Amendment No. 17 to the Canadian Pacific Railway Company Pension Plan (Effective January 1, 2022)
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Summary
This amendment updates the Canadian Pacific Railway Company Pension Plan, effective January 1, 2022. It revises the calculation percentages for pensionable service and updates pension limit dates and amounts for various employee groups. The changes affect how pension benefits are calculated based on the employee's last date of hire and their service group. The amendment ensures that the plan terms reflect current agreements and regulatory requirements.
EX-10.4 2 exhibit104q32021.htm EX-10.4 Document
Exhibit 10.4
AMENDMENT NUMBER 17
TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN
CONSOLIDATED AS AT JANUARY 1, 2009
AMENDMENTS EFFECTIVE JANUARY 1, 2022
1.Clause 8.01(b)(iii) is deleted and replaced with the following:
“(iii) multiplied by the applicable percentage determined from the following table:
Period of Pensionable Service | If Member’s last date of hire was before: | then the following percentage is used: | If Member’s last date of hire is on or after: | then the following percentage is used: | ||||||||||
| TCRC-MWED Service | June 1, 2013 | 1.80% | June 1, 2013 | 1.70% | ||||||||||
| CPPA | June 1, 2013 | 1.80% | June 1, 2013 | 1.70% | ||||||||||
| USW Service | January 1, 2022 | 1.90% | January 1, 2022 | 1.70% | ||||||||||
| IBEW Service | January 1, 2021 | 1.80% | January 1, 2021 | 1.70% | ||||||||||
| Unifor Service | May 1, 2015 | 1.80% | May 1, 2015 | 1.70% | ||||||||||
| TCRC-RTE Service | June 1, 2013 | 1.80% | June 1, 2013 | 1.70% | ||||||||||
| RCTC Service | June 1, 2013 | 1.80% | June 1, 2013 | 1.70% | ||||||||||
Management Service | June 1, 2013 | 1.30% | June 1, 2013 | 1.30% | ||||||||||
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2.Delete subparagraph 8.08(a) and replace it with the following:
“(a) Pension Limit Date, Prior Pension Limit, and Future Pension Limit are the dates and amounts, as applicable, set out in the table below:
| 1 | 2 | 3 | ||||||||||||
| Period of Pensionable Service | Pension Limit Date | Prior Pension Limit | Future Pension Limit | |||||||||||
| TCRC-MWED Service | June 1, 2013 | $1,975 | $1,715 | |||||||||||
| CPPA Service | June 1, 2013 | $1,975 | $1,715 | |||||||||||
| USW Service | January 1, 2022 | $1,975 | $1,715 | |||||||||||
| IBEW Service | January 1, 2021 | $2,075 | $1,715 | |||||||||||
| Unifor Service | May 1, 2015 | $2,050 | $1,715 | |||||||||||
| TCRC-RTE Service | June 1, 2013 | $2,200 | $1,715 | |||||||||||
| RCTC Service | June 1, 2013 | $2,200 | $1,715 | |||||||||||
| Management Service | June 1, 2013 | $1,975 | $1,715 | |||||||||||
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