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1 Your pension plan Plan governance and funding Building my pension Contributing Benefits Leaving my job before retirement My pension Retirement income sources Retirement process What is the CAAT Pension Plan? Established June 1, 1967 Colleges and related employers 20,000 members 12,000 pensioners What is the CAAT Pension Plan? Joint sponsorship means the parties that bear the risk are the parties that make the decisions Members Employers Board of Trusteeso!Sponsors' ommittea a t What is the CAAT Pension Plan? Defined benefit plan Your pension is calculated using a formula that includes your years of work and your salary It pays you a predictable stream of income in retirement Paid for your life Your earned pension is not affected by volatile market returns You can't outlive your savings How the plan is funded aat 1

2 Contributions Contributions You and your College contribute equally Contributions are a % of your salary Contributions are integrated with CPP CPP Minimum (YBE) is $3, CPP Maximum (YMPE) is $47,200 Service Earn service as you work and contribute 1 day rule Contribution rates Earnings Earnings Earnings below YBE between YBE and over YMPE YMPE <$3,500 $3,501 - $47,200 <$47,201 Contribute to CPP? no yes no CAAT % 10.3% 12.1% Beyond 2010 to be determined based on funding rules and legislation Contributions example Mary's earnings in 2010 are $56, % x $3, % x $43,700* 12.1% x $8,800t Mary's contributions in 2010 $5,990 Her College's contributions = $5,990 Total contributions $11,980 Pension myth My contributions pay for most of my pension *YMPE - YBE $47,200 - $3,500 $43,700 t earnings YMPE $56,000- $47,200 4 $8,800 Value Member retires at 62 Lifetime pension: $20,200 Bridge paid to 65: $6,400 Saving for retirement You'earned totor 31. You have earned an annual pension of $17, Retirement dates Your normal retirement date (the eno of 3n n nt Estimated early retirement dates The silniest Ooze you aln rears 001 The ssiritest date you GO, retire win a red.ed unreduced pension Ms,' 3t,, 2724 Mooch Moy 3t, 2014, cak' t 2

3 ANL Buying additional service Purchase of leaves or other service can enhance your pension More service means a bigger pension More service means you reach early retirement milestones quicker Purchasable service - leaves Unpaid leave of absence Pregnancy, Parental, Adoption leave :aat IMMIE k Purchasable service Pre-enrolment service Prior service Purchasable service - NEW provisions Any and all service with Canadian registered pension plan Even if transferred to LIRA Some tax restrictions Any and all service with a CART employer prior to joining the Plan - Including all part-time employment Purchasable service - NEW provisions Cost = Actuarial cost 100% member paid Your purchase, your process Get an estimate online Take forms to previous employer Termination benefits Non-vested (less than 2 years of membership or service) - Refund of your contributions + interest aat 3

4 Termination benefits Vested (more than 2 years of membership or service) You can choose between: Deferred pension (start at age 65; Early deferred with a 5% reduction) Commuted value (until age 55) Transfer to your new employer's pension plan Excess Contributions Transfer to a new employer Transfer your benefit to a new employer, if that employer accepts transfers in aat Commuted value or deferred pension Deferred pension Pension stays in Plan until you retire Grows in "value" No investment risk for you Your pension receives inflation protection and survivor benefits Option to transfer to another employer up to age 65 aat Commuted value or deferred pension Commuted value Value of all future payments paid in a lump sum Must be transferred to LIRA Generally not accessible Must be used for monthly retirement income payments :aat Some considerations Will you be working at a different College? Will you be working for a new employer with a pension plan? If you die before you retire Eligible spouse Your spouse will receive a death benefit no matter what Eligible children Beneficiary 4

5 The importance of your beneficiary Beneficiary should be someone other than your spouse Name as many different beneficiaries as you want Marriage Breakdown Copy of separation or divorce agreement - Declaration of No Pension Division form k Details of the Plan Eligible for a pension after 2 years of service Choose from a variety of termination options Survivor benefits if you die before you retire When am I eligible to retire? Normal Retirement - End of the month you turn 65 Early Retirement (reduced or unreduced) Age 55 (if vested) Age 50 (with at least 20 years of service) Reduction could apply t i Pension formula 1.3% x HAPE to AYMPE x Service Bridge benefit formula 1.3% x HAPE to AYMPE x Service 2.0% x HAPE above AYMPE x Service 2.0% x HAPE above AYMPE x Service HAPE: Average of your earnings for the 60 consecutive months of pensionable service during which earnings were highest "AYMPE: Average of the Year's Maximum Pensionable Earnings for the year of retirement and 4 preceding yeais 0.7% x HAPE to AYMPE x Service L 5

6 Retiring at age 65 Cynthia's story Cynthia is planning to retire at age 65 She has worked at her college for 29 years Her highest average pensionable earnings are $74,000 Cynthia's pension calculation Cynthia's highest average pensionable earnings: $74, % x $44,840 x 29 years 2% x $29,160* x 29 years = Lifetime benefit from age 65 $33,817 c-at 'HAPE -AYMPE ($74,000 - $44,840 = $29,160) M Cynthia's pension Cynthia's pension will be $33,817 a year Income replacement Cynthia Pre retirement Retirement income income She will receive $2, a month $ $74,0-0-0 CPP 511,210 CART Pen,. 533,817 = $51,249 69% of pre retirement income + personal savings + previous pension amounts Retiring before age 65 2 kinds of early retirement pension Unreduced pension Reduced pension Early Unreduced Pension When am I eligible for an unreduced pension? 85 Factor your age plus service equals 85 or more or 60/20 Rule You are age 60 or more and have 20 years of pensionable service aat 6

7 Early Reduced Pension 3% for every year before your earliest unreduced retirement date (0.25% / month) 85 Factor or 60/20 Rule or age 65 The adjustment is permanent bik Retiring on a reduced pension - David's story David is 56 and ready to retire His highest average pensionable earnings is $75,000 His total service in the Plan is 23 years and includes purchased service His pension will be reduced aat L Calculating the lowest reduction factor Age = 9 years x 3 A, = 27% 60/20 Rule = 4 years x 3% = 12% 85 Factor (85-79)/2 = 3 years x 3% = 9% Retiring on a reduced pension David's pension calculation includes an adjustment of 9% 1.3% x $44,840 x 23 years 2% x $30,160* x 23 years $27,281 - early retirement adjustment (9%) ($2,455) = Lifetime benefit from age 56 $24,826 'NAPE -AYMPE $75,000 - $44,840 = $30,160 Retiring on a reduced pension Because he is under 65, David will receive a bridge benefit until he is 65. It will be adjusted by the same factor as his early reduced pension. 0.7% x $44,840 x 23 years = $7,219 - early retirement adjustment (9%) ($ 650) = Bridge benefit paid to age 65 $6,569 David's pension income David will receive $31,395 a year to age 65 - $2, / month to age 65 At age 65 when the bridge ends, he will receive $24,826 / year for life - $2, / month for life 7

8 Pension myth - Once you hit the magic number, your pension stops growing Your pension keeps growing Early reduced pension Early unreduced pension Normal pension (Age 56) 85 Factor (Age 59) (Age 65) OAS OA Bridge CPP 8N99e. tet Unreduced Urtreeueed,lifetime lifetime Reduced Reduced pension: pension: lifetime lifetime Pension: Pension: $33,226 $33,226 $24,826 $24,826 C Lifetime peeelon::: I 447,328 Age 59 Age 65 Age 65 `-! L Your pension lasts a lifetime Inflation protection Survivor benefits Protecting the power of your pension Inflation protection is cumulative Based on Consumer Price Index New amounts added each January 1st ca it & Protecting the power of your pension Service prior to 1992 Service from Service after 2007 Your pension lasts a lifetime Your surviving spouse receives a pension of 60% of your lifetime pension for life. - 75% survivor pension option Survivor pension receives inflation protection Ad hoc Guaranteed Conditional Eligible children Minimum 60 payments 8

9 k Plan with confidence Watch your pension grow each year - Calculate your pension on your retirement date Live with a pension that lasts a lifetime Some protection from inflation Plan for your needs Plan your retirement date, Retire as early as 50, as late as 71 Bridge benefit for early retirements Reduction of only 3% / year Unreduced pension options Age + Service = 85 Age 60 with 20 years of service Age 65 Choose the right level of survivor benefit 60% or 75% aat Government pensions - CPP Government pensions - CPP Maximum pension: $11,210 ($934 / month) Start as early as age 60 - Reduction applies Start at age 65 with no reduction Proposed changes Removal of Income test for under 65 Increase number of years of income that can be dropped from calculation Reduction increased to 7.2%/year Employees under 65 can work while receiving CPP and contribute Over 65, receiving CPP will be able to choose to contribute Government Pensions - OAS Personal Savings - RRSPs Maximum OAS: $6,222 ($518 / month) Starts at age 65 - No early start Government "claw back" could apply Contributions are tax-sheltered Contribute every year you have "earned income" Contribution amount based on your income Unused contributions can be carried forward aat 9

10 a Personal savings TFSAs Tax Free Savings Accounts Any individual over age 18 may contribute Getting a pension estimate Website new pension estimator Earnings are tax-sheltered Withdraw funds at any time Limit is $5,000 / year = k Pension Payments Paid by direct deposit in equal monthly installments on 1st business day each month If you live outside Canada you can receive a mailed cheque pension + bridge benefit combined in one deposit Payments are made in Canadian funds While you're building your pension Annual Statement watch your pension grow learn estimate -3 plan :aat Questions? W ggingler eirral! WITT* 10

11 Thinking about retirement When is the right time to retire? Sources of retirement income CAAT Pension Plan Government pensions Savings Starting your pension When should I retire? Personal readiness Career readiness Financial readiness How much money do I need? Retirement plans affect your retirement income needs Lifestyle Expense patterns Re-employment options How much money do I need? Some expenses stop Employment deductions Retirement savings Work expenses Some new expenses start Health and related premiums Other changes Discounts and deductions Lifestyle changes Home, mortgage, children, What are my sources of retirement income? Bridge Benefit CAAT Plan Pension 1

12 What is the CAAT Pension Plan? Predictable retirement income Paid every month Paid for the rest of your life Defined benefit plan Your pension is calculated using a formula that includes your years of work and your salary You can't outlive your savings Earned pension not affected by volatile market What does the CAAT Pension Plan do for me? Your pension builds throughout your career Join when you are hired Earn service as you work and contribute Transfer in or purchase service if you can Watch your pension grow each year -aat Saving for retirement Your pension gal r You have earned an annual pension of $ Pension myth My contributions pay for most of my pension Retirement dates Your normal retirement date it,. the 35) Ma, 31, 2,,24 Estimated early retirement dates Th. earie, ;late.^-13 retre. an unredt.d.mi3m ME0th t7 The earl, :We ya, can rare w,t, a rammed penson telav :4 Value. Member retires at 62 Lifetime pension: $20,200 Bridge paid to 65: $6,400 When am I eligible to retire? Age 65 Normal retirement - end of the month you turn 65 Early Retirement Age 55 (with at least 2 years of service) Age 50 (with at least 20 years of service) Reduction could apply Includes bridge benefit paid to age 65 2

13 Pension formula 1.3% x HAPE to AYMPE x Service 2.0% x HAPE above AYMPE x Service Bridge benefit formula 1.3% x HAPE to AYMPE x Service 2.0% x HAPE above AYMPE x Service HAPE: Average of your earnings for the 60 consecutive months of pensionable service during which earnings were highest 'AYMPE: Average of the Years. Maximum Pensionable Earnings for the year of retirement and 4 preceding years. 0.7% x HAPE to AYMPE x Service Retiring at age 65 Cynthia's story Cynthia is planning to retire at age 65 She has worked at her college for 29 years Her highest average pensionable earnings are $74,000 Cynthia's pension calculation Cynthia's highest average pensionable earnings: $74, % x $44,840 x 29 years 2% x $29,160* x 29 years = Lifetime benefit from age 65 $33,817 'NAPE -AYMPE ($74,000 - $44,840 = $29,160) cz-at gtiftap 1111 Cynthia's pension Cynthia's pension will be $33,817 a year She will receive $2, a month Retiring before age 65 2 kinds of early retirement pension Unreduced pension Reduced pension aat 3

14 P-Ait When can I retire on an unreduced pension? 85 Factor - Your age + service = 85 or more 60/20 Rule You are age 60 or more and have 20 years of service or more What if my pension is reduced? Reduction is 3% for every year before earliest unreduced retirement date (.25% / month) Adjustment is permanent Applies to lifetime pension Applies to bridge benefit Retiring on a reduced pension - David's story David is 56 and ready to retire His highest average pensionable earnings is $75,000 His total service in the Plan is 23 years and includes purchased service His pension will be reduced MIIIMIk Calculating the lowest reduction factor Age = 9 years x 3% = 27% 60/20 Rule = 4 years x 3% = 12% 85 Factor (85-79)/2 = 3 years x 3% = 9% Retiring on a reduced pension David's pension calculation includes an adjustment of 9% 1.3% x $44,840 x 23 years 2% x $30,160" x 23 years $27,281 - early retirement adjustment (9%) ($2,455) = Lifetime benefit from age 56 $24,825 HAPE -AYMPE $ $44,840. $30,160 Retiring on a reduced pension Because he is under 65, David will receive a bridge benefit until he is 65. It will be adjusted by the same factor as his early reduced pension. 0.7% x $44,840 x 23 years = $7,219 - early retirement adjustment (9%) ($ 650) = Bridge benefit paid to age 65 $6,569 c3at 4

15 David's pension income David will receive $31,394 a year to age 65 - $2, / month to age 65 Pension myth Once you hit the magic number, your pension stops growing At age 65 when the bridge ends, he will receive $24,825 / year for life $2, / month for life L Your pension keeps growing Early reduced pension Early unreduced pension (Age 56) 85 Factor (Age 59) Normal pension (Age 65) S Your pension lasts a lifetime Inflation protection BOdgp ts6so Reduced lifetime pension: $24,825 Age 56 0 Bridge CP Reipieed Weems pension: $24,825 $9;461 Unreduced lifetime pension: $33,226 Uniediiced lifetime pension: $33,241: CPP LHelhne $47,320 Age 65 Age 59 Age 66 Age 65 Survivor benefits 0 Protecting the power of your pension Inflation protection is cumulative Based on Consumer Price Index New amounts added each January 1st Protecting the power of your pension Service prior to 1992 Service from Service after 2007 Ad hoc Guaranteed Conditional aat 5

16 Your pension lasts a lifetime Your surviving spouse receives a pension of 60% of your lifetime pension for life. - 75% survivor pension option Survivor pension receives inflation protection Plan with confidence Watch your pension grow each year - Calculate your pension on your retirement date Live with a pension that lasts a lifetime Some protection from inflation Eligible children Minimum 60 payments Plan for your needs Plan your retirement date Retire as early as 50, as late as 71 Bridge benefit for early retirements Reduction of only 3% / year Unreduced pension options Age + Service = 85 Age 60 with 20 years of service Age 65 Choose the right level of survivor benefit 60% or 75%.: Government pensions - CPP Maximum pension: $11,210 ($934 / month) Start as early as age 60 - Reduction applies Start at age 65 with no reduction Government Pensions - CPP Apply for CPP 6 months before you want the payments to start Get an estimate Child Rearing Provision Contact Service Canada to apply Payments made in the LAST 3 business days of the month Government pensions - CPP Proposed changes Removal of Income test for under 65 Increase number of years of income that can be dropped from calculation Reduction increased to 7.2%/year Employees under 65 can work while receiving CPP and contribute Over 65, receiving CPP will be able to choose to contribute. 6

17 , Government pensions OAS Maximum $6,222 ($518 / month) Paid to all Canadians over age 65 No early start Government "Claw back" could apply Collecting government pensions Apply for CPP and OAS separately Apply to Service Canada at least 6 months in advance Government pensions are paid in the last 3 business days of each month -aat , 1111 Your savings RRSPs Tax sheltered savings now to enhance your income in retirement Contributions are tax-sheltered Contribute each year with "earned income" Contribution amount based on your income Carry forward unused contribution room Payouts are taxable Pension Adjustment affects RRSP room Your savings Tax Free Savings Accounts Save up to $5,000 a year and don't pay taxes on earnings Any individual over age 18 can contribute Earnings are tax sheltered Withdraw funds at any time Payouts are not taxable Pension myth It takes 35 years of pension plan service to replace 70% of my income in retirement. Income replacement Cynthia Pre retirement Retirement income income $74,000 OAS $6,2221 CPP $11,210 Qua' Pens. $30,817 = $51,249 69% of pre retirement income + personal savings + previous pension amounts 7

18 Income splitting Allocate up to 50% of pension income to lower-earning spouse Split your income at tax time When you're ready to retire Use our 3-step pension estimator Reassess each year When you're ready to retire Purchase past service and leaves Purchasing service increases your pension and reduced early reduction rate Check to make sure any eligible purchases are done Purchasable service NEW provisions Any and all service with Canadian registered pension plan Even if transferred to LIRA Some tax restrictions Any and all service with a CAAT employer prior to joining the Plan Including all part-time employment.4a 4a Purchasable service NEW provisions Cost = Actuarial cost 100% member paid Your purchase, your process Get an estimate online Take forms to previous employer When you're ready to retire Marriage breakdown Plan needs complete details of any pension division Incomplete marriage breakdown paperwork is #1 reason for a delay in the first payment 8

19 L When you're ready to retire Choose your date Deadlines and timelines When you're ready to retire Estate planning Your beneficiary designation and spouse information is up to date Review your insurance needs and will Health insurance Review your choices carefully You make your choice at retirement Consult with your HR department for details When you're ready to retire Consider your government pensions Age 60 is earliest age for CPP Age 65 is earliest age for OAS Collecting your pension is effortless Paid by direct deposit on 1 st business day of the month Pension + bridge are combined into one deposit Payments are made in Canadian funds Outside Canada, can receive a mailed cheque Keep connected We send Newsletters, handbooks Bridge benefit reminder Indexation info T4A Regular survey Keep in touch if You move Your spouse or beneficiary info changes Questions? 9

20

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