TO ALL IAMAW MEMBERS
AIR CANADA TMOS
PENSION CAP RETROACTIVITY
Dear Brothers and Sisters,
This bulletin is a follow on from Bulletin 40 issued August 27, 2021, concerning members’ ability to
make retroactive pension contributions on pensionable earnings above $82,000 up to the new
Maximum Annual Compensation (MAC) limit of $94,000 for the calendar years 2019 and 2020.
The Air Canada Pension Department has informed the IAMAW that they have commenced the
notification and buyback process for all applicable TMOS members this week. Members who are
affected by the new pension cap and for whom contributions are required to purchase the retroactive
contributions, had letters mailed to their home addresses earlier this week. Members who are
affected but who are not required to make any retroactive contributions (members with 35 years of
allowable service, part-time members or members with periods of leave) will have letters mailed to
their home addresses next week.
Air Canada will be following up with an email to each affected member’s Air Canada email account
not later than October 22, 2021. The Company’s email will advise that the letter has been sent to the
member’s home mailing address. If members have not received their buyback notification letters by
October 22, 2021, they should immediately contact HR Connex to ensure that they receive their
letter.
Members will be given the opportunity to buyback both 2019 and 2020 retroactive pension
contributions. The actual cost for each member will be stated in their letter. The cost of the buyback
will be 6% of the total additional pensionable earnings purchased, to a maximum of $720 per year
($12,000 X 6%).
The deadline for all members to make their buyback selections is Thursday, November 4,
2021. No extensions or exceptions will be allowed. Instructions and hyperlinks for members to
make their selection are included in their letters.
All member questions about this process should be directed to HR Connex at 1-833-847-3675. Select
Option 4 for Pensions and then select Option 1 to speak with the Pension Plan administrator, Alight.
In solidarity,
Christopher Hiscock
Chairman,
Air Canada IAMAW Pension Committee
