ELCIC Pension Plan
The ELCIC provides a pension plan for eligible employees of participating employers. GSI works to support the future of its membership by the ongoing development of a strong pension plan.
The ELCIC pension plan is a defined contribution plan, which means that the plan requires a specific contribution amount (expressed as a % of salary) to be saved for retirement each month. Those savings are accumulated in your individual account.
These savings are invested in a Fixed Income Fund and a Growth Fund; the split between them is based on your age, and changes each year in your birth month. The investment returns earned in each fund are allocated to your account based on your balance. This account will ultimately be used to create an income in retirement.