The PWU Hiring Hall provides retirement benefits through the Power Sector Benefit Trust and Retirement Plan arrangement with Great West Life.
The Plan provides for a member to invest pre-tax dollars in a Registered Retirement Savings Plan (RRSP). The RRSP gives the member the option of investing in fixed-rate RRSPs or a variety of Investment Funds.
Because the Plan represents a large number of members, it gets more favourable investment arrangements than would be available on an individual basis.
Member contributions are received from the employer in the same manner as the Health and Welfare Benefit remittances. The current amount is $3 per hour (or more depending on the applicable Collective Agreement).
Funds can be withdrawn from a member’s account up to four times each year (subject to a small administrative fee).
Further Information can be found on the Power Sector Benefit Trust and Retirement Plan website.