Using the Actuarial Cost Calculator

Only you can decide whether or not to buy back past service. The CAAT Pension Plan provides tools to help you decide if a service buyback is worthwhile and right for you, before committing to it. With our Estimated Actuarial Cost (EAC) calculator, you can get an estimate of the cost of buying back service directly from our website. The EAC is the estimated cost of buying back your service, calculated based on your current age and rate of pay. Using the EAC tool, you can determine the cost of buying back a certain number of years of service or the number of years of service you can buy back with a certain amount of money. Once you receive your estimate and have decided to buy back, you can download and complete the buyback request form, which is generated when you use the EAC tool. Your current employer, and possibly your former employer, will help you complete this form. Step 1 - Get an estimated actuarial cost calculation Actuarial Cost Calculator Tool Simply enter a few details and our online tool will provide you with an estimate of the cost of buying back your service. Once you have an idea of ​​the approximate cost of buying back that service, you can decide if buying back your service is right for you. If the funds from your former employer are not sufficient to buy back all the service eligible for purchase, you can choose to buy back less service. You could then choose to purchase a shorter period of service. To help you, you can use our online pension calculator to find out how the additional service will affect your CAAT Pension Plan pension. It is important to note that the cost displayed is an estimate. The actual cost will only be determined once we have received the appropriate forms and completed them to receive an official estimate. Access the CCA Tool Step 2 – Submit your buyout request form After using the online CCA tool to complete an estimate, you will be able to download a buyout request form. If you decide to complete the buyout, you will need to complete and return this form to the CAAT Pension Plan. There is no deadline to submit the form. You must provide basic information that will allow us to identify you in the “member” section of the form. Complete this section and give the form to your former employer. The information your former employer provides, such as your earnings and service record, will be used by the CAAT Pension Plan to prepare an official estimate based on actual data.Send the completed and signed buyout application form to the CAAT Pension Plan. Note: In some situations, it may be difficult to locate your earnings and service records (e.g., old records of employment no longer exist). In this case, you will need to prove your eligibility using documents such as T4s, employment contracts, annual pension statements, and termination option documents from your old plan. Step 3 – Complete the buyout You will receive an information package at your home address. It will include an official estimate that will indicate the actual cost of the service buyout, as well as your payment options and deadlines. After receiving the estimate, you will have 90 days to inform the Plan if you wish to complete the buyout. If you do not complete the buyout within 90 days, but at a later date, the CAAT Pension Plan will prepare a new estimate based on your age and salary at that time. Step 4 - Confirmation Letter Once your payment is received, the CAAT Pension Plan will send you a confirmation letter. Note: We recommend that you consult an independent financial advisor for more information on the tax implications of such a purchase.