Pension security for many Canadian workers is a fading reality, as most employers offer unstable and risky sources of pension savings, or none at all. Union pension plans have always provided a superior form of pension savings, taking risk and responsibility off workers, while yielding predictable, guaranteed for life pensions.
For all intents and purposes, pensions are becoming a top-of-mind issue among members. We see this resurgence among many members, but members in local lodge 54 are showing a keen interest in securing their retirement futures.
Ted McGrath, Chase Wayte, and Grant Strupp, aren’t wasting a moment; they’ve taken first steps to join the IAM pension plan. They are fully emerged in membership engagement and member mobilizing through conversations with members, and sharing information about implications of changing plans and what the IAM offers. 50-60 IAM members will join the plan.
Unity and solidarity among this group is strong, members nearing retirement understand they are not only taking a strong stand for their retirement, but they’re also making a positive difference for future generations of workers in their workplace.
Since the 1970s, the IAM has not only advocated for pension plans for our members, but we were at the forefront of establishing multi-employer plans that were overseen by a Board of Trustees professional investment and fund managers. Without default, members who retire from our pension plans enjoy retirement with dignity and certainty that a pension would be there upon retirement.
In fact, our pension plans have ranked among top ten union pension plans in Canada several years in a row. The importance and superiority of our plan over a pension run by an insurance company wasn’t lost on members from local lodge 54. We thank them for their work and wish them luck in taking next steps!
