For Current Members
Allocation
Allocation of investments can be made:
Name | Description | Risk/Return |
|---|---|---|
Money Market | Short term and/or interest-bering investments | Low Risk Low return |
Fixed Income | Income bearing investments | Lower Risk Low to Med return |
Balanced | Diversified mix of investment vehicles | Med Risk Med growth potential |
Socially RESP Balanced | Diversified mix of investment vehicles | Med Risk Med growth potential |
Canadian Equity | Predominantly stocks of Canadian companies | Med to High Risk Med to High growth potential |
American Equity | Predominantly stocks of American companies | Med to High Risk Med to High growth potential |
International Equity | Predominantly stocks of non-Canadian companies | High Risk High Reward |
Ethics | Industry or sector specific holdings | Varying Risk Varying Return |
Retirement
A member’s retirement date is the first day of the month coincident with or the next following the attainment of age 65. Early retirement can be taken any time after age 55. With the employer’s consent, retirement may be postponed up to age 69.
The employer and employee contributions accumulate at the fund rate of interest until retirement. The accumulated value is converted to a pension based on annuity rates at that time.
Termination of Employment
Upon termination of employment for reasons other than retirement or death, prior to normal retirement date and prior to completion of two years of membership in the Plan (five years of continuous service in New Brunswick), you are eligible to receive your Member’s Total Account on a non-locked in basis. You can take your account in cash or transfer it to another registered vehicle (RRSP or pension plan). All amounts taken as cash are considered taxable income.
Upon termination of employment for reasons other than retirement or death prior to normal retirement date and after completing two years of membership in the plan(five years of continuous service in New Brunswick), both your employee and employer contributions plus growth are locked-in to provide a pension to commence at retirement.
Administration
The Pension Plan is the responsibility of a board of trustees with the CCCC. The contributions to the Plan are deposited in the “CCCC Pension Fund” and are managed by an investment manager, which currently is Great West Life Group Retirement Services.