Monthly Remittance of Contributions
Procedure:
Both Member and College current service contributions must be remitted monthly and received by the financial institution designated by the CAAT Pension Plan Board of Trustees no later than the 5th banking day of the month following the month for which the contributions were made.
College Responsibilities:
- Send funds and CAAT Pension Plan Contribution Remittance Summary to the designated financial institution.
- On CAAT Pension Plan Contribution Remittance Summary, show in the appropriate boxes the payment for current service contributions, purchased service, and contributions for previous years, if applicable. Note that payments for miscellaneous service purchases only may be made at any time during the month.
- Send option documents or copies of them for purchased service and previous year's service to the designated financial institution.
- If a remittance is late, the College will pay an additional amount equal to 1.5% of the unpaid contributions for each full month (pro-rated for partial months) that the remittance is late
Financial Institution Responsibilities:
- Send confirmation to the CAAT Pension Plan of the funds received.
- Send a copy of the CAAT Pension Plan Contribution Remittance Summary, together with required option documents and supporting documentation, to the Plan.
Plan Text Reference: 4.08
July 2008
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