Any other (former) gov't of canada employees?

[k34 0]

So I thought I would throw out the initial big question to find out whether anyone here would know anything about this before I get into a detailed post with my questions and concerns.

I realize that the public service pension doesn't play by the same rules as everyone else, so what might be true of an ordinary situation can't be counted on for mine.

[Kathryn41 3,205]

No. Your PSAC pension is locked in and you won't be able to transfer it into any vehicle that is acceptable in the US. I left my PSAC pension and my OMERS pensions as they are in Canada. I did cash in my RRSPs before I moved, paid the tax, paid off all debts and re-invested the remainder here in the US in IRAs. When you leave PSAC they will give you a pensions information package - mine came quite some time AFTER I had already moved to the US, but there are very few options that work if you are now living in the US. The best option was to just leave it where it is. Such pensions are covered by the Canada-US tax treaty.

[k34 0]

Ok, well I guess the positive aspect of this is that it's one less thing to deal with

But I do still have a question... on my pension statement there is a transfer value listed that is broken down into "within tax limits" and "above tax limits". So the impression that I get is that, even if I was able to transfer it, there is a portion that I would be subject to tax on, as if I had made an RRSP withdrawal. If this is the case, it seems like I should be able to cash that portion of it without creating any adverse tax affects that do not already exist.

Aside from that point, is it possible to just cash it the whole transfer value and pay the tax?

Edited June 25, 2008 by kelland34

[anxiouslywaiting 0]

I am transfering my pension into my RRSPs and I was wondering if anyone knew if I was able to transfer my RRSPs to a 401k (or whatever they call it in the US). I really don't want to have to leave the money here, I would really like to be able to just transfer it without having to take all the money out and pay taxes on it.

[thetreble 19]

I don';t think you will be able to transer for your RRSPs to a 401k, but I could be wrong about that.

I had some money in OMERS but I also left it there not knowing what to do.

What did you all do in the government?

[k34 0]

I don';t think you will be able to transer for your RRSPs to a 401k, but I could be wrong about that.

I had some money in OMERS but I also left it there not knowing what to do.

What did you all do in the government?

I am thinking I can't even just transfer mine to an RRSP that I manage myself can I? It seems like it probably has to be another similar employer plan (within Canada, I guess).

I am with CRA investigations. I just realized today, provided my visa process goes smoothly, I will be several months short of having enough time in to get severance pay so I am pretty bummed out right now. I know I wont think it's worth staying the extra time, since I am more than ready to go right now.

[Kathryn41 3,205]

I don';t think you will be able to transer for your RRSPs to a 401k, but I could be wrong about that.

I had some money in OMERS but I also left it there not knowing what to do.

What did you all do in the government?

I am thinking I can't even just transfer mine to an RRSP that I manage myself can I? It seems like it probably has to be another similar employer plan (within Canada, I guess).

I am with CRA investigations. I just realized today, provided my visa process goes smoothly, I will be several months short of having enough time in to get severance pay so I am pretty bummed out right now. I know I wont think it's worth staying the extra time, since I am more than ready to go right now.

My OMERS and PSAC pensions are still in Canada. They are locked in. I withdrew my RRSPs before I came, paid the tax on them, (I knew I would only have a partial year income) and used some of them to pay off all debts in Canada then re-invested the remaining here in the US. You can't transfer RRSPs to a US based retirement account. You have to cash the one out and re-invest it into the new one. You do have to declare the amount that you keep in RRSPs and RRIFs on an Information Return to the IRS to ensure that they are tax-deferred income (form 8891) but I believe that the interest is still considered taxable on State returns. you don't have to report employer based pensions.

I worked as the Constituency Assistant for an MP and fortunately was able to get some severance. What was very useful to me is that the health benefits continued for a full month after my last date of employment - that covered the time between when I arrived and when I got married and could be added to my husbands health coverage with no interruption. You should be able to obtain a letter from whoever PSAC has providing medical insurance now stating start and end date of coverage and give it to your new insurer - especially important if you have a pre-existing condition such as I do. It is too bad that you are just a few months short of severence - that does suck.

Edited June 26, 2008 by Kathryn41

[Krikit 1,165]

That's interesting that Gov of Canada employees get severance pay. I would have only received it if they'd fired me..... a month's salary for each year worked.... which would have amounted to two years salary. I screwed up by not screwing up!

[thetreble 19]

haha I loved working for the government. It was a sweet, easy ride.

[k34 0]

That's interesting that Gov of Canada employees get severance pay. I would have only received it if they'd fired me..... a month's salary for each year worked.... which would have amounted to two years salary. I screwed up by not screwing up!

Yeah if we resign after 10 years of continuous service we get half a week salary for each year. I thought I was good for it, but apparently the fact that I was temp. for the first few months screwed that up

If we get let go for incapacity or incompetence we get a week salary per year, so I had considered having some kind of meltdown that would convince them that I fell into this category, but then I realized that it takes at least two years to fire a government worker for job performance related issues (1 bad annual review + 1 year to work on your "action plan" to correct the problem)

[Peggy 1]

I worked for the provincal government when I was in Canada.

I worked in the NS Liquor Corporation

[thetreble 19]

I worked for regional government in transportation.