As you are aware, the best 60 month period in the CAAT
Pension Plan will be used to calculate your lifetime pension.
In order to maximize your lifetime pension, retiring at the end of June would allow you to receive a lump sum payment in lieu of vacation during July/August and to permit you to elect to have it included in pensionable earnings and make pension contributions on such amount. This would maximize both your lifetime pension and payout from the college. Your pension cheque would be paid out on the first of the month, July 1.
Conversely, if you have already taken your vacation during May/June, you would not be in a position to maximize either your lifetime pension or your payout upon retirement that year.
Remember that your only obligation under the Collective Agreement when retiring is to give the college at least 90 calendar days’ written notice; however, there have been several instances where some retiring members gave less than 90 days notice and still received their first CAAT Pension payment on time.
We have also included the member handbook that highlights the CAAT Pension Plan.
David Haley, 1st VP Local 415
CAAT Pension Plan Trustee
Pat Kennedy, President Local 415
CAAT Pension Plan Sponsor