To: TEAM-IFPTE Local 161 Members
From: Bob Linsdell TEAM Pension Representative
Date: October 3, 2014
Re: DB Pension Plan Award Payout FAQ
I’ve received a number of questions regarding the DB Pension Plan Supreme Court Ruling Implementation. Following are the most frequently asked questions with answers:
Will I be eligible to share in the surplus?
Every TEAM member who is a member of the DB Pension Plan, regardless of when they started with MTS, is eligible to receive a share of the surplus.
How much will I receive?
The statements that are currently being received, show the estimated amount each Plan member may receive if court approval is obtained. The final amount could be higher or lower once the Plan’s actuaries have finalized the calculations.
What are my options for receiving my payout?
|A.||Lump sum cash payment, less applicable taxes; or|
|B.||Transfer to a personal RRSP or the MTS Group RRSP up to your maximum contribution limit under the Income Tax Act; or|
|C.||Transfer a portion of your surplus distribution amount to a personal RRSP or the MTS Group RRSP up to your maximum contribution limit under the Income Tax Act with the balance paid as a lump sum cash payment*.|
*You must show proof of RRSP contribution room prior to the distribution date for amounts to be transferred into an RRSP.
When do I have to declare my payout option?
You must indicate your choice by October 27, 2014, otherwise you will be deemed to have chosen option A (full details are in the package).
When will I receive my payout?
This process is subject to Court approval and no person is entitled to any payment under the settlement until there is a final, non-appealable order. The Court hearing is scheduled for November 3, 2014. If all goes smoothly, the first set of payments could be processed within a few months.
When are the information sessions for employees?
Information sessions are via webcast within MTS or via VPN. Registration is required. Click the session you wish to attend:
A recording of the webcast will be available online for viewing at anytime.
Who do I contact if I have further questions?
Where can I read the entire Implementation Agreement?
Where can I learn more about the MTS DB Pension Plan?
MTS DB Pension Plan website