During IUOE Local 955’s 75th Anniversary Gala and Long-Service Awards on September 23, I was pleased to announce a 5% pension increase to all good-standing members, effective October 1, 2023 and retroactive to January 1, 2023.
To be able to announce such an increase, and in the 50th anniversary year of our Pension Trust Fund, was an absolute honour.
What does this mean?
For our good-standing pensioners, you would have seen two things on your October 1 pension payments:
- an increase of 5% of regular payments, and;
- a retroactive payment back to January 1, 2023 for the 5% increase
For our good standing, non-retired members, your accrued pension at January 1, 2023 would have been increased by 5%.
We know it’s been a long-time since the plan has been able to give an increase, and with high inflation, this has been felt even stronger. The board was honoured we were able to provide an increase this year, which hopefully reduces some of those stressors for you.
We are thankful to previous boards and administrations that, through careful stewardship of the plan, have steered it to be the strong, stable plan we see today. We are also incredibly thankful to plan members who have put in years of hard work, which has resulted in the plan becoming one of the biggest multi-employer pension plans in Alberta.
Our plan has weathered many storms over the years, has stood up to many tests, and has been a source of important, reliable income for so many.
I’m incredibly proud of that and excited to see what the plan holds for members over the next 50 years.
- Chris Flett, Business Manager and Pension Trust Fund Chair, IUOE Local 955