Boilermakers Timeline 50 years

1980
Past service pension increased from $2.50 per month to $3.00
Vision care benefit increase: $40/24 months
Pension Plan Assets: $39,998,616
Health Plan Costs: $2,050,000

1981
Monthly past service pension increased to $3 from $2.50
Pension Plan Assets: $50,091,382
Health Plan Costs: $2,321,000

1982
Steering committee established
Increase for retiree monthly pensions of 20%
Long-term Disability benefit increased to $500 per month
Cost of benefits was $59 per month
Pension Plan Assets: $62,051,019
Health Plan Costs: $2,523,000

1983
Early retirement subsidies increased
First plan investment policy, objective of 6% reserve established
Plan subsidized members $4 per month due to heavy unemployment
Pension Plan Assets: $75,608,620
Health Plan Costs: $2,334,000

1984
Cement, Lime and Gypsum join the IBB
Plan insured with Maritime Life
Pension Plan Assets: $88,497,242
Health Plan Costs: $2,609,000

1985
Normal retirement date reduced to age 63
Manitoba updates its pension legislation – mandates spousal benefits
Increase for retiree monthly pensions of 20%
Pension Plan Assets: $105,686,189
Health Plan Costs: $2,459,000

1986
Pension Plan Assets: $124,194,312
Health Plan Costs: $2,461,000

1987
Ontario and other provinces update their pension legislation which mandated spousal benefits
Pension Plan brings in 2-year vesting
October 1987 market crash
Active member pension increase for 1987 and 1988 hours from 3.0% to 3.5% of contributions
Past service benefit improvement to $4.00 per month from $3.50
Health plan adds lifetime benefits for survivors
Pension Plan Assets: $140,722,054
Health Plan Costs: $2,466,000

1988
Plan changes from hour bank to dollar bank system – 120 hours per month needed for coverage
Pension Plan Assets: $154,715,697
Health Plan Costs: $2,787,000

1989
Member survey issued, found that majority want more retiree life insurance
Pension Plan Assets: $179,565,917
Health Plan Costs: $2,714,000

1990
Special unreduced retirement pension introduced, later replaced by the 90-Formula
Increase for retiree monthly pensions of 15%
LTD increased from $500 to $750 per month
Pension Plan Assets: $193,640,389
Health Plan Costs: $3,488,000

1991
Ontario Workers’ Comp mandates pension contributions for disabled members
Ontario Workers’ Comp mandates coverage for up to one year
McAteer Group becomes plan administrator
Weekly indemnity becomes self-funded
Pension Plan Assets: $225,280,157
Health Plan Costs: $5,064,000

1992
Pension plan starts pre-retirement seminars
Increase for retiree monthly pensions of 5%
Pension Plan Assets: $256,236,277
Health Plan Costs: $5,865,000

1993
Port Weller Dry Docks (Local 680) joins pension plan
All source maximum of 85% in LTD
dollar bank drawdown becomes $161 per month
Pension Plan Assets: $292,184,445
Health Plan Costs: $6,168,000

1994
90-Formula pension introduced
Normal retirement date defined as age 65
Local D385 joins pension plan
Vision care increased to $350/24 months
Pension Plan Assets: $317,846,611
Health Plan Costs: $5,564,000

1995
Increase for retiree monthly pensions of 4%
Member survey found 75% of members want to increase contributions to protect benefits
Pension Plan Assets: $372,996,539
Health Plan Costs: $5,528,000

1996
Reciprocal agreement signed with Boilermaker Blacksmith pension plan (Kansas City)
Health contribution rate rises by 50¢ to $2.25 per hour
Pension Plan Assets: $420,021,336
Health Plan Costs: $5,548,000

1997
Pension plan Pop-up benefit introduced
Increase for retiree monthly pensions of 2.5%
First woman trustee appointed to Board: Lynn Slack
Pension Plan Assets: $480,315,170
Health Plan Costs: $5,330,000

1998
Current service pension improvement 3.5% from 3.0% for 1989 to 1994 hours
LTD benefit improved from $750 to $1,000 per month
Pension Plan Assets: $557,177,610
Health Plan Costs: $6,520,000

1999
Pensioner dental plan updated to be the same as active member plan
Early retiree bridge health benefit introduced
Pension Plan Assets: $619,154,955
Health Plan Costs: $7,185,000

2000
Active member pension formula 3.5% of contributions to 1998
Increase for retiree monthly pensions of 2%
Plan recognizes longer life expectancy for members
Plan starts payroll audits
Pension Plan Assets: $645,997,237
Health Plan Costs: $8,071,000

2001
September 11 terrorist attacks shake financial markets
Pension plan surplus reaches $30 million, solvency deficit reached $61 million
LTD improved from $1,000 to $1,250
Laser eye surgery added
Dollar bank maximum extended to 15 months
Hearing aid benefit maximum set at $750 / 24 months
Pension Plan Assets: $635,292,172
Health Plan Costs: $8,792,000

2002
Trustees discuss non-union employment impact on pension plan with Alberta regulator
Pension Plan Assets: $596,238,771
Health Plan Costs: $9,382,000

2003
Pension Plan Assets: $696,312,005
Health Plan Costs: $10,524,000

2004
Actuarial profession introduces new rules creating losses on Canadian pension plan termination benefits
Active member life insurance improved from $25,000 to $50,000
Retiree life insurance improved from $5,000 to $20,000
Hearing aid benefit increased to $1500 / 48 months
Pension Plan Assets: $764,666,232
Health Plan Costs: $12,586,000

2005
Due to solvency legislation monthly pension formula changed from 3.5% to 1.5% of contributions for future service only
New 90 pension created
LTD improved from $1250 to $1400 per month
LTD extended to age 65
WI benefit set at $400 per week
Pension Plan Assets: $827,575,555
Health Plan Costs: $12,800,000

2006
Pension plan’s major regulator changed from Ontario to Alberta
Industrial safety glasses benefit added
Pension Plan Assets: $908,771,592
Health Plan Costs: $14,178,000

2007
Plan launches boilermakersbenefits.ca
Employers asked to remit electronically
Appeals protocol introduced
Retiree health benefit reserve introduced
Pension Plan Assets: $934,075,681
Health Plan Costs: $15,807,000

2008
Global financial markets crisis begins – ends in March 2009
Major medical lifetime max increased from $25,000 to $50,000 for active members and $2,000 to $5,000 per year for retirees
Pension Plan Assets: $735,689,513
Health Plan Costs: $16,767,000

2009
Global financial markets crisis ends March 2009
Alberta pension regulator requires pension plan recovery programs
First professional trustees appointed
Plan approves Privacy Policy
Pension Plan Assets: $860,993,185
Health Plan Costs: $15,026,000

2010
Pension plan recovery program begins
Plan starts quarterly investment report to members
Drug card introduced
FSEAP free mental health counselling program launched
Pension Plan Assets: $988,699,829
Health Plan Costs: $19,113,000

2011
Segal Advisors appointed plan actuary
Dental benefit becomes self-funded
Pension Plan Assets: $995,526,290
Health Plan Costs: $20,594,000

2012
Defined contribution benefit introduced for retirees
Pension Plan introduces immediate vesting
Active member life insurance $75,000 from $50,000
Retiree life insurance maximum $30,000
Vision care benefit increased from $275 to $550 per 24 months
Pension Plan Assets: $1,084,318,746
Health Plan Costs: $20,594,000

2013
Trustees highlight Provisions for Adverse Deviation (PfAD) concerns to Alberta regulator
Trustees develop the plan’s Mission Statement
LTD improved from $1,400 to $2,400 a month.
Pension Plan Assets: $1,252,875,017
Health Plan Costs: $36,563,000

2014
IBB becomes sole settlor of pension plan – BCA no longer a settlor
Pension forecasting tool launched on plan website
All-in-one benefit card introduced
Dollar bank drawdown increased to $300 from $270 – first increase in 18 years
Pension Plan Assets: $1,372,452,520
Health Plan Costs: $28,845,000

2015
Special funding contribution reduced by 33% from $3.00 to $2.00 per hour
Special disability benefit introduced
Active member lifetime medical benefit maximum now unlimited (increased from $50,000)
Retiree plan lifetime maximum increased to $50,000
Pension Plan Assets: $1,415,330,846
Health Plan Costs: $35,300,000

2016
Eckler Ltd appointed as plan actuary
Pension Plan Assets: $1,545,483,804
Health Plan Costs: $26,800,000

2017
Plan is 100% funded; Alberta introduces new legislation requiring a significant surplus (PfAD)
Board meets with Alberta regulator regarding the target benefit legislation and the PfAD
Pension Plan Assets: $1,697,152,005
Health Plan Costs: $35,000,000

2018
Special funding contribution ends: final $2.00 returned to wages of which $1.00 allocated to health plan
Pension Plan Assets: $1,642,830,372
Health Plan Costs: $36,300,000

2019
Plan starts monthly updates to members
Early Retiree Health Plan re-launched
Dollar bank increase from $350 to $370 per month
Health plan mission statement recognizes investment function
Plan elects to be an ELHT (Employee Life and Health Trust)
Pension Plan Assets: $1,812,829,993
Health Plan Costs: $40,400,000

2020
COVID-19 pandemic - Plan implements its disaster recovery and business continuity plans to manage impact of COVID-19
Trustees apply to Alberta regulator for benefit restorations
February to December, the plan’s COVID-19 relief plan is offered to members
Health plan covers biosimilar and biologic drugs
Health plan introduces new mental health benefits
Pension Plan Assets: $1,894,199,405
Health Plan Costs: $38,100,000

2021
Plan files an amendment with Alberta regulator to restore pension benefits by 5%
Alberta regulator will not approve the 5% pensioner benefit restoration
Health plan approves virtual care