Plan Improvements – January 1, 2024

The following are highlights of benefit changes provided by the ACAW Pension Plan and only applies to accrued pensions for all members with a benefit entitlement in the Plan as of January 1, 2024.

This is intended for information purposes only. It does not mean you have a benefit entitlement with the Plan. Please contact the Plan Office directly should you require clarification with regard to any of the information provided in this document.

COST-OF-LIVING ADJUSTMENT (COLA)

The Pension Plan was amended to recognize the following benefit improvement:

• 2.0% cost-of-living adjustment to all members’ (active, deferred, and pensions in payment) accrued pensions as at December 31, 2023.

INCREASE IN MONTHLY PENSION ACCRUAL

Effective January 1, 2024 the ACAW Pension Plan was amended to increase Future-Service pension from 1.1364¢ to 1.2121¢ per $1 of contribution.

Where 1.2121¢ is equivalent to $160 ÷ $13,200

Previously if your employer(s) contributed $13,200.00 in 2023 your pension accrual was $13,200.00 x 0.011364 = $150.00 per month.

Effective January 1, 2024 if your employer(s) contributes $13,200.00 in 2024, you will now earn a pension accrual of $13,200.00 x 1.2121 = $160.00 per month.