The Defined Contribution benefit came into effect on January 1, 2011, and is available to Retired Members participating in the Boilermakers' National Pension Plan (Canada). Retired Members earn a Defined Contribution benefit should they return to work after their retirement date. If you return to the Boilermaker's trade after you retire, your monthly Pension will continue to be paid to you.
If you stop working for a period of at least one full work month, you are eligible to withdraw the funds in your Defined Contribution account, held at Manulife Financial. You can make one withdrawal from this account per year unless you are turning age 71 at which time you can make more withdrawals to close your account by year-end. You have to complete the Plan's termination benefit application and submit it to the Plan Administration Office.
In accordance with the Income Tax Act Canada, you will not receive any benefit from Contributions paid on your behalf if they are received by the Fund after December 1st of the year you turn age 71.
If you require additional information regarding the Defined Contribution benefit, you may review the Member Pension Booklet or contact the Plan Administration Office.
Manulife Financial Group Retirement Website: manulife.ca/gro