General Statement

The values outlined in the College’s Strategic Plan include a commitment to treating our employees fairly and equitably. The following guidelines are designed to ensure College employees are treated fairly, equitably and consistently in planning for their retirement. Employees who have questions pertaining to retirement, the CAAT Pension Plan and/or benefits available on retirement are encouraged to discuss them with Human Resources.

Employment Beyond 65

Employees who continue to work beyond age 65, remain a CAAT Pension Plan member and continue to make contributions to age 71. By the end of the year in which the member turns 71, pension payments must begin, even if the member is still employed.

Retirement

Employees are entitled to a pension on the following basis:

1. Without Reduction
   • The College’s Pension Plan has a provision for retirement without a reduction in pension if:
     • the sum of the employee’s age plus years of continuous service is equal to 85, or
     • the individual is age 60 with 20 years of service, or
     • the employee reaches age 65.
2. With Reduction
   • An employee is eligible to apply for pension in the following circumstances, but, will be subject to an actuarial reduction based on 3% per year (0.25% /month) from the earliest unreduced date.
     • between the ages of 50 and 54 with at least 20 or more years of service, or
     • between the ages of 50 and 54 with at least 20 or more years of service, or

Procedure:

1. Employees considering retirement should discuss the matter with his/her supervisor and Human Resources at least 6 months prior to the intended date in order to ensure sufficient time for workforce planning and preparation of the necessary paperwork for pension and applicable College and government benefit entitlement options.
2. Human Resources can provide an estimated projection of pension income an employee can expect to receive.
3. Once an employee has decided to retire, a signed letter to the supervisor indicating the date of retirement, with a copy to Human Resources is required.
4. Employees who have decided to work beyond the date of attainment of age 65 are advised that, at age 65, there will be changes to their benefit entitlement with the College. Human Resources will notify each employee at least 6 months prior to the date of attainment of age 65 of the pending changes in benefit entitlement. Employees are encouraged to discuss these changes with the Human Resources to insure their understanding of those changes.
5. Employees who retire from the College have the option of retaining benefit coverage through the College. Human Resources will explain the options available. It is important that employees discuss their retirement decisions with Human Resources at least 6 months before the intended date to insure an understanding of the information pertaining to retirement and the choices that must be made at that time.