Early Retirement Incentive Plans Issue for TWPP members

As part of Telus’ latest short-sighted and self-defeating effort to decimate valuable Canadian jobs for profit using Voluntary Severance Packages (VSPs) and Early Retirement Incentive Plans (ERIPs), there is an additional danger for members of the Telecommunications Workers Pension Plan (TWPP) that needs to be highlighted:
It has come to our attention that Telus is offering VSPs to some members without including the ERIPs as in past offerings. We want to ensure all our members are well-informed about the implications of accepting such offers.
Please be aware that neither USW Local 1944 nor the pension office has any authority over the Telus ERIP or VSP program. We want to make it clear that we are not involved in the decision-making process regarding these plans. However, we are committed to helping our members by providing accurate information so they can make informed decisions.
We want to highlight that the TWPP (Telecommunications Workers Pension Plan) is currently in surplus. This means that early retirement remains an option for eligible members. The decision regarding early retirement is reviewed annually by the Plan Trustees.
Currently, members can retire with an unreduced pension at age 60 with any years of service. Please refer to the table below for further details:
However, if you opt to take advantage of the VSP and choose option 1A, please be aware that you will not be eligible for retirement until the age of 65, regardless of your years of service. This is an important factor to consider when weighing your options.
ERIP was originally designed for individuals who were near retirement age but not yet eligible and is exclusive to members of the Telecommunications Workers Pension Plan (TWPP) in BC. In the past, Telus has extended ERIP offers to a broader group of members.
Telus has decided to narrow the eligibility criteria for ERIP offers. You may receive an ERIP equivalent offer only if you are at least 50 years of age and/or have at least 20 years of service.
Members who are currently eligible to retire immediately will receive an ERIP offer only. Each offer will be tailored to the individual circumstances of each member. Therefore, we strongly advise seeking independent financial advice to evaluate the options available to you.
You can contact the TWPP Office at 1-877-430-3302
In Solidarity,
USW Local 1944