Retiring Soon? A Brief Checklist for Retirement Planning
Here are some points that faculty should consider when planning to retire from Fanshawe 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.
- Did you participate in the 2017 strike? You can purchase the missing service. If you retire within 5 years of the strike, you can seek reimbursement from Local 110 for the employer’s half of the contributions. Submit your payment receipt and a copy of your retirement notice to firstname.lastname@example.org so that we can process the reimbursement.