Pension Plan

The Pension Plan of The Segal Company, Ltd. provides eligible employees with a lifetime monthly retirement benefit. Payments may continue to a spouse or other eligible beneficiary after death. Segal pays the full cost of this plan as part of our commitment to long term financial security for our employees.

How the plan works

  • Participation. Eligibility and participation depend on your hire date, location, and applicable provincial legislation. In general, employees hired on or after January 1, 2014 become participants after meeting service or earnings thresholds based on their province.
  • Vesting. You are 100% vested when you become a participant in the plan.
  • Benefit amount. Your pension benefit is determined by a formula that considers several factors, including:
    • Your hire date
    • Your age at retirement
    • Your years of service
    • Your pay history, including eligible bonuses and incentives
  • Survivor benefits. If you pass away before starting receipt of your vested benefit, an annuity will be paid to your surviving spouse. Where provincial legislation permits, your spouse may waive the right to the pre-retirement spouse’s benefit. If you do not have an eligible spouse and die at any age prior to commencing your pension, a death benefit equal to the commuted value of your benefits minus any death benefit payable under the company’s group life insurance plan is payable to your designated beneficiary.
  • Retirement. Normal retirement is age 65, provided participation requirements have been met. Early retirement may be available between ages 55 and 65, and if you have completed 10 or more years of service, reduced early retirement factors may apply.
  • Payment options. The plan offers several different annuity payment options, which may be dependent on whether you’re single or married. If you are under the age of 55 when you terminate employment, you may elect to take a commuted value of your vested benefit.

As a vested participant in the plan, you will receive an annual member benefit statement providing your estimated accrued annual pension benefit.