If there’s one thing the past few decades have proven, it’s that real progress doesn’t come from flashy bets or headlines. It comes from steady hands, careful choices, and a commitment to think long term. Since 2020, your Pension Plan has quietly been compounding strength. The accrual rate has climbed year after year, and as noted in the October 2025 newsletter and at last month’s membership meeting, it’s set to rise again in 2026. Think of it as a gift that keeps on giving—not just numbers on a statement, but proof that careful planning and discipline pay off, year after year.
And, for the third year in a row, the early retirement factor remains unchanged before age 62. Now, I’ll admit—that decision probably drives the actuaries and consultants a little crazy. They like neat formulas and perfect forecasts. But this Plan isn’t run for spreadsheets; it’s run for people.
Unwrapping the Logic: How the Plan Makes Smart Decisions
Right now, holding that factor steady is sustainable, and hence a responsible choice. And when it stops being the right choice, it’ll change. Simple as that.
Because the Plan doesn’t live in theory—it lives in the real world. Markets shift. People retire earlier or later. The economy takes a turn. Conditions change, and smart plans change with them.
That’s not indecision—it’s discipline. The kind that keeps promises intact through whatever comes next.
In this world, everyone wants “more now.” This Plan has taken the smarter route: “enough later.” That’s not glamorous, but it’s how you stay solvent, secure, and proud of what you’ve built. The goal here isn’t to make noise; it’s to keep promises.
And those of you who’ve already hung up your tool belt—you haven’t been forgotten. Since 2020, retirees have seen steady appreciation:
- 2020: a 1% increase and a 13th check
- 2021: a 1% increase
- 2022: a 2% increase
- 2023: another 13th check
- 2024: a 2% increase
- 2025: a 13th check again
- and in 2026, every retiree on the books as of December 31, 2025, will receive a 2.5% increase
By the way, the list above doesn’t reflect the creation of one retirement benefit in its entirety, or increases in Plan P benefits during that period or the increases and/or 13th checks that were issued prior to 2020. If this is unfamiliar, it’s worth looking back through your paperwork or Fund newsletters to understand the full story. Think of all this it as the Board’s hard-hat tip to the people who earned it or interest on decades of trust.
If you want the full details on the latest increase, take a look at the October 2, 2025, newsletter on the Funds website. Read the whole thing—it’s worth your time. There’s useful information and a bit of insight in there, including a bump in another benefit you might not have expected. Think of it as doing your homework: the payoff isn’t just knowing the numbers, it’s understanding the plan you’ve earned—and getting a little smarter about the world it lives in.