News
One of the best ways to make informed decisions about your pension is to know as much as possible about your pension plan. Visit this section often for up-to-date announcements of interest and importance.
Plan announces further amendments - May 15, 2012
Latest changes ensure compliance, improve equity
We’re making changes at the CAAT Pension Plan. In addition to the amendments announced in our previous newsletter, the Plan’s governors recently approved further changes that will take effect on July 1, 2012. Click the links below to read the announcements on our website a. Note that none of these amendments have an impact on current pensions in payment.
Full-time members will now be credited with service for the period they made contributions or purchased service.
The method used to cost past service purchases, or ‘buybacks’, is being changed to improve equity.
The description of how Highest Average Pensionable Earnings (HAPE) are calculated for part-time members is being clarified.
The Plan has elected to opt out of a revised rule in Bill 236, the Pension Benefits Amendment Act, 2010 that extends ‘grow-in’ benefits to terminating members who meet certain eligibility criteria.
If you have questions or comments, please be sure to contact us by email at: contact@caatpension.on.ca.
March 30, 2012