CAAT Pension Plan

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CAAT Pension Plan
Your Logo Here

• Other Than Regular Full-Time Employees
• (Part-time Member)

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Overview

• What is OTRFT ?
• Employees who work part-time or full-time hours
  with
• a predetermined end date of employment
• How Do I Become Eligible?
• Must have at least 2 full years of service in
  the past
• two consecutive years
• And
• a minimum of 135 hours per year

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How Does it Work?

• CAAT is a defined pension plan Contribution
  rate is set
• Contributions are based on year-to-date earnings
• 11.1 of your first 3,500 of earnings
• 9.3 on the next 3,501 to 46,300 of earnings
• 11.1 on any earnings over 46,301
• All contributions are matched by the College

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How Much Will I Receive?

• You receive 2 per year of service
• 1.3 is a Life time pension and .7 bridge which
  falls away at age 65 (replaced by CPP and OAS)
• Pension is based on your best 5 consecutive years
  average salary
• Add the total income for each of the five years
  and divide by 5 to get the average

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What if I Leave the College?

• Vested (money tied in) after 2 years
• Prior to the 2 years, only your contributions
  interest only, not colleges portion. Must be a
  break in contract
• After 2 years, four options available
• Leave the with CAAT and collect when eligible
• Transfer the commuted value to a locked RRSP
• Transfer the value to another college or
  reciprocal agreement employer
• Cash out commuted value (highly taxed) and only
  available to members under age 55 (will no longer
  be an option as of January 2013)

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When can I start collecting?

• There is no longer mandatory retirement at age
  65, but 65 remains a factor as well as the 60/20
  factor or the 85 factor
• Retire at 55 with at least 2 years of service or
  50/20, however, penalties apply

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What if I dont work at the college?

• If there is break in contract, contributions will
  stop until your payroll is activated again
• No need to enroll again

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What if I want to stop contributing?

• There MUST be a 2 week break in your employment
  with the College in order to withdraw from the
  Pension Plan
• You MUST notify HRS in writing that you wish to
  withdraw (including an effective date) and sign a
  withdrawal form which HRS will send to CAAT
  Pension Plan

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Stop Contributing contd

• Current contacts are Jennifer Drummond and Joanne
  Venne of Human Resources in C426, or via email
  drummoj_at_algonquincollege.com or
  vennej_at_algonquincollege.com
• Option documents will be prepared by CAAT and
  then mailed to your home address
• (4 to 6 week process)

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For more information

• You can visit our HRS website at
• http//www.algonquincollege.com/humanresources/
• Or visit the CAAT Pension Plan website at
• www.caatpension.ca
• QUESTIONS?

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Thank you for attending!

• Deductions will start on your next pay date
  should you wish to join
• Please complete an enrolment form and see a HR
  Officer to finish the enrolment with you
• You will receive a member statement from CAAT
  each August once youve become a member