The CAAT Pension Plan has provided the following FAQ on how to buy back the five weeks of pensionable service lost during the 2017 strike:
The Membership of OPSEU Local 560 voted in 2017 to reimburse the Employer’s portion of the pension contributions lost during the strike to any member who:
- performed strike duties,
- retires within five years of the strike, and
- chooses to buy-back the pensionable service when retiring.
The Yearly Annual Pensionable Earnings (YAPE) is your highest salary averaged over 60 continuous months. Buying back this pensionable service ensures that the strike does not affect the YAPE for those who retire within five years of the strike. The CAAT Pension Plan will mail, to your home address, a package that will show you the cost and the procedure for buying back these five weeks of service. The cost of this purchase will not change over time, so the best time to make this purchase is just before you retire.
Local 560 will reimburse the Employer’s portion (half the total cost) if you produce the following documents:
a) A statement from HR showing a retirement date that is prior to Nov. 20, 2022
b) A statement from CAAT Pension Plan showing the cost of buying back your pensionable service lost during the strike
c) Proof of payment. Since the purchase cost does not change over time, you will not save any money by buying back the pensionable service prior to your retirement date.
The Local will not make any reimbursement prior to receiving confirmation from that your retirement date is prior to Nov. 20, 2022.
">Contact us for guidance or more information. You can submit your pension buy-back information through the form below.