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Refundable Contributions

Certain contributions credited to the employee are not used in the pension benefit calculation.

After 65

After the age of 65, an employee who has not retired may continue to work in the construction industry, but will not accumulate any new pension benefits.

After retirement

Retirees can continue to work in the construction industry. However, contributions paid for hours worked after the retirement date will not increase the amount of the monthly pension.

Exception:

An employee who is partially retired and works in the construction industry will continue to receive a pension from the General Account. Both the employee and the employer continue to contribute to the pension plan. See the Contributions to the Pension Plan section for information about how the employee and employer contributions are used. 


After the final pension calculation

Contributions for hours that the employee worked before his or her retirement date but which were entered in the employee’s record after the final benefit calculation will not increase the employee’s pension.

Example:

An employee receives the Application for Pension Benefit form on February 7, 2016. His retirement date is March 1, 2016. Let’s assume he returns the form to the CCQ on March 10, 2016 and the final pension calculations are done on April 8, 2016.

 

If the hours worked in January 2016 (before his retirement date) are entered in his file on April 24, 2016 (after the final calculations for his pension), the contributions for hours worked in January 2016 will not be used to increase the employee’s pension. 

Refund of contributions

The contributions paid into the Complementary Account by the employee and employer during the year are refunded to the employee the following year. The portion of the employer’s contribution used to pay the administration costs allocated to the pension fund is not, however, reimbursed. In addition, contributions to the General Account by the employer remain in the pension fund to offset the deficit and form a reserve.

Refund options

In March of each year, a letter is sent to employees stating the amount of any refundable contributions. This letter may also be issued during the year if refundable contributions are entered in an employee’s file.

The contribution refund may be transferred directly into an RRSP. In this case, the retiree must obtain and complete a T-2151 form from the financial institution to which the funds will be transferred and send it to the CCQ before the deadline indicated in the letter. No income tax is deducted from the transferred funds. The transfer does not reduce the amount that the employee may contribute to his or her RRSP, if applicable.

If the CCQ does not receive a T-2151 form, a refund cheque is sent by mail; in this case, the appropriate tax deductions are made.