TORONTO, Aug. 11 /CNW/ - Today, 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," said Tom Pavlich, manager of operations at TEIBAS. "CIBC Mellon's
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," said 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
In its role as asset servicing provider, CIBC Mellon provides global
custody, accounting services, and payment administration for IBEW Local 353's
pension plan, health and welfare plan and supplemental unemployment benefits
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 $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 US$20.7 trillion in assets under custody and administration and more than
US$926 billion in assets under management.
CIBC Mellon is a licensed user of the BNY Mellon and CIBC trademarks.
For further information:
For further information: Rashi Sharma, manager, corporate
communications, CIBC Mellon, (416) 643-6562