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A
teacher whose contributions are locked-in and who has
not contributed to the Plan for at least 4 months is eligible
for a transfer of the commuted value of the deferred allowance
subject to a minimum of teacher contributions plus interest.
The commuted value must be transferred to a locked-in
RRSP or RPP, subject to Revenue Canada maximums. Amounts
in excess are paid in cash less income tax. |
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Note:
Reinstatements are not permitted following
the transfer of the commuted value. |
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PROCEDURE: |
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Forms:
* Application for Refund
* T2151(E) if transferring to an RRSP
If the refund is to be transferred to an RRSP,
the cheque will be made payable and forwarded
directly to the recipient's RRSP account.
In the case of a cash payment, a cheque will
be made payable and forwarded to the teacher
less application income taxes. (A T4A will
be mailed in February of the next tax year.)
A refund of contributions, at any time, may
prohibit the transfer of service and funds
between the Teachers Superannuation Plan and
the Federal Superannuation Plan. |
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