criteria are met)
MEPPs are ideal for people who change jobs frequently. If you did not belong to a MEPP you might lose your pension service when you begin a new job, depending on how long you were with your previous employer. You might also have to go through a waiting period before you can join your new employer’s plan, which could mean months or even years and you are not earning any pension service at all.
When you belong to a MEPP you don’t have to worry about these problems as long as your employer is covered by the same MEPP. Your service continues to grow in the plan throughout your participation, even though you may change jobs frequently. Every day that you work counts toward your eligibility for pension benefits, provided you meet the Participation requirements.
Advantages of a Defined Benefit Plan
- In a MEPP, both the benefits and the contributions are defined.
- This type of plan clearly defines the amount of retirement income to be paid to the member of the plan at a certain time, such as at age 65.
- With a Defined Benefit Plan, you can estimate, in advance, what your pension will be.
- You also have the security of receiving a regular monthly income for the rest of your life.
- You don’t have to worry about making investment decisions or tracking investments because highly qualified investment professionals are doing it for you.
- Pension income is based on the total number of hours that were contributed into the plan throughout your Covered Employment and the hourly rate at which those hours were contributed by your employer – the more you work, the higher amount of pension you will receive.
How is your Plan Administered?
The Plan is governed by a Board of Trustees, which is responsible for the administration of the Plan. Each Trustee serves without compensation.
The day-to-day administration of the Plan – record keeping and pension benefit payments – is processed at the LPF office in Oakville and is managed by the Chief Executive Officer. The Chief Executive Officer, who is appointed by the Board, will report and make recommendations to the Board on a quarterly basis throughout the year. The Board will pass resolutions based on these recommendations and on the advice of external consultants, actuaries and other pension advisors.
The LPF employs administration staff who, under the direction of the Chief Executive Officer, process and provide support in all functions related to the administering of pension benefits for all members and beneficiaries of the LPF. The primary objective of the administration staff is to deliver a high level of service in the provision of pension benefits to members and beneficiaries.
Pension contributions are held in a Trust Fund under a Trust Agreement for the sole purpose of providing benefits to eligible members, and to pay expenses associated with the administration of the Plan.
Board of Trustees & Chief Executive Officer
Joseph S. Mancinelli
Board of Trustees
Chief Executive Officer