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Eligible for refund of contributions plus interest
NOTE: These provisions only apply to members who terminated before July 1, 2012. For terminations on or after July 1, 2012, please refer to "Termination of employment"
Termination Benefit Application
Non-Vested Termination Option Document
T2151 (if transferring funds to an RRSP)
Definition / Eligibility:
A member, under age 65, who terminated employment with the college and who has less than two years of pensionable service or plan membership and was therefore not vested is eligible for a refund of his or her contributions plus interest.
- Send the CAAT Pension Plan a completed and signed Termination Benefit Application and any supporting documents.
- Confirm the information on the the Non-Vested Termination Option Document received from the Plan, and forward it to the member for completion.
- The refund can be transferred to a non-locked-in RRSP, or taken in cash, in which case it is taxable.
- If the member is transferring the funds into an RRSP, have them complete a CRA form T2151.
- If a grievance is pending, the six months will be calculated after the result of the grievance is determined. The member may want to defer a decision until settlement is reached.
- If a grievance is pending, advise member that if they are reinstated after a refund was paid, the full refund plus interest calculated from the time the payment was received until the time it is paid back, must be repaid within 6 months in order to have the pensionable service reinstated. This includes any shortfall in the transfer amount as a result of, for example, investment administrative fees.
CAAT Pension Plan Responsibilities:
- Send a Non-Vested Termination Option Document to the college.
- Sign the Termination Benefit Application.
- Complete and sign the Non-Vested Termination Option Document and return with supporting documents to the CAAT Pension Plan.
Plan Text Reference: 10.01