Plan Overview

SHEPP is a multi-employer defined benefit plan which provides the following:

  • Early, normal and postponed retirement benefits;
  • Optional forms of pension on retirement;
  • Termination benefits;
  • Death benefits; and
  • Portability transfer, prior and current service purchase provisions.

For a summary of the Plan, its policies and the benefits SHEPP offers, view the Plan at a Glance.

Benefit Formula

Members are entitled to a monthly lifetime pension determined by a formula which is based on their highest average contributory earnings and years of participation in the Plan, or credited service. This means as their average contributory earnings and years of credited service grow, so does their pension.

Retirement Eligibility

Normal retirement under the Plan is age 65. A member who terminates Plan membership between age 65 and 71, having reached normal retirement age, is entitled to their full accrued lifetime pension. A member becomes eligible for early retirement and may retire with their full accrued lifetime pension, without penalty, if on date of termination of Plan membership, their age when added to credited service totals 80 or more years. An optional reduced early retirement pension is available on termination of Plan membership on or after age 55 with at least two years of continuous employment.

Forms of Pension

Pensions come in different shapes and sizes called "forms" that allow you to tailor your pension to your needs. The forms of pension available to you at retirement depend on whether or not you have a spouse. Your spouse is automatically entitled to the benefit payable on your death unless they have waived their right to your pension by signing the prescribed form. Members who do not have a spouse at retirement, or whose spouse has waived their right to the member's pension, must choose a Single Life form of pension which includes the option for a 5, 10 or 15 year guarantee. Members who have a spouse on the date of retirement can choose a 0, 5, 10 or 15 year guarantee, and must choose a 60%, 75% or 100% survivor pension.

Visit the Choosing a Form of Pension page for more information on the forms of pension.