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Effective January 1, 2008, a reciprocal transfer agreement was established between the Alberta Teachers’ Retirement Fund Board and three Alberta public sector pension plans—Management Employees Pension Plan, Public Service Pension Plan and Local Authorities Pension Plan.
Alberta teachers who have pensionable service in one of these three public sector plans and who wish to transfer that service to the Alberta Teachers’ Retirement Fund (ATRF) must provide a transfer application form to both the public sector plan and ATRF. Teachers who were active members of the Teachers’ Pension Plan or the Private School Teachers’ Pension Plan on January 1, 2008, have until December 31, 2008, to make application to transfer. Teachers joining the plans after January 1, 2008, have a maximum period of one year from the date they join the plan. It is important to note that no transfer will be permitted if the transfer application form is not received within the one-year period.
Application forms can be printed from the ATRF website (www.atrf.com). Click on Publications and Forms, select Information Sheets, and then select Reciprocal Transfer Agreement with Alberta Public Sector Pension Plans. The information sheet can also be obtained from ATRF.
Under the agreement, the exporting plan determines the available transfer amount based on the actuarial present value of benefits earned by the teacher for service under the exporting plan. The importing plan determines the amount required to credit the teacher with the same number of years of service in the importing plan. Amounts will differ due to differences between the plans’ benefits, salaries and actuarial assumptions. If the amount available for transfer by the exporting plan is less than the amount required by the importing plan, the service is reduced proportionately. Alternatively, a teacher can pay any shortfall and receive credit for all years of service under the importing plan.
Information about the reciprocal transfer agreement and application forms can be obtained by contacting ATRF at 600 Barnett House, 11010-142 Street NW, Edmonton. Telephone: (780) 451-4166; toll free: 1-800-661-9582; website: www.atrf.com; fax: (780) 452-3547.
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