PowerPoint Presentation - CAAT Pension Plan
Transcript of PowerPoint Presentation - CAAT Pension Plan
1
To ask questions during the Q&A, dial in by
phone:
1. Select the “Audio” section of the GoToWebinar
control panel.
2. Select the “Telephone” option.
3. The phone number, access code and audio PIN
should appear. Use this information to dial in.
While we wait to begin…audio instructions
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
Calculations
CAAT Annualized Conts FT biweekly
2013_0429.xls
Termination
When a member leaves employment at an
Ontario College, or related employer, before
being eligible for an immediate pension.
13
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
Calculations
CAAT pensionable service calculation
OTRFT 2013_0627.xls
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.
27
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
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
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
647.837.3013
General inquiries
Phone: 416.673.9000
Toll Free: 1.800.355.2228
38