Last year we filed a grievance (18-064) related to DB Pension members retiring with 30 years of credited service, while under 55 years of age. The members had faced a pension reduction from the full 30 and Out Pension.
The grievance was essentially resolved in March of 2019, members would no longer have their pension reduced. The resolve included retroactive payments. Due to outside issues with the pension administrators we have been waiting for the affected members to be compensated to the level of the full 30 and out Pension. The resolve to this grievance amounts to approximately $1 Million Dollars for our members during the life of this Collective Agreement.
We are happy to announce that our payroll department has been able to resolve the issue. All affected members that previously retired, and faced the reduction, will be compensated retroactively with the top up this Thursday, November 7th.
Thank you to all involved in the resolve of this grievance.