Employer Update webinar - November 28, 2017
Q&A from this session
Q. For members retiring on Dec 31, 2017, pension application is already in. If they want to purchase the strike service, what should we do?
A. Complete the strike purchase form and send the payment to the Plan as soon as possible.
Q. How do we treat OTRFT members who are part of the bargaining unit?
A. You will treat them the same as full-time members. You’ll have to calculate what their deemed hours would have been and carve out the service for the period of the strike.
Q. Are faculty members who are on a paid sick leave or paid professional leave to be treated the same as regular faculty during the strike?
A. Yes, these members would have stopped receiving salary during the strike and would be treated the same.
Q. What about employees who are turning age 71 in 2017?
A. We have reached out and told them they can make the strike purchase. Any members who are 71 in 2017, and who wish to purchase this service, will be contacting their employer to request a costing.
Employer Update webinar - July 25, 2017
Q&A from this session
Q. Will interest be charged on contributions that were paid, but not reported on the DCT?
Employers will need to review the data in the DCT carefully prior to submitting. If the employer determines that they have deducted contributions for a member who does not appear on their DCT, they should add the member to the DCT and send the enrolment form to the Plan before submitting their DCT. In this scenario, there is no interest charged as we are capturing the contributions as part of the DCT contribution reconciliation. However, once the DCT data has been submitted to the Plan, if an employer determines that a member was not included in the DCT and no enrolment form was sent, then the employer will need to send in the enrolment form and remit the contributions plus interest to the Plan. The contributions that were remitted but not reported on the DCT will not be captured in the DCT contribution reconciliation process so the employer will have an over-contribution in their overall contribution total which will be credited back to the employer during the reconciliation.
Q. If a full time Faculty member changes to a full time Admin position, will the member’s contributions be affected, since different formulas are used to calculate their contributions?
A. No. We don’t annualize Full-Time earnings, so you can report the combined annual amounts on the DCT. Any differences would typically fall within the tolerance levels for validations.