Here are some points that faculty should consider when planning to retire from Lambton College:
- Did you receive a statement from the CAAT Pension Plan? You should receive your annual statement by June 30th of the following year.
- Estimate your pension using the caatpension.on.ca website
- Select a retirement date. Generally, June 30th is the best day for faculty to retire. The reason for this is that two months of pay (for July and August) are added to your final pay and included in your “best 60 months” calculation.
- Do you have a sick day gratuity that you are transferring to an RSP? There are some Canada Revenue Agency rules that you should be aware of: https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t4040/t4040-18e.pdf.
- Prevent delays to your payments. If you have previously divorced or have a separation agreement, forward those documents to the CAAT Pension Plan. Missing documentation is the most frequent cause of delays to the first pension payment.
All full-time and partial-load faculty have the opportunity to elect for coverage under the CAAT Retiree Benefit Plan within 31 days of retirement. After those 31 days, members will not be able to join the plan. Therefore, we urge all members who are nearing retirement to become familiar with retirement benefit options prior to retiring.
Attached below are an information brochure about the CAAT Retirement Benefit Plan and the latest premium costs for the offered plans.
The link below connects you to CAAT Retiree Benefit information including descriptions of all of the different benefit plans, copies of the CAATNIPs newsletter that goes out to all retirees annually and the rates. http://www.thecouncil.on.ca/articles/139