Unlock the power of your Annual Statement

Posted for Members, May 15, 2018

The Annual Statement delivery process is underway. If you were an active member in 2017, you may have already received your Statement in the mail. If not, you should expect it in the coming weeks. Once you receive your Statement, you’ll be holding one of the Plan’s most powerful retirement planning resources in your hands.

The power of your Statement

Your Statement summarizes your membership in the CAAT Plan to December 31, 2017. This includes the pension you earned up to that date. Your Annual Statement lets you track the growth of your pension each year, and see how it increases over time.

Your Statement also shows two key retirement date milestones:

  • Your estimated earliest reduced retirement date
  • Your estimated earliest unreduced retirement date (if you qualify).

These estimated dates are calculated based on your age and your pensionable service in the Plan. Your earliest reduced date is normally the end of the month in which you turn 55, while your earliest unreduced date is the earliest date at which you meet the criteria for an early unreduced pension (either the 60/20 Rule or the 85 Factor). If you’re curious as to how much your pension could be if you retire on one of these milestone dates, it’s time to visit our website to use the 3-Step Pension Estimator.

Your Statement and the Estimator: A dynamic duo

The 3-Step Pension Estimator is also one of the most useful retirement planning resources at your disposal. By entering a few pieces of information, such as your earnings and service, the Estimator projects the pension you could receive when you retire. By having your Annual Statement on hand, you can eliminate any guesswork when entering your information, for a more accurate estimate.

With the Estimator, you’ll get an immediate estimate of the pension you can expect at age 65, as well as the two key retirement milestone dates explained above. However, unlike your Statement, the Estimator lets you go even further—with the Total Retirement Income module you can select different retirement ages or dates for your CAAT Plan pension and for the government benefits (Canada Pension Plan and Old Age Security) you might also be entitled to receive. This powerful tool lets you model any number of age and date scenarios to help with your retirement planning.

There’s even more to your Annual Statement

Your Statement shows more than just your retirement dates and pension amount. Here are a few pro-tips for unlocking the full power of your Statement:

  • Note your Member ID: Found on page 3, this 6-digit number is unique to you and the benefit you are earning in the CAAT Plan and one of the ways we help protect your personal information. Use it when contacting the Plan.
  • Review your beneficiaries: On page 6, you’ll see the name of your spouse and/or beneficiaries on file. Be sure to review these names each year to make sure they are up to date.
  • News you can use: Your Statement package includes an additional communication with news and announcements to keep you informed about your pension plan and a Member Change of Information form that you can use to notify the Plan of any relevant changes.
  • Keep it on file: Your Statements are important financial documents that will help with your retirement planning. Once you’ve reviewed your Statements, be sure to file them in a safe location each year.

Watch the mail for your 2017 Annual Statement and try the 3-Step Estimator today!