Your Annual Statement resources
Member's Annual Pension Statements are issued to each Member working at a College. Your Statement summarizes your membership up to the end of the previous year. It tells you what you have contributed to the Plan (during the previous year and cumulatively), and what your pension will be as of the previous year. Your Statement also allows you to track your contributions and your entitlements, providing you with a useful record for answering questions about your pension, and for retirement planning.
New for the 2010 Statement year
The latest Annual Statement, covering data up to the end of 2010, combines the two-page Statement and the two-page Guide of the past into an integrated four-page document. This new presentation is designed to provide you as an active member with more useful information to help you understand the value of your benefit.
Also this year, you'll find that the Statement is tailor-made for each member's own situation. Only information that is relevant to you will appear. It will give you a record of the pension benefit you have earned, up to the end of the preceding year.
You can find more information about your Statement by clicking on the links, below.
Questions and Answers
Why do I receive a Statement each year?
This important document contains a variety of information, including your contributions, your estimated retirement dates and future pension you are expected to receive. Your Statement provides you with the most detailed information possible about your Plan membership, allowing you to see how the pension formula is applied to your individual circumstance. Over time, you can track how your benefit grows as your service increases. If you're approaching retirement, you'll be able to see at a glance the pension you have earned to the end of the previous year. In addition, your Statement provides your beneficiaries with information about your membership in the Plan, in the event that you die before retiring.
When can I expect to receive my Statement?
Your college provides the Plan with payroll data such as your earnings, breaks in employment and service purchases for the previous year. Once we have received all of the required information, the Statements are processed. This procedure normally begins early in the year and can take up to a few months due to the amount of data that must be assembled. We make every effort to deliver your completed Statement to your college by the end of June for distribution.
How is my personal information protected?
Each college transmits Member information to the Plan over a secure network. It is stored in a password-protected database, which can only be accessed by the CAAT Plan staff members who process and verify the data. Statements are then delivered to each college in a lined envelope for added security.
Does the Statement show my Employer's contributions?
Your Statement only contains information pertaining to your contributions, service and earnings. It does not show the matching contributions made to the Plan by your Employer. With the exception of any service purchases that you have made (which will show on your Statement), your Employer's contributions, including interest, are identical to your contributions.
What should I do with my Statement once I receive it?
Take a close look at your Statement to make sure that the information it contains matches your records. Notify your college if there are any changes to be made to your personal information so that your file can be updated for next year. Your Statements are important financial documents and, as such, should be filed in a safe location.