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Pension Plan
Strike-Related Pension Buyback The OPSEU Local 560 reimbursement for the college portion of a faculty member's pension buyback is a strike benefit available to strikers who retire within five years of the 2006 strike. To be eligible, members must have performed strike duties or received an accommodation from the strike committee. The Local will reimburse eligible faculty at the time of their retirement. Since our pension is calculated on the highest 60 contiguous months of earnings, faculty who retire more than 60 months after the strike (i.e. April, 2011) should not need to buy back their pension at this time and will not be reimbursed by the Local should they do so. If you are seeking reimbursement for your pension buyback, the Local will require:
Please send this information to the Local 560 Treasurer, Paul Matson at the union office: 2942 Finch Avenue East, Suite 119, North York, Ontario M1W 2T4.
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News Release - September, 2006
A Funding Policy for the CAAT Pension Plan
On September 27, 2006, the Sponsors' Committee of the CAAT Pension Plan approved a Funding Policy that will help to address the current deficit situation and should increase the stability of the Plan's funding in the future.
The Policy, recommended to the Sponsors' Committee by the Board of Trustees and its Funding Task Force, contains 10 points that will reduce the current deficit and provide a framework for dealing with future surpluses and deficits.
Point 1 of the Policy increases contribution rates by 1% on each of January 1, 2008, 2009 and 2010, for a total increase of 3% . This will apply equally to both Plan Member and College contributions.
Point 2 of the Policy states that the Plan will not be guaranteeing indexation increases annually, starting with the granting of indexation for service earned after December 31, 2007 . Indexation for service earned after that date may be granted each year on an ad hoc basis – if it is affordable, meaning that the Plan is 100% funded according to the previous year's actuarial valuation.
It's important to keep in mind that pensions currently in payment, or those that start before January 1, 2008, will not be affected either by this change in the granting of indexation payments or by the change in contribution rates.
The remaining points in the Policy lay out the procedures that the Plan will follow in eliminating future deficits and making the best use of future surpluses. The key priorities for uses of surplus include making ad hoc indexation payments and “catching up” for missed years of such payments, and reducing contribution rates.
Note that this information will appear on the Plan's website on Wednesday, October 11, and that more detailed explanations will be sent to all Plan Members and Pensioners within the next month.