Pension deposits move to first of the month or earlier
Pension deposits move to first of the month or earlier
Pension deposits move to first of the month or earlier
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We’ve made a change that will be welcome news for many retired members. Starting in 2012, CAAT Plan pension payment deposit dates have changed: rather than receiving your pension payment on the first “banking” day of the month, you will now receive it on the first calendar day of the month, or earlier.
This may seem like a small change, but it’s a significant one for many retirees who have expenses that fall on the first of each month. Now, having your payment on the first calendar day means you’ll have your pension in your bank on the first day of the month, even if that day falls on a weekend or holiday. For example, April 1st falls on a Sunday in 2012. Under the old rule, your April pension payments would have been deposited on Monday, April 2nd, the first “banking” day for April. Now, your April pension payment will be deposited on Friday, March 30th, so it is in your account on or before April 1st.
The Board of Trustees agreed to this Plan text change following a request from a retiree group and we instructed our pension payroll agent, CIBC Mellon, to have the change in place for 2012. You will see your April, July, September and December pension payments earlier as the first banking day for each of these months falls on a weekend in 2012. Please note that the January payment is the one exception each year where we will continue to pay pensions on the first “banking” day to avoid tax issues for you and the pension plan.
If you have any questions about this change, please do not hesitate to contact us by email at contact@caatpension.on.ca
