Strike purchase information from the CAAT Pension Plan
2017 strike purchase information from the CAAT Pension Plan
As a Plan member who was on strike, you will be able to purchase the pensionable service lost during the strike.
The CAAT Plan is working on a special process “window” to efficiently deal with the expected high number of strike purchase requests. The window will start in June 2018. Before then the Plan will be working with employers to receive and validate the data necessary to calculate strike purchases. We will roll out more details on this special process in the coming weeks through our website, newsletter and My Pension Newslink.
If you don’t make a 2017 strike purchase during this special window, you will be able to purchase it at a later date with no change in cost. All 2017 strike purchases will be based on your salary rate and the contribution rates at the start of the 2017 strike. In other words, the costing remains the same no matter when you make a 2017 strike purchase.
If you terminate employment or retire before this special strike purchase window, you will have the chance to make your strike purchase before the special window starts.
To make any other kind of service purchase (for example a leave of absence or lay off) please follow the usual process. More details https://www.caatpension.on.ca/en/members/increasing-your-service/purchasing-servicehere.
What do you have to do?
No action is required at this time to start your strike purchase. In addition to any updates in our upcoming Newsletter, we will be regularly updating our website with information to help you make a decision about making the purchase, as well as details about the purchase process. If you wish to have these details sent directly to your email address as they become available, we encourage you to subscribe to My Pension NewsLink.
If you expect to terminate employment or retire on or before June 30, 2018, please read on for the steps you should take.
If you retire on or before June 30, 2018:
Strike purchases cannot be made after your retirement starts. If you want to make a strike purchase, you must make it before you retire. If you are planning to retire and want to make a strike purchase, you must notify your employer as soon as possible so they can start the purchase process. Your payment must be remitted with your Pension Application form.
For members whose Pension Application form has already been submitted, the CAAT Plan will contact you directly regarding the purchase.
If you terminate employment on or before June 30, 2018:
If you terminate employment, or expect to terminate, and want to make a strike purchase, you must notify your employer as soon as possible so they can start the purchase process. Any purchase must be completed no later than 30 days after your termination of employment. Normally, members cannot initiate a service purchase after their employment has ended; this special 30-day period is to give those terminated members who wish to make a 2017 strike service purchase the opportunity to do so.