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Retirement, Termination,

and Death notification

Webinar

Best practices

Retirement

Retirement – Estimates

Pension estimates help members plan for

retirement

New form for members http://www.caatpension.on.ca/en/members/tools

Form must be signed by the member

requesting the estimate

Retirement – Process

Employer completes a Pension Application

and submits it to the CAAT Plan via S-DOC,

mail, or fax

Please inform members of their eligibility to group

insurance benefits

The CAAT Plan will calculate the member’s

benefit and any applicable reductions

The CAAT Plan will mail a Retirement

Package directly to the member

Retirement – Process Continued

The member will return the completed

Retirement Option Document to the CAAT

offices, with any supporting documentation

The employer will receive a copy of the

signed Option Document for your records

The CAAT Plan will set up the member’s

monthly payment

Vacation Pay

Pay for accrued vacation

May be pensionable in the year of retirement

or termination, if chosen by the member

Vacation pay is not pensionable in the event

of a member’s death

Retirement Example – Full-time

Administration

Retirement Date: November 30, 2013

Last Day Worked: November 12, 2013

Date of Birth: July 12, 1951

Annual Salary Rate: $68,000 (bi-weekly)

Pensionable Earnings: $59,000

Vacation Pay: $4,000

Start Date of PP for year: December 22, 2012

Unpaid LOA: February 3 – 6, 2013

Retirement - Example

PensionApplication.pdf

Calculations

CAAT Annualized Conts FT biweekly

2013_0429.xls

Interactive

Questions

Termination

Termination

When a member leaves employment at an

Ontario College, or related employer, before

being eligible for an immediate pension.

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Termination – Extension of Membership

A member who is employed at more than one

employer must terminate employment at all

employers before being eligible for a benefit

When a member terminates employment at

the employer , they are not terminating from

the CAAT Pension Plan

Members remain in the CAAT Pension Plan

for 24 months after terminating employment

Extension of Membership Options

During the 24 month extension

Enroll at another CAAT employer

Transfer to another employer’s pension plan

Start pension if become retirement eligible

Extension of Membership Options

After the 24 month extension

Deferred Pension

Commuted Value Transfer

Extension of Membership Options

What if a member turns 55 during the 24

month extension of membership?

Small Benefit

Member’s benefit is converted to a small

pension payout if:

Annual Pension without any applicable reduction

is less than 4% of the Current Year’s YMPE

Commuted Value is less than 20% of the Current

Year’s YMPE

Small Benefit – Example

2013 YMPE: $51,100

Annual Pension

4% of $51,100: $2,044

$1,200

Commuted Value

20% of $51,100: $10,220

$15,000

Termination – Process

Employer completes a Termination Benefit

Application and submits to the CAAT Plan via

S-DOC, mail or fax

The CAAT Plan will mail a letter directly to

the member explaining the 24 month

extension

Once the 24 months has passed, CAAT will

mail an Option Document directly to the

member

Vacation Pay – Reminder

Pay for accrued vacation

May be pensionable in the year of retirement

or termination, if chosen by the member

Vacation pay is not pensionable in the event

of a member’s death

Termination Example – Part-time

Termination Date: July 5, 2013

Date of Birth: March 3, 1979

Annual Salary Rate: $50,000

Pensionable Earnings: $13,400

Vacation Pay: $0

Start Date of PP for year: December 27, 2012

Contract #1 Admin: 320 hours, $26/hr

Contract #2 Support 8hrs: 206 hours, $24.66/hr

Termination - Example

Termination Benefit Application.pdf

Calculations

CAAT pensionable service calculation

OTRFT 2013_0627.xls

Interactive

Questions

Pre-retirement

Death

Death

All Plan members are entitled to some form of

survivor benefit for their spouse or beneficiaries

when they die.

This includes members who are on an

approved leave of absence or disability leave.

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Death – Survivor Benefits

Spouse

Children

Beneficiary

Death – Process

Employer completes a Death Benefit

Application and submits to the CAAT Plan via

S-Doc, mail or fax

Employer also submits proof of death

The CAAT Plan will calculate the survivor

benefits based on member’s marital status

and eligible children

Death – Process

The CAAT Plan will mail a package to the

employer on behalf of the member’s survivor

The survivor and employer will forward the

signed Option Document and supporting

documentation to the CAAT Plan

The CAAT Plan will make payments to the

survivor

Vacation Pay

Vacation pay is not pensionable in the event

of a member’s death

Death – FT Example Administration

Date of Death: August 15, 2013

Last Day Worked: August 14, 2013

Date of Birth: January 3, 1968

Marital Status: Married

Annual Salary Rate: $50,000

Pensionable Earnings: $35,000

Start Date of PP for year: December 26, 2012

Death - Example

DeathBenefitApplication.pdf

Interactive

Questions

Miscellaneous

Change in marital status

Marriage Breakdown

Beneficiary Changes

Service Purchases

Ensure they are complete before retirement,

termination

Things to look out for that may delay the

process

Marriage Breakdown - #1 reason for delay

Termination vs. Retirement

1st year’s earnings for Highest Average

Pensionable Earnings (HAPE)

Incorrect Contributions and Pension

Adjustment (PA)

Submitting proof of age

Questions about this webinar?

Irene Dailide

idailide@caatpension.on.ca

647.837.3013

General inquiries

employer@caatpension.on.ca

Phone: 416.673.9000

Toll Free: 1.800.355.2228

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