CIBC Mellon Global Securities Services Company announced that it has been chosen by the Toronto Electrical Industry Benefit Administrative Services (TEIBAS) as asset servicing provider to the International Brotherhood of Electrical Workers (IBEW) Local 353 Trust Funds.
It is a priority of TEIBAS to provide IBEW Local 353 members with timely and accurate payments and to ensure the security of their retirement benefits, says Tom Pavlich, manager of operations at TEIBAS. CIBC Mellons dedicated client service approach, along with its excellent technology will help us meet these goals and our strategic objectives more effectively.
CIBC Mellon worked with TEIBAS to assess its current needs and future objectives, says David S. Linds, senior vice president, business development and client relationship management. We were able to meet these goals by drawing on a broad range of products and on our robust reporting technology, as well as by leveraging the expertise and knowledge of our relationship management team.
In its role as asset servicing provider, CIBC Mellon provides global custody, accounting services and payment administration for IBEW Local 353s pension plan, health and welfare plan and supplemental unemployment benefits plan.
TEIBAS exclusively serves the 9,000 active and retired members of the IBEW Local 353. The pension and benefit plans for members of IBEW Local 353 are overseen by a Board of Trustees made up of eight members four named by the union and four by participating employers. The day-to-day administration of the plans is handled by TEIBAS with support from the union office. The IBEW Local 353 trust fund has assets of more than USD 730 million.
CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce and The Bank of New York Mellon Corporation. CIBC Mellon Global Securities Services Company is a leading provider of financial services for institutions and corporations, providing superior asset servicing, multicurrency accounting, information delivery, securities lending and foreign exchange services in Canada. CIBC Mellon is part of The Bank of New York Mellon, which has USD 20.7 trillion in assets under custody and administration and more than USD 926 billion in assets under management.
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