Planning for Retirement
What happens to your pension account at retirement?
In your years working within the ELCIC, you have been contributing a portion of your salary to your pension account. Your employer has also made contributions to your pension account and all of these funds have been invested. Your account balance (reported on your semi-annual member statement) must be transferred out of the ELCIC Pension Plan and used to create income in your retirement years. There are several options for you to consider in order to create this income.
Please contact GSI a few months before you plan to retire to request the required forms needed to make your pension election. GSI will transfer your account balance to your financial institution (or the group account) on a tax free basis when final contributions are received and all forms are properly completed.