By now, all faculty should have received a letter from the CAAT pension plan (sent to your home mailing address) with information on purchase of 2017 strike service.
The purchase amount will vary, depending on your deemed earnings during the strike period. For reference, the strike purchase cost for a full-time member at Step 21 is approximately $2700. This amount includes both the employer and the employee contributions.
If you have not received such letter, please contact CAAT Pension directly at 416-673-9000.
The membership passed a motion to reimburse 50% of the pension buy back amount to any faculty member who participated in strike duties, whose pension was affected by the strike, and who is retiring within 5 years of the strike. (In other words, retiring by November 30, 2022). Therefore, we encourage such faculty to keep a record of this service buy back, as the local will require proof of purchase (and proof of retirement) to complete the reimbursement process.
- Follow the instructions in the CAAT Pension Plan package to return the Strike Purchase form and payment to the CAAT Pension Plan.
- Send a copy of the receipt received by CAAT Pension Plan to the Local’s Treasurer, Alan Warren.
- Upon confirmation of retirement, you will be reimbursed 50% of the pension buy back amount.