Watch this YouTube video featuring the information session which was held on June 28th featuring our CUPE National’s Pension’s Expert Kevin Skerrett. This video should be watched in its entirety by all CUPE 1975 members. Members need to be aware of why the union is fighting to keep your Defined Benefit Pension Plan. Your plan promises a specified monthly benefit on retirement that is predetermined by a formula based on your earnings history, tenure of service and age, rather than depending directly on individual investment returns.
All pensions are meant to be your deferred wages in retirement. In the past, as part of negotiations, CUPE 1975 has sometimes elected to take less in wages to insure a financially healthy pension for our members. We believe it is important for our members to have a secure, predictable source of income to supplement any Canada Pension Plan and Old Age Pension streams of income at a time when most of us will be in a lower income bracket. In many cases your Defined Pension Plan will be the difference between living above or below the Canadian Poverty line.