Your MTS Pension Plan was established to provide pension benefits to the eligible current and former employees of Manitoba Telecom Services Inc. (MTS) and its subsidiaries. The Plan is currently open to the employees of MTS, MTS Communications Inc., MTS Advanced Inc., Manitoba Telecom Services International Inc.
The MTS Pension Plan was created as of January 1, 1997, pursuant to The Manitoba Telephone System Reorganization and Consequential Amendments Act. Shortly thereafter, MTS made a large contribution to the Plan from assets it had set aside for its pension obligations. A share of the assets of The Civil Service Superannuation Fund (CSSF), as established under The Civil Service Superannuation Act (CSSA), related to MTS employees and retirees was also transferred to the new Plan.
As you read this information, you will see that the new MTS Pension Plan has been set up to provide benefits that are equivalent in value to those provided under the CSSA as at January 1, 1997. You will also note that the benefits provided under the two plans are not entirely identical. There are some minor differences that result from the requirements of federal pension legislation and Revenue Canada regulations. Also, as the years progress, the MTS Pension Plan and the government pension plan will not necessarily evolve in the same way.