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.

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

The normal form of pension is where the pension is guaranteed for five years and the member's life thereafter. Optional forms of pension are available for the member to select on retirement. These options provide for a member to elect to place a 10 or 15 year minimum guarantee on the pension and/or to have a percentage of the pension paid to the member's surviving spouse following the member's death. Optional forms of pension are actuarially adjusted to be equivalent to the pension payable in the normal form.