SISIP COLA RETRO (Assorted Topics)

Still no cola

maybe by Horse and buggy ...

Yes, your name and service number appear on SISIP’s list of COLA settlement members. If you have not received your COLA settlement by August please let us know. The claims are sent by regular mail. hmmmm lol

So in the package there is instructions to go to Leavenovetbehind.ca to read the settlement. Ahhhhhh just curious wouldn't an explanation (in English words everyone can understand) be a problem for our law firm to explain "how" the calculations are done?

I know they sent a letter out last year but that was a clear as a catfish pond after a tournament!\

McInness Cooper you were paid above the normal class action fees so do us poor shlubs a solid. Get off your arse, walk down to your accounting department and get them to explain how this COLA is calculated!

I'd love to ask but they no longer take calls from me.

Back-up, since my COLA was basically based on a single increase, because my SISIP started and ended on January 4th, so if the cola increase was that off in the initial year, it would likely have had an amplifying effect every successive year, because every year afterwards, the COLA would have been based on an incorrect amount. Did the lawyers say if you could request a recalculation? Because I would have a hard time believing that out of 15000 veterans being looked at, that they were spot on for yours, over 18 years, but can't get it right for thousands of 24 month clients.

And I didn't receive any paperwork with my COLA, explaining the numbers, or how they determined what I was entitled to. To me it isn't that big of a deal, but when you are talking thousands of dollars, an error (intentional or unintentional) could seriously reduce the payout, and without showing their numbers, how are we to know any different? After all, we got into this whole mess because the GoC and SISIP were trying to reduce costs of the policy, so why should we expect anything different now?

Very confusing numbers indeed. I meant they should have included the actual audit report to show how they got to these numbers. We are somewhat gun-shy and suspicious regarding this whole lawsuit and it would have been nice to actually see the forensic audit.
Sap

Bigrex, not necessarily. Your retro 24 months - COLA $500.
My retro 18 years - Cola Zero.

Sabre love, agree whole heartedly. So confusing that even those who receive a larger Cola are afraid to spend it. Clarification is needed.

I understand saving the calculations from being done twice but they are mandated to give all class action members their COLA by July and my appeal decision could be months after that and it also could be denied which means I would have waited longer to receive my COLA for nothing. So they have to be done separately regardless of redundancy.

1993firebird wrote:I never thought about that Sparrow but it should be separate issues as they have different deadlines.

Firefird, it only makes sense that the cola would be held for those with pending appeals, because it would greatly affect the outcome. My retro was $46000 (with interest) for only 24 months, and the COLA was around $500. Now if I had appealed, the retro would be well over $100000, and then the COLA would likely increase dramatically as well. So by waiting, it just saves them from having to do the calculations twice.

Sapper Zodiak wrote:Good advice once again Teen. The calculations are ridiculous to calculate without the proper forensic accounting at hand.
Sap

We didn't get any calculations, just numbers that were are supposed to accept as gospel.  Hubby released in 98 and only got a one liner - deduct $x for admin correction, $X for Cola from 98 to 2 Jul 14, plus $x interest.  

No idea how they did the calculations.  Even in school we had to show our work.  The detailed calculations were done to come up with these numbers, why were they not included? Feel like sending them back a letter stating they are wrong and the numbers are supposed to be (insert bigger number here), but not show my math.  You know damned well they would write back and ask me to show my work!

Also, there is a note on the Manulife calculation sheet that says "If, for any individual Class Member, the Principal Refund is less than zero, the value shall be deemed to be equal to zero."  So I think that the people that got the letter from MC should have had the calculation sheet from Manulife included.  It may give some clue as to why there is zero refund for COLA.

Okay, mini rant over, I'll shut up now.

Sabrelove

Received my COLA refund this afternoon. More that expected, but happy to receive it. I was paid my retro in Sept 2013

I understood how they did the first part of the lawsuit and had no problem doing the Happy Dance with that cheque, but this one just baffles me. Thanks for your advice Teentitan, I will look into that and just sit on the funds for a bit.

Good advice once again Teen. The calculations are ridiculous to calculate without the proper forensic accounting at hand.
Sap

Guest if you haven't opened a Tax Free Savings Account open one for you and your spouse and sink the max into it and let it sit there gaining interest. That way if they did screw up you made some cash off their mistake tax free!

Has anyone actually figured out how they do their calculations? I received a substantial COLA refund of more than $21,000 and I'm somewhat afraid to spend it lol It's about 40% of what my initial lawsuit payment was. I released in Dec 2000 and receive a 13 year Mil Pension, VAC, CPPD and Sisip. I don't understand how they calculated it and I'm afraid they will come back and say "Oops, we overpaid you"!