The Winnipeg Civic Employees’ Benefits Program - Transfer of Funds within the Program
May 20, 2010 at 12:31 AM
As you will recall, contributions to the pension plan were increased effective January 1, 2010 in accordance with the terms of the Trust Agreement. This same Trust Agreement defines how money contributed to the plan is used. The purpose of the contribution increase was to protect existing benefits. In order to do this, the Plan needs to transfer these funds from the Future Contribution Account to the Main Account.
This is a transfer of existing funds and not a request for additional money. The Trustees of the Plan have unanimously recommended this transfer. Now, the signatory Unions and the City of Winnipeg are being asked to approve this request.
CUPE Local will be voting on the recommendation to transfer these funds within the Program at its next Central Council meeting. All Local 500 members who participate in the Plan are eligible to vote on this recommendation.
The meeting is scheduled for Monday, May 31 at 7:00 pm in Room 2C, Union Centre, 275 Broadway.
Please feel free to contact the Local 500 office at 942-1001 if you have any questions or concerns.
