- Retired Members
- About us
- Annual Report
- Plan history at a glance
- Promoting your retirement security
- Colleges and related employers
- Careers at the CAAT Pension Plan
- Pension Terminology
- Committed to the Environment
- CAAT Plan announces ongoing surplus
Plan governance and policies
The CAAT Pension Plan is committed to ensuring effective governance structures and practices in support of the following objectives:
- To meet the Plan's fiduciary responsibilites to members and beneficiaries;
- To maintain clear responsibilities, authority, and accountabilities for all parties involved in the administration of the Plan;
- To ensure that the Plan's trust funds are managed prudently and in accordance with applicable legal standards, and are sufficient to fund member benefits;
- To support accurate and efficient administration of Plan benefits;
- To prudently manage identified risks associated with the Plan; and
- To adhere to applicable laws and regulations, and policies of the Plan.
Pension plans such as the CAAT Plan must be registered with the appropriate pension regulatory bodies. They have to follow the federal and provincial legislation that governs pensions as set by the Income Tax Act (ITA) and the provincial Pension Benefits Act (PBA) in order to retain their registered status.
The Canada Revenue Agency administers the Income Tax Act (ITA) and regulations, which set the maximum limits for Registered Pension Plans. The ITA provides for tax deductions for member and employer contributions in order to encourage Canadians to save for their retirement. It places restrictions on the amount of yearly earnings that Canadians can accumulate as tax-deferred pension income and the amount that can be transferred to other plans or to locked-in RRSPs.
The Financial Services Commission of Ontario (FSCO) regulates pension plans via the Pension Benefits Act (PBA). Unlike the ITA, which sets maximum limits, the PBA sets minimum standards for such requirements as vesting and eligibility. It spells out the rights of plan members and the obligations of Plan Sponsors in areas such as disclosure of information and survivor benefits.
Internal Plan documents
A number of documents are required to establish and maintain a registered pension plan. These documents, some of which are filed with the regulators, detail the policies and procedures we follow while administering the Plan and the pension fund.
CAAT Plan Text
One of the requirements for plan registration is the existence of a formal plan document which sets out the rules of the plan. The CAAT Pension Plan's document - the Plan Text - details all the Plan’s provisions.These include membership requirements, contribution and pension formulas, normal retirement age and early retirement options. Any changes to these provisions, as authorized by the Sponsors' Committee, require an amendment to the Plan Text.
Sponsorship and Trust Agreement
This Agreement established the Trust Fund and outlined the roles and responsibilities of the Board of Trustees and the Sponsors' Committee.
Statement of Investment Policies and Procedures (SIP&P)
The SIP & P serves as a blueprint for our Investment strategy, outlining our investment goals, beliefs and management style, as well as the guiding principles of the pension fund. The SIP & P also details the functions and obligations of the individuals and service providers responsible for administering the Plan's investments. Incorporated within the SIP & P are the rules and requirements listed in federal and provincial pension legislation to which the fund must adhere. It also outlines features of the Plan that will control risk such as the types of investments permitted by the Plan.
Plan Sponsors, Trustees and Staff have various governance policies in place to articulate the Plan's governance objectives. A few policies that may be useful to Plan members can be found below:
- Privacy Statement - explains the way we protect the confidentiality of your personal information.
- Member Appeals Policy - sets out the process for interpreting provisions of the CAAT Pension Plan and resolving disputes and appeals on the part of Plan members concerning their pension benefits.
- Code of Conduct Policy - outlines the standards of personal and professional conduct for the Board of Trustees.
- Accessible Service Plan - explains the Plan's committment to serving all stakeholders, including people with disabilities.
Representation of Sponsors
The CAAT Pension Plan has a fiduciary responsibility to care for the assets held in trust on behalf of its beneficiaries. The Sponsors' Committee and the Board of Trustees are the entities responsible for the policies and procedures in place to care for those assets and ensure that pensions are paid properly.
- The distribution of individuals who make up the Board of Trustees and the Sponsors' Committee ensures each sponsoring group, or Sponsor is represented. The Sponsors' Committee is made up of four Employer and four Employee members, who appoint Trustees and approve Plan amendments. The Board of Trustees is composed of six Employer and six Employee members. The Board of Trustees is the "Plan Administrator" under law, which means the Board has oversight responsibility for the running of the Plan. Day-to-day management is delegated to the Plan Manager/CEO.
As an organization entrusted with the assets of our members, the CAAT Plan ensures good governance practices are in place to protect those assets. Plan staff members are mindful of their duties and obligations towards active and retired Plan members during the course of day-to-day operations.
Knowledge of pensions, finance and legislation allows those involved in Plan administration to keep up on pensions, benefits and financial management. New Board of Trustee and Sponsors’ Committee members participate in orientation to familiarize themselves with the requirements of the position, and ongoing training is provided for the individuals involved in the administration of the pension plan.
Informing Members and Pensioners
We provide members with pamphlets, newsletters, annual statements and other information to enhance understanding of the Plan. An up-to-date website is also available for those who wish to receive the most current information about the Plan.