LCC Worker Benefit Plans

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Defined Benefit Pension Plan | Defined Contribution Pension Plan

Defined Benefit Pension Plan (DB)

The DB Plan provides you with a pension benefit that is defined at retirement using a pension formula that is based on your age, your years of credited service, and your pensionable earnings.

Summary Benefits
  • Members age 55 or older whose age and service equals 80 points as of December 31, 2012 continue their membership in the DB Plan and earn future DB service. Members not meeting this criteria will be enrolled in the DC Plan, however, DB service earned up to the date of change will continue to grow through future salary increases earned after the member is enrolled in the DC Plan.

  • DB members are required to make contributions of 4% of pensionable earnings effective January 1, 2013.

  • Benefits are calculated on the following pension formula:
    1.25 % of pensionable earnings up to YMPE ($48,300 in 2011)
    1.6% of pensionable earnings above the YMPE

  • Normal retirement is age 65 but you may retire on a reduced pension as early as age 55. If you are age 62 and the total of your age plus credited service equals 85 or more at the time your employment terminates, you can retire without any reduction to your pension.

  • DB members may make optional unmatched contributions of up to 4% to the DC Plan.


Where is the Money and Who Manages it?

The DB Pension fund is a pool of assets accumulated from the contributions made by both you (from January 1, 2013) and your employer that are held in a separate trust fund (separate from LCC’s assets) maintained by our pension trustee and custodian, CIBC Mellon. The assets are held separately for the benefit of members and retirees.

The Board of Managers (BOM) oversees all aspects of the DB Plan’s operations, including the selection or termination of investment manager(s), trustee(s), custodian(s), third party administrator(s), the actuary and other advisors. The Board of Managers regularly monitors and reviews the performance of each investment fund manager and compares their performance to established benchmarks, other similar investment fund managers and the fund objectives. The BOM also sets pension related policies, determines funding, contribution and actuarial strategy, and ensures the plan is in compliance with all legislation. The BOM acts in fiduciary capacity to ensure the best interests of all present and future plan members, pensioners and beneficiaries.

Read LCC’s DB Pension Plan Financial Statement as at Dec 31, 2014

Read LCC’s Annual Report on Pension as at Dec 31, 2014


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