In certain circumstances, other-than-full-time employees are eligible to joint the CAAT Pension Plan.  Human Resources Services will notify you when you become eligible.

Please note: You cannot contribute to two registered pension plans at the same time.

CLICK HERE for Part-Time Pension Information Slideshow

(Posted on Feb 7, 2008)

What You Get

• You receive 2% pension for each year of service.

• Your pension is based on your best five (5) consecutive years (60 months) average salary.

• Add the total income for each of the 5 years and divide by 5 to get the average.

Contribution Formula 2006

The CAAT Pension Plan is a defined contribution plan, which means that the contribution rate is set based on your year-to-date earnings, as follows:

• 9.1% based on your first $3,500 of earnings (matched by the College);
• 7.3% based on your next $3,501 to $42,100* of earnings (matched by the College);
• 9.1% on any earnings over $42,101 (matched by the College).

*Or current year's YMPE.

Contribution Formula 2007

This is to advise that, for the year 2007, the Year's Maximum Pensionable Earnings (YMPE) will be $43,700.00 and the Year's Basic Exemption (YBE) will be $3,500.00.

For members whose contributions to the CAAT Pension Plan are based on the integrated formula, the contributions must be calculated as follows:

• 9.1% of the member's first $3,500.00 of pensionable earnings, plus
• 7.3% of the next $40,200.00 of pensionable earnings, plus
• 9.1% of earnings which are in excess of $43,700.00.

*Or current year's YMPE.

Contribution Formula 2008 - 2010

There will be an Increase of 1% for both Plan Members and employers, to be implemented on each of January 1, 2008, 2009, and 2010. The total increase will be 3% for each group.

Termination of Membership/Pension Transfers

To withdrawn from the Plan, you must have a break in your employment contract.

After 2 years of contributing to the plan, your contributions become "vested" (i.e., money is locked in).  If you were to leave the College prior to the completion of the 2 year period you would receive your contributions (plus interest) only, and not the College portion. 

Once your contributions have been vested, should you leave the College you would receive option documents upon termination.

There are four options given when you leave:

1. Leave the contributions with CAAT Pension and collect when eligible, and receive any cash available under the 50% rule.

2. Transfer the commuted value to a locked in RRSP, and also receive any cash available under the 50% rule.

3. Transfer the value to another College or reciprocal agreement employer.

4. Cash out the commuted value (this option is highly taxed).

Factors for Retirement

Retirement is currently mandatory at the age of 65.  You are also eligible to retire when you reach the "60/20" factor (60 years of age + 20 years of service), or the "85" factor (age + years of service = 85).  You may also retire at 55 with at least two years of service or the "50/20" factor (50 years of age + 20 years of service), however a penalty would apply.

Communication of Information

As a Plan member, you will receive newsletters four (4) times per year outlining any new developments.

Each year in August, you will also receive a Member Statement from CAAT Pension which summarizes items such as contributions made, total service years, and dates related to retirement.  We request that you verify this information to ensure accuracy.

Please contact Jennifer Drummond should you have further questions regarding the other-than-full-time pension enrolment process.

Please don't hesitate to contact us if you have any questions or Feedback.

Click here for a complete listing of Human Resources Contact Information.