Retiree Benefits
- Benefits Overview
- General Coverage Provisions
- Your Responsibilities
- Special Circumstances
- Retiree Benefit News
- Key Forms and Documents
Algonquin College retirees maintain strong connections with the school, and the bonds that continue to exist amongst retirees and with the college are a true testament to our culture and sense of community. We welcome and encourage all retirees to continue to enjoy our college events and initiatives.
After transitioning from the workforce, there are still plenty of things to do, places to go and life to be enjoyed. Algonquin College provides employees with pension benefits to provide income for your retirement years, as well as information and access to resources that help you plan for a financially secure, fulfilling and satisfying retirement.
Benefits Overview
Retired employees covered under the employee benefit plans prior to retirement who are in receipt of a monthly CAAT Pension may participate if application is received within 31 days of retirement.
- Basic Life Insurance
- Additional Life Insurance
- Extended Health Care Plans (Plan 1 or 2)
- Dental Benefits (Plan 1 or 2)
Your eligible dependents can also be covered. You may elect coverage under each benefit separately or elect coverage under a combination of benefits.
General Coverage Provisions
- Participation is voluntary
- You pay 100% of the required premiums plus any applicable retail sales tax
- Premiums are deducted directly from your bank account
- Coverage must be elected within 31 days of your retirement date
- Coverage must be continuous from your date of retirement – i.e. there is no opting in and out of the benefit coverage whenever you want
- If coverage is cancelled, it is no longer available to you
- Coverage is automatically cancelled if you cease paying the required premium
Your Responsibilities
As a retiree participating in these benefits, you are responsible for:
- Making sure your Enrolment Forms and any requests for changes arrive in your College Benefits Administrator’s hands on time;
- Making sure your premiums are paid on time;
- Notifying your College Benefits Administrator immediately of any address change;
- Notifying your College Benefits Administrator immediately of any banking information change for payment of your monthly costs;
- Notifying your College Benefits Administrator immediately of a change in your marital status
- Submitting your claims within the filing deadlines.
Retiree Special Circumstances
In certain circumstances Algonquin retirees may decline Sun Life coverage upon retiring if you have coverage under a spouse’s plan. Should your spouse’s coverage cease and you wish to opt back into the Sun Life benefit plan, you can, provided the following:
You must provide written confirmation from your spouse’s employer that the coverage is no longer available to you and the date the coverage ceases.
You will have 31 days from the date coverage terminates through the spouse’s group plan to pick up the coverage through the retiree plan at the college.
Additional Notes:
Coverage is provided without the need to submit proof of good health as long as your application is received within 31 days of your retirement date. If the 31-day deadline is missed you may never have coverage through our plan.
Should your spouse have access to retirement benefits through their employer and they opt not to take the coverage they cannot get coverage through our plan. In such a case there is no loss of coverage, they opt not to take the coverage and they may not come back for coverage under our retiree plan.
Retiree Benefit News
Premium Updates – Effective February 1, 2024
The Academic and Support Staff Joint Insurance Committees, the Insured Benefits Subcommittee of the Administrative Consultative Committee and the CAAT Retirees Group Insurance Advisory Committee have completed, with the assistance of a benefits consultant, their review of the group insurance premium rates. The proposed adjustments have been approved by the Human Resources Steering Committee, and are effective February 1, 2024:
| Benefit | Current Premium |
|---|---|
| Basic Life (Academic only) | $0.16 per $1,000 |
| Basic Life (Other Retirees) | $1.88 per $1,000 |
| Additional Life Insurance | $0.81 per $1,000 |
| Extended Health Care Plan 1 |
Single: $158.55 Family: $315.88 |
| Extended Health Care Plan 2 |
Single: $68.65 Family: $141.80 |
| Dental Plan 1 |
Single: $75.86 Family: $176.40 |
| Dental Plan 2 |
Single: $39.69 Family: $82.48 |
Add 8% tax if you are a resident of Ontario or 9% if a resident of Quebec.
Reducing coverage – important deadline
Should you be participating in Extended Health Care plan 1 or Dental Care plan 1 and wish to drop your coverage down to plan 2, please contact your benefits administrator before January 25th.
New – Prior Authorization Drugs – Effective February 1, 2020
You should have received a communiqué and brochure detailing an important change to how certain specialty drugs will be administered. The change is effective February 1, 2020. This affects approximately 200 speciality drugs out of 14,000 covered medications and will not be applicable to individuals who have been covered in the past 180 days before February 2020. Please take time to review the enclosed information and contact your benefits administrators or Sun Life with any questions. If you have not received this information, please contact your benefits administrator for more information.
New – Travel Insurance Offer
CAAT retirees now have the option to purchase travel insurance offered through Johnson Insurance. For information please visit Johnson.ca/Medoc or call Johnson Insurance directly at 1-866-606-3362.