The Pension Committee has received a lot of enquiries regarding Pension Buyback and how a layoff affects the timeline to initiate a buyback. Generally, all members who are laid-off and wish to initiate a buyback fall into one of these two categories:
- If you were on a Leave eligible for a buyback and then placed directly on layoff, you will have 90 days upon your recall to buyback that leave. This only applies to you if you were laid-off directly from that leave and were never returned to the payroll in-between the leave and the layoff.
- The other situation is those that took a Leave eligible for a buyback and were subsequently returned to work. You will have 90 days from the end of that leave to initiate the buyback even if you have now been laid-off, as you were returned to payroll for even just a few days. If you select payroll deductions as your buyback option, the deductions will begin upon your recall.
Mainline Defined Benefit Plan Members must contact HR Connex Pension at 1-833-847-3675, Option 2 to initiate their buyback.
Your Component Pension Committee