- Retired Members
- Administrator Tools
- About us
Delivered right to your inbox, Employer Updates provide College pension Administrators with timely news about the CAAT Pension Plan.
Updates are delivered by email. To sign up for Updates, contact us at: CAATPensionPlan@caatpension.on.ca
To read previous Updates, click one of the links below:
Plan closes all reciprocal transfer agreements
PBA Transfers to be used as of September 30, 2013
The Plan is streamlining its transfer process to improve equity among members. As a result, all transfers into or out of the Plan as of October 1, 2013 will be governed by Ontario’s Pension Benefits Act. The Plan will no longer maintain reciprocal transfer agreements, and will treat all transfers as PBA transfers.
The Plan is currently a signatory to 4 reciprocal transfer agreements:
- Major Ontario Pension Plans (MOPPs)
- Federal Public Service Pension Plan
- Province of Quebec (CARRA)
- Pension Plan for employees of OPSEU.
These agreements have all been cancelled, effective September 30, 2013.
May 24 Pension Administration Teleconference
As we recently announced, the next Administration teleconference will take place on Friday, May 24, 2013 from 10 to 11 a.m.
Upcoming Administration events in May
On Friday May 24, we will resume our monthly schedule of administrative teleconferences. This teleconference will provide you with an update on several of the Plan’s new and ongoing initiatives.
On Thursday May 30, as part of the Training, Certification and Attestation program, we will be holding the next in our series of webinars. This session will offer basic information about the Plan and its value.
This webinar is vital for both newer Administrators and anyone with a role in pension administration. Human resources and payroll representatives alike will benefit from taking part in this session.
Invitations and call/log-in details as well as formal agendas will be sent in the coming days.
Contribution calculator updated for April 29, 2013
Semi-monthly/monthly calculator now available
Update to bi-weekly contribution calculator
We have updated the bi-weekly contribution calculator posted to the website following the April 11 webinar.
There is no change to the calculations from the most recent version of the calculator (last posted on April 16), but the “About this tool” text and earnings field heading have been updated to clarify situations where members have deemed earnings (e.g. paid professional development leaves and “pay as you go” maternity leaves).
The instructions have also been updated to include two examples of members with deemed earnings.
Please follow this link to the Calculator page to access the updated calculator and instructions.
Semi-monthly/Monthly contribution calculator now available
As promised in the April 11 webinar, we are now providing a contribution calculator for FT members who are paid semi-monthly or monthly. Only a handful of colleges have such members, but those colleges may find this additional calculator helpful. An instructions document with various examples is also available.
At this time we are not planning to conduct a second webinar for semi-monthly and monthly calculations as the principles and spreadsheet are very similar to the bi-weekly material in the April 11 webinar. However, we invite those colleges with semi-monthly or monthly FT payrolls to review the new material posted and let us know if a second webinar geared towards these scenarios would be helpful.
Please follow this link to the Calculator page to access the contribution calculation worksheet and instructions for FT members paid semi-monthly or monthly.
April webinar follow-up and latest Plan news
Webinar video now available
Correction to contribution calculator
We have made an update to the Contribution calculator for FT members paid bi-weekly that we posted last week. Please follow this link to the Calculator page to access the corrected spreadsheet. The previous version contained an error in the Pay Period percentage formula in column R of the multiple calculations worksheet. Any calculations you completed using the individual calculation tab are accurate and would not change.
April webinar – video now available
We have posted a copy of last Thursday’s webinar to our website. Those of you who missed the session, or who would like to use it as a resource can access the webinar here. The webinar has been divided into 4 modules:
- Module 1 – Pensionable Service
- Module 2 – Pensionable Service calculator demo
- Module 3 – Contribution Calculation
- Module 4 – Contribution calculator demo
You can view each of the modules separately or start from Module 1 and view the entire session. Note that due to the technical difficulties that occurred during the webinar, the video did not record the very beginning of the session.
Don’t forget the survey!
If you attended the webinar and haven’t already done so, please complete the online survey to provide us with your feedback and comments.
Plan reports 11.8% return, 103% funded
The Plan recently announced an 11.8% rate of return for the year 2012. Net assets increased to an all-time high of $6.3 billion, up from $5.6 billion in 2011. As of the January 1, 2013 valuation recently filed with the regulators, the Plan is 103% funded on a going-concern basis, with a surplus of $347 million.
My Pension NewsLink subscribers received this announcement earlier today. If you haven’t already subscribed, follow this link to do so, and be sure to encourage your members to sign up as well. Members who are not receiving NewsLink emails will be able to read the article on our website and in the upcoming Member Newsletter in May.
March 21 Teleconference Summary
For those of you who missed the March 21, 2013 teleconference, a summary of the discussion has been added to the website. Visit the Teleconferencepage, and click on the links, where appropriate, to read the corresponding page updates.
3 Step Estimator: New look, same ease of use
We’ve given our 3-Step Pension Estimator a whole new look, but it’s still the fastest and easiest way for you and your members to get a pension estimate.
The 3-Step Estimator features:
- Easy-to-use interface with step-by-step instructions
- Option to use Annual Statement data to increase data input accuracy
- Quick results - Early reduced, unreduced and age 65 pensions
- Flexible results - different age/retirement date scenarios with just a few clicks
- No need to wait for an estimate
- Print-friendly results
Use the 3 Step Pension Estimator to help members with retirement planning, or direct them to the website to try it for themselves. The website now features a short video to help members get started.
Members who are within 5 years of retirement or those with special circumstances, (e.g. those on LTD) are welcome to contact our Member Services team directly for a more formal pension calculation. As these types of estimates take time, we ask that all other members (who are not close to retirement age) use our 3-Step Estimator. Itmodels numerous retirement scenarios and they can use it as often as they like for personal retirement planning.
March 21 Teleconference Agenda and details
This month’s teleconference will take place this Thursday, March 21 from 10:00 a.m. to 11:00 a.m.
Welcome Angela Goodchild, Director, Client Services
The CAAT Pension Plan is pleased to announce the addition of Angela Goodchild to the role of Director, Client Services. Angela will work alongside Tracey Leask, Director, Plan Operations, to lead the newly-reorganized Pension Operations department.
Angela brings over 30 years of experience in pension administration, and a strong client service background. In her new role, she will oversee the administration and operational activities of the Member Services and Employer Services teams. Her focus will be on employer and member relations, ensuring the Plan’s high standards of quality, accuracy and client services are maintained. She is enthusiastic about her new role, and will be actively seeking opportunities to meet with representatives from each employer over the coming months.
How to contact Angela:
- Email: AGoodchild@caatpension.on.ca
- Phone: 647-837-3383
Tracey will continue her focus on pension management and quality assurance; providing internal actuarial support and analysis for the various initiatives the Plan is undertaking. Tracey will continue her work with employers on implementation and quality issues.
OTRFT eligibility changes in 2014
Immediate pension plan enrolment an option
At the February CAAT Pension Plan Board of Trustees and Sponsors’ Committee meetings, OTRFT eligibility was reviewed because it had been flagged as an issue of equity during a broad review of Plan provisions in 2012.
To address the issue, Plan governors considered a number of scenarios, including the suggestion from some employers that earnings-related criteria be reintroduced in determining OTRFT employee eligibility to join the Plan.
Ultimately, the governors came to a unanimous decision to grant OTRFT employees of the college system the option to immediately enroll in the Plan, effective January 1, 2014. This means OTRFT employees who are not yet Plan members will be able to join the Plan on January 1, 2014, regardless of the time since hire, and all new hires on or after January 1, 2014 will have the option to join immediately upon hire. These employees will still have the ability to waive immediate enrolment and join at a later date.
The Sponsors had three primary reasons for this decision:
It’s equitable and fair – because it allows OTRFT employees to join the Plan immediately on hire, similar to the treatment of full-time members.
- If OTRFT employees initially choose not to join, and later change their mind, they can purchase the past service at member-only cost.
It mitigates risk and simplifies processes - particularly the employer’s risk associated with failing to inform eligible OTRFT employees of their option to join. It also eliminates the need for employers to track continuous service for any employees.
- Enrolling or securing a waiver at hire, rather than following 24 months of continuous service, will simplify processes.
- There is no longer a need to assess whether a new hire had previously gained some part of their eligibility period at another participating employer. Employers now only need to determine if the new employee is already a member of the Plan (automatic immediate enrolment) or wishes to join the Plan going forward.
- It is expected that this will save employer and pension plan staff the time spent monitoring eligibility and processing pre-enrolment purchases.
It will have a minimal effect on future employer contributions, with an estimated increase of about 1/10th of 1 per cent of current contributions based on past enrolment trends of OTRFT employees. In other words, if you had $100 representing your budget, this amounts to an additional cost of 10 cents in contributions.
Administrative processes and employee communications to be developed
To roll out this Plan change smoothly we will take some time to develop details of new administrative processes in consultation with employers. This will include communication pieces and forms to be used with existing and newly-hired OTRFT employees. These communications will outline the benefits of joining the Plan, while acknowledging the cost of membership and that membership might not be right for all OTRFT employees. Plan communications will focus on educating OTRFT employees about the Plan and the factors they should consider before joining.
Meanwhile, the Plan will notify members of this amendment in the May Member Newsletter.
This item will be added to the March 21 teleconference agenda in case you have questions.
February teleconference follow-up
A follow-up of the February 14, 2013 teleconference is now available.
The teleconference kicked off some upcoming initiatives including the following:
- Retro pay spreadsheet: For members who were active at December 31, 2012, we are now asking that you indicate the amount of retro pay that should be allocated to each prior year. Visit the Earnings and Service pageto download the new Retro Pay allocation spreadsheet and read about the new retro pay rules.
- Give us your ideas! Remember to send us your suggestions for the Enhanced DCT we are developing for 2013 data collection. Forward your ideas and feedback to email@example.com March 15th.
Be sure to visit the Teleconferences pagefor brief summaries of the topics discussed, and click on the links to read additional information on the relevant E-campus topic pages.
Save the date: The next Pension Administration teleconference will take place on March 21, 2013.
Administration Teleconference Tomorrow
You won’t want to miss the first Administration teleconference of the year tomorrow, Thursday February 14 from 10:00 a.m. to 11:00 a.m.
You’ll also find a one-page PDF “Employer Services Contact” sheet for your reference. This sheet shows the organization of our Pension Administration team and the contact information for the Employer Services and Member Services units.
Call-in instructions for the February 14 teleconference:
Call one of the following number(s):
- Local (Toronto area): (416) 204-6285
- Toll Free: (866) 218-3342
Enter the passcode 645057 followed by the # key.
Please complete the survey - DCT Workshop follow-up
Thank you for joining us for today’s 2013 DCT Workshop. Please take a moment to share your feedback and comments with us by completing this online survey:
Be sure to watch your inbox for your user name and temporary password, and instructions for getting started with the 2013 DCT.
Missed the Workshop?
If you missed today’s Workshop, visit the Data Collection page on E-Campus. The slides from todays’ presentation will be posted there tomorrow.
If you have any questions or concerns, please be sure to let us know by completing the survey!
February 14 teleconference
Instructions for teleconference and agenda for DCT workshop
Be sure to join us for our first administration teleconference of the year, on:
Thursday, February 14, 2013, from 10 to 11 a.m.
For those of you who have registered for the DCT workshop this coming Monday, February 4, the Agenda and materials are now available on the updated Data Collection page on E-Campus.
The Agenda and any related resources for the February 14 teleconference will also be posted on E-Campus.
Upcoming webinar, teleconference and an update on annualization
DCT Workshop February 4
The 2013 Data Collection Tool (DCT) workshop is fast approaching. This year’s webinar will take place on Monday February 4, 2013 from 10:00 a.m. to 11:30 a.m. Registration information and instructions will be made available in the coming days. Be sure to attend this valuable session for the information you need to complete this year’s DCT process.
Administration teleconference February 14
We’ll also be launching this year’s series of administration teleconferences Thursday, February 14 from 10:00 a.m. to 11:00 a.m. This session will provide an overview of this year’s initiatives, updated administration processes and even website enhancements. Be sure to mark your calendars!
Annualization is underway
The Plan’s move towards the using annualized earnings to determine contributions is now in effect for full-time members. We would like to ensure everyone understands this methodology, its impact on administration, and why it’s important to the fair and equitable treatment of members.
Please take a moment to read the comprehensive explanation attached to this Update, or visit the Annualization page on E-Campus.
YMPE, PA, contribution rates for 2013
The following rates take effect as of January 1, 2013:
The Year's Maximum Pensionable Earnings (YMPE) will increase to $51,100for 2013, up from $50,100 in 2012.
2013 Contributions - Reminder
Effective January 1, 2013, contributions will be:
10.8%of earnings up to $51,100, plus
14.4% of earnings in excess of $51,100
This contribution rate change includes a 0.4% contribution rate increase (announced in 2011), as well as a reduction of 0.7% on earnings below the YMPE, and an increase of 1.1% on earnings above the YMPE, as announced this past September.
2013 Pension Adjustment
The maximum Pension Adjustment (PA) will be $23,670 for 2013.
(The PA is based on a formula of (9 X BE) - $600).
Maximum benefit entitlement (BE): $2,696.67
We will notify you when the online PA calculator has been updated to reflect these changes.
CAAT RCA Contributions for 2013
Please consult your email for the document "2013 RCA instructions" in which you will find the information you need to calculate contributions for the CAAT Retirement Compensation Arrangement in 2013.
End of year deadlines - for Janaury 1 pension starts and 2012 DCT
January 1, 2013 pension starts
If the Plan receives completed Option Documents by noon on Monday, December 10th, we will guarantee a January 1, 2013 pension setup. Option Documents received after that time will not be guaranteed to be set up for the 1st of January.
Member information deadlines
Friday, November 30th, is also the deadline for submitting the following completed forms to the CAAT Plan so that 2012 member data is entered into the Data Collection Tool (DCT):
- All Pension Membership Enrolment forms that have not already been submitted for individuals who enrolled in the Plan in 2012.
- All Change of Information or Beneficiary forms that reflect changes to member information in 2012.
- All Notice of LTD/WSIB forms for those who either went on Long Term Disability or who returned after having been on Long Term Disability during 2012. Please remember that you do not have to remit contributions for and on behalf of members during their first 12 months of Partial WSIB.
- All buybacks that took place in 2012, including all Leave of Absence forms and Pregnancy/Adoption or Parental Leave forms for leaves that took place in 2012.
If we receive these completed forms by theFriday, November 30th deadline, we can ensure 2012 member data will be entered into the DCT.
In keeping with our goal to deliver all Annual Statements to members by the June 30, 2013 deadline, the 2012 DCT will be available starting February 1, 2013.
The deadline for submitting DCT data will be March 15, 2013.
The CAAT Plan office will be closed starting Monday December 24th, at noon and will reopen on Wednesday January 2, 2013.
Employer training: Service purchases - Best practices
The Employer Certification project is underway and we are pleased to announce the first stop on our education roadmap. The training webinar, “Service Purchases – Best practices” will take place on Thursday November 1 from 10:00 a.m. to 11:30 a.m.
This Service Purchase training session is a must for all employers with pension administration duties, regardless of experience level. This session will provide you with the opportunity to get answers to your questions about service purchases, costs, deadlines and best practices.
Some of the areas that will be covered in the training session include:
- New reporting requirements for pregnancy, adoption and parental leaves, unpaid leaves
- Best practices for layoff/recall leaves, work stoppages and grievances
- Review of procedures for reporting pre-enrolment and prior service
- PA and PSPA reporting and other ITA concerns
A special section of the webinar will be reserved for Open Buybacks, which will include a live demonstration of the self-service ACE Tool for members.
Your participation in this training session forms a part of the Employer Certification program we announced earlier this year. Our goal is to ensure that all employers who have a role in administering the pension plan receive training in a number of key knowledge areas. This will in turn promote consistency and equity in management of the pensions of all members.
Webinar-based training will make up the bulk of the Employer Certification training program. In order to ensure each employer is credited for their participation, we ask that you register individually for this training session. To register, reply to this email before Tuesday, October 30th. A few days prior to the webinar, we’ll email registrants the phone number and instructions for logging in, along with a copy of the agenda and a resource booklet.
Once the webinar is over, we will ask that you complete and submit a brief online survey. The results of this survey will help us fine-tune our employer certification training program and ensure your feedback and suggestions are captured.
To participate in this webinar, you’ll need access to a telephone and a computer with Internet access using a browser running:
- Microsoft Internet Explorer v7.0 (or newer), or
- Mozilla Firefox 4.0 (or newer), or
- Google Chrome 5.0 (or newer),or
- Safari 3.0 or newer
Please confirm with your IT department in advance, if necessary.
Protecting personal information using S-Doc
We are pleased to launch our new secure file sharing system. As we mentioned in the recent Administrator teleconference, S-Doc (Secure Document Online Courier) is our new method for transferring files to and from the CAAT Plan. S-Doc will help ensure the privacy of the personal information – such as Social Insurance Numbers and salary information – that we use in the daily administration of the pensions of members.
S-Doc is easy to use. Simply visit the S-Doc website to upload a file and send an email notification to your Pension Analyst or other S-Doc user. To receive a file, open your email, click on the link, and log in to S-Doc site to download it.
In the coming days, those of you who regularly transmit files to and from the Plan will receive an email from firstname.lastname@example.org containing your personal user name and a temporary password. You will be directed to the S-Doc website to choose your secure password and you’ll be ready to get started sharing files securely.
Please ensure your password remains private. If you know of other pension administrators who need to share files but did not receive a password, please have them contact us directly.
S-Doc uses a secure file sharing platform called Accellion. For more information, visit our new S-Doc page on E-Campus for a “Getting started” guide and a link to download the full S-Doc/Accellion user guide.
September 20 teleconference agenda
The agenda for the teleconference is posted here on e-campus.
End of summer administrative wrap-up
Teleconferences resume, several updates made to website
Summer’s almost over and we’re gearing up for a busy fall season at the Plan. With the amendments implemented this past July and a variety of new features on the website, we’d like to take this opportunity to make sure you’re up to date.
The next teleconference will take place on Thursday, September 20, 2012 from 10:00 a.m. to 11:00 a.m. An agenda will be made available in advance of the call. (Note that this has been changed from the originally scheduled date of September 13.)
The Contribution Calculation Worksheets for Full-time and for OTRFT members (beta versions) are now available for 2012. You’ll find links to them on the Calculators page and on the updated Annualization page on E-campus.
Member Handbook updated
The Member Handbook “An investment in your future” has been updated to include the July 1, 2012 amendments. The revised Handbook, dated August 2012 now refers to the 24-month extension of membership and the elimination of both the One Day Rule and the 2 year vesting period. Contact us to request paper copies of the Handbook for your members, or refer them to the website for the online version.
Other publications updated
Several of our other publications have also been updated, including the Termination pamphlet and the normal and early retirement pamphlets. We’ve also added a new booklet “Making Choices: Commuted Value or Deferred Pension” to help terminating members with their decisions. Visit our updated “Publications” page to see them online, and contact us to order hard copies for your members.
We’ve launched a “New Members” page to give new and potential hires an overview of membership in the Plan. The page contains a short video, links to new member materials and access to a one-page brief that you can distribute during the hiring process, enrolment or even at recruitment fairs. Remember…we’ll print them for you. Just let us know how many copies you need and we’ll happily ship them to you or your recruitment team.
Pension legislation – resource page for members
If you’re getting questions from members (or have questions yourself) about the proposed government initiatives affecting public sector pension plans, be sure to visit the new page “Defined Benefit pension plans – Promoting your retirement security.” Read about our advocacy efforts on behalf of our members, and browse a number of relevant resources, including legislation updates, our 2011 Annual Report and our video “Value in the Plan”. You can also read the submissions the CAAT Plan made in response to the government’s consultation process. Feel free to refer your interested members to this useful resource page in the “About Us” section of our website.
Coming up – September newsletter
Our upcoming newsletter will be available at the end of September. Members who have signed up for our email news delivery service (soon to be rebranded as “My Pension NewsLink”) will receive notification when the online newsletter becomes available. Be sure to encourage your members to sign up for the newsletter delivery service using the link below. We’ll also ask that you continue to send the E-News to your members by email to make sure all members have access to important Plan news.
- Updated Member Handbook
- New and updated publications
- Annualization on E-Campus
- Full-time and OTRFT Contribution Calculators
- New Member page
- Defined Benefit pension plans – Promoting your retirement security
- My Pension NewsLink
Contribution Calculation Worksheet for OTRFT Members
Beta version now available
A “beta” version of the Contribution Calculation worksheet is now available for OTRFT members.
Like the full-time member worksheet, the OTRFT worksheet has been populated with 2012 data, and will be updated later in 2012 as 2013 data becomes available.
Note that, in certain cases, adjustments may be required during the year-end data clean-up and reconciliation period. Please refer to the instructions sheet or the “About” tab in the worksheet for more information.
The worksheet and instructions can be found on the “Calculator” page of the Employer section of our website. (Instructions can also be found in the “About” tab in the worksheet).
For more information, please refer to the “Annualization” page on E-Campus and watch for updated Q&As coming soon.
New resources for new members
Recruitment materials, updated publications now available
We are pleased to offer a variety of recruitment resources to help in your hiring process. Now, potential full-time and eligible part-time employees have access to a number of ways to understand the value of membership in a Defined Benefit pension plan.
Handout for potential hires
The new one-page handout is a quick look at the CAAT Pension Plan and the benefits of being a member.
Give the handout to:
- Potential Full-time hires, to briefly explain Plan membership during the recruitment stage
- OTRFT employeeswho are eligible to join the Plan, but need more information to help them understand the benefits of membership
- New Plan members, to use as a quick reference guide along with their Member Handbook
- Prospective future employeesat job fairs or career or recruitment events
New Member video and webpage
Our new video details the benefits members of the CAAT Pension Plan enjoy, and explains their contributions and retirement options. The video can be viewed on smart phones, so potential members can access it from anywhere.
The “New Member” webpage brings our resources together in one place, so potential and just-hired members have quick and easy access to information that will help them understand the Plan. Along with the video and a PDF version of the handout, they’ll also find links to:
- The service purchase and transfer pamphlets – important for anyone who has service with a previous employer’s pension plan
- The 3-Step Pension estimator, so they can understand the calculation of their benefit
- The online Member Handbook and OTRFT Member Handbook
- An invitation to sign up for our free email news service so they can stay abreast of Plan news
Please visit the New Member page on our website today to take a look at the new resources and be sure to share the link with your recruitment team.
Up to date publications
While you’re on the website, drop by the Member Publications page to see what’s new. We’ve recently updated a number of our pamphlets and Making Choices booklets, just in time for the new school year.
These publications now reflect the package of Plan amendments that came into effect as of July 1, 2012, including the elimination of the One Day Rule and the introduction of immediate vesting. Note that the “Termination” pamphlet has been reissued as “Leaving your job not your pension plan” and now explains the options available during and after a terminating member’s 24-month membership extension period. The Early Retirement and Normal Retirement pamphlets have also been updated.
We’ll do the printing for you
Please contact us by email to request print copies of these publications, as well as high quality copies of the double-sided recruitment handout for potential and current members. Just let us know how many you would like in either English or French, and we’ll print and ship them to you.
As always, if you or your members have questions, please feel free to contact us.
Contribution Calculation Worksheet (Beta version)
We’ve developed a “beta” version of the Contribution Calculation Worksheet for full-time members based on the annualization methodology. It has been prepared to allow you to see how the annualization calculation works and to make necessary updates to your payroll and other systems.
It is classified as a “beta” version because it has been populated with 2012 data (YMPE, RCA earnings threshold, contribution rates). The tool will be updated later in 2012 as 2013 data becomes available, at which point the worksheet can be used as a final version for 2013 calculations.
The worksheet can be used if the members are active for the entire pay period, or even if they are active for less than the full pay period due to a leave.
The worksheet and instructions for using it can be found on the “Calculator” page of the Employer section of our website. (Instructions can also be found in the “About this tool” tab in the worksheet).
At this time, the worksheet can be used to calculate contributions for full-time members only. The development of an “OTRFT” worksheet is in process.
For more information on this topic, please refer to the recently updated “Annualization” page on E-Campus which features Q&As from recent teleconferences and the interim calculation method for OTRFT members.
Be sure to contact us with your questions or comments.
July 19 Teleconference Agenda and updated forms
The teleconference scheduled to take place on July 19 will provide a recap of the Plan amendments that came into effect as of July 1 as well as an introduction to upcoming initiatives. You can find the Agenda on E-Campus.
In addition to the updates to the Administration Manual and the PA and Contributions Calculator, we have revised several Administrator forms to reflect the July 1 Plan changes. Please visit the Forms page to review the following:
- Pension Application form
- Termination Benefit form
- Death Benefit Application form
The changes to these forms impact the reporting of Pensionable Service and Earnings details.
These forms are currently available as Word documents (doc) only. PDF versions will be available shortly.
Please start using these forms immediately and destroy any previous unused versions you may have already printed.
Services to members and updated PA calculator
Please distribute annual statements as quickly as possible
If you haven’t already done so, please ensure that the 2011 Annual Statements, delivered to employers by June, are distributed to members as promptly as possible, in keeping with the Pension Benefits Act requirement to deliver the statements by June 30 each year.
The annual statements contain important updates of the member’s personal pension benefits as well as a recap of recent Plan changes.
Please encourage your members to take the survey
This year, the annual statement package also contains an invitation to members to participate in our first survey to gauge overall opinions about the Plan.
We want to hear from as many members as possible through the survey, which takes just 8 minutes to complete online. Shortly, we will send an email reminder about the survey and ask that your newsletter distribution contact forward it to all of your employees who are Plan members.
If you haven’t yet competed the survey yourself, you can find it here (the passcode is “CAAT”)
We thank you for your assistance on both of these initiatives.
Updated PA and Contributions calculator
The PA and Contributions calculator has now been updated with a service calculator for full-time members. Please visit the PA and Contributions calculator “Help” page for instructions for using the new service calculator, and contact us if you have any questions.
June 22 teleconference summary and updated resources
Please visit our Teleconference webpage for a summary of our discussion at the June 22 teleconference. The next teleconference is scheduled for July 19 from 10:00 - 11:00 am.
Once again, thank you for your patience when we experienced some technical difficulties. We have been working with our teleconference service provider to identify the cause of the static we all experienced and hope that the situation will be resolved in time for our July teleconference.
Updated resources for recent Plan changes
Updated employer resources
A number of Plan changes took effect on July 1, 2012. The Administration Manual has been updated to reflect the following changes.
The“One-Day Rule” that allowed full-time members to earn one month of pensionable service with only one day worked, has been eliminated:
- As of July 1, pensionable service will be calculated using actual days worked.
- The Contributions, Earnings, and Service Guidelines section of the Manual now contains links to all the service resources we previously provided at teleconferences.
- You will also find 2 new features: Contributory Earnings “Decision Trees” for full-time and for Other Than Regular Full-time members in the Contributions and Service Guidelines section of the Manual.
All members vest immediately:
- All references to non-vested options have been moved to the “Archives” section of the manual and any procedures that referenced non-vested options have been updated.
The termination provisions of the Plan changed, giving members an automatic 24-month membership extension:
- The procedures for termination have been updated, with the CAAT Plan liaising directly with the member after receipt of the Termination Benefit Application.
- The manual instructions for vested and non-vested terminations are still available, in the “Archives” section.
With the changes to the termination provision, the option for a commuted value transfer for members who are age 50 with 20 years of service has expired:
- The early retirement instructions have been streamlined to clarify the options at retirement.
The costing methodology for service purchases changed, with the cost after the initial 6-month deadline becoming the higher of the contributions cost (based on the contribution rates at the time of purchase) or the actuarial cost:
- All relevant service purchase procedures have been updated to reflect this change.
Updated Member resources
The Service Purchase pamphlet “Getting more out of your pension” provides valuable information for any member considering a service purchase. It has been updated to reflect the changes to the costing of a purchase and to eliminate references to the “One-Day Rule”.
The booklet “Making Choices: Choosing your retirement date” has been updated to reflect the end of the “One-Day Rule” in the calculation of service.
The paper versions of these publications will be available in the second week of July. If you require updated paper copies of any of these publications, please let us know the quantity and we’ll be happy to send them to you.
The Member Handbook is in the process of being revised and will be available online by the end of July, with print versions available shortly after.
June 22 teleconference agenda
The agenda for the teleconference is posted here on e-campus.
Updated termination information
Updated pamphlet, new fact sheet, reflect July 1, 2012 Plan changes
We have updated our information covering members’ options at termination to reflect the new rules that take effect July 1, 2012, including immediate vesting and the automatic 24-month extension of Plan membership. The material has also been expanded to help members make informed decisions about their pension benefits.
Updated termination pamphlet
The updated termination pamphlet is now entitled “Leaving your job not your pension plan”, reflecting both the automatic extension of membership and the pamphlet’s review of the advantages of a deferred pension.
Terminating members should be given a print copy of the updated termination pamphlet or referred to it on our website.
New fact sheet compares deferred pension to commuted value transfer
A new fact sheet called “Making choices: Commuted value or Deferred pension” provides supplementary information for those who are considering transferring their commuted value out of the Plan. It replaces the 50/20 pamphlet, which has been removed from the website.
The pamphlet and fact sheet can be found here.
Please discard any old termination materials that you have in stock.
To order print copies of the pamphlet and fact sheet, send us a note at email@example.com. French editions will be available in July.
Termination information has also been updated throughout the website. The provisions in effect until the end of June will remain available via this link from the termination page until June 30.
May 17 teleconference 10-11 a.m.
Earnings and service guidelines, examples
The agenda and materials for the teleconference are posted here.
April 24 teleconference - summary
In case you missed the April 24 teleconference, you can find a summary of it here.
New remittance forms and instructions are on E-Campus
Also on E-Campus is a new section dedicated to remittance-related information. In it, we have posted new remittance forms and guidelines for using them.
Next teleconference is May 17
Mark your calendars for our next teleconference scheduled for May 17 from 10-11 a.m. Please contact us with suggestions and questions for inclusion by May 7. We will advise when the agenda for that event has been posted.
April 3 teleconference - summary
In case you missed it, a summary of the first-in-a-series of pension administration updates has been posted.
Teleconferences section of E-campus
E-campus now features a new page about pension administration teleconferences. Here you will find summaries of past teleconferences and the date, agenda, and any advance materials for the next teleconference.
Next teleconference is April 24
Mark your calendars for our next teleconference scheduled for April 24 from 10-11 a.m. We will advise when the agenda for that event has been posted.
Recent budget announcements and the CAAT Pension Plan
We have prepared the following message for members regarding the recent budget announcements. At the bottom of this email, you will find the link to our web page where it has been posted, and a message you can use to forward the link to your members.
This week saw the budgets tabled in the Ontario legislature and the House of Commons. Although both contain announcements related to pensions, neither budget has an immediate effect on your benefits in the CAAT Pension Plan.
Changes to Old Age Security
The federal budget announced the government’s intention to delay the age Canadians can begin to receive Old Age Security (OAS).This change will start in April 2023, with full implementation by January 2029. The change does not affect anyone who is 54 years of age or older. If you’re under 50, you will need to wait to age 67 to begin collecting OAS. If you’re between 50 and 54, you can start OAS between age 65 and 67. For details, please see http://www.fin.gc.ca/n12/data/12-033_4-eng.asp.
How does this affect your CAAT Pension Plan benefits? It doesn’t.
The CAAT Plan is independent of government pensions. This change does not affect your CAAT pension benefits, including the bridge benefit. We will be updating our popular pre-retirement planning presentation to reflect these changes and how they may impact your overall retirement goals. We encourage you to sign up for one of these sessions when the CAAT Pension Plan representative visits your college.
50-50 Cost sharing
The Ontario government expects single-employer pension plans, which include the province’s universities, to move towards an equal cost-sharing between employers and employees for future contributions. This is to be done within 5 years. To encourage this move, the government will provide temporary solvency funding relief. The government will also support efforts to convert these pension plans to jointly-sponsored pension plans.
How does this affect you? It doesn’t.
The CAAT Pension Plan already has equal cost sharing — this means that for each dollar you contribute to the pension plan, your employer contributes a dollar. As well, the CAAT Pension Plan is already a jointly-sponsored pension plan — this means that members and employers share the responsibility and risks of the pension plan. Since the CAAT Plan serves many employers we already have a permanent solvency funding exemption, keeping the Plan affordable.
Pooling of pension fund assets
The government intends to introduce a legislative framework this fall to facilitate the pooling of pension fund assets from single-employer pension plans. This could be done either by creating a new investment management entity, or by building on to an existing large public-sector pension fund.
How does this affect you? It doesn’t.
The CAAT Pension Plan is a sector-wide plan with membership from across the province’s 24 colleges and five non-college employers, who have already pooled the assets and administration. As a $5.6 billion fund, the CAAT Pension Plan is already a large, low-cost, efficient pension fund.
If there is a funding shortfall
The Ontario budget outlines that in instances of future funding shortfalls, pension plans will need to reduce future benefits being earned rather than increase contributions to cover actuarial deficits. This would only take effect if there was a funding shortfall. If Plan sponsors can’t reduce benefits through negotiations, then a third-party dispute resolution process would be invoked. The entire framework remains in place until the Ontario budget is balanced.
How does this affect you?
We are awaiting further details, but there is no impact at least through 2014. The CAAT Pension Plan has an actuarial surplus so our benefit design does not need to change. And remember, the pension benefits you have earned to date are guaranteed. If any change was required it can only be applied to future service benefits. We strongly believe that the three sponsoring organizations, OPSEU, OCASA, and Colleges Ontario, are in the best position to balance the needs of members and the college system while maintaining the long-term health of the pension plan. We will continue our advocacy efforts to meet the fiduciary requirement to manage the Plan in the best interests of its beneficiaries – You!
For more information on the Ontario budget, see: http://www.fin.gov.on.ca/en/budget/ontariobudgets/2012/
If you have any comments or questions, please e-mail us at firstname.lastname@example.org.
Please send the following as an email to members:
Subject: Recent budget announcements and the CAAT Pension Plan
Dear CAAT Pension Plan Member,
Please read this update posted on the CAAT Pension Plan website on March 30, 2012.
Please join us on April 3!
We are pleased to announce the first in a series of regularly scheduled teleconferences about pension administration, to be held on Tuesday, April 3, from 9:30 to 11:00.
At this teleconference, we will be introducing a schedule of initiatives the Plan will be undertaking throughout the rest of 2012, and into next year. This will give you a high level overview of the projects which will require your support to implement over the next 18 months.
The teleconference will focus on initiatives in four key areas where we are working to improve our services and our value:
- Changes to pension legislation
- Pension Administration service improvements
- Direct support to employers
- Services to Plan members
We will go into detail on a few of the more significant items, and provide an update on some of the recent changes the Plan has made – including provisions related to immediate vesting. We will also review proposed changes to the process for the Data Collection Tool.
A more detailed agenda will be issued next week.
Don't miss out on your sweet treat!
We would like to thank those of you who have submitted your member data in advance of the DCT deadline. As in the past few years, we will be sending you a sweet surprise to show our appreciation.
We do have some treats left over, so if you who haven’t yet submitted your data, we encourage you to do so as soon as possible. Please submit your complete and accurate DCT data to us on or before Friday, March 30 to receive your treat!
Again, we thank you for your assistance in updating our records so that members will receive their annual statements on time.
Working past 65 – more information
As communicated in our Fall 2011 member newsletter, effective January 1, 2012 employees who work past age 65 while collecting their Canada Pension Plan pension have the option to stop contributing to CPP or to continue to contribute (up to age 70) and build CPP’s “Post-Retirement Benefit.” Read more...
Did you miss the DCT Workshop?
Learn about draft Guidelines for the Contributory Earnings Reporting, and other important updates. Read more...
For those who were unable to join us for the DCT Workshop on Friday, February 17, we have a quick update on pertinent information for all employers.Read more...
If you did join us for the DCT Workshop, we want to hear from you. Share your feedback and comments with us through this survey.
Updated marriage breakdown information now online
New pamphlet, forms
The CAAT Pension Plan website has been updated to reflect the new process for marriage/spousal relationship breakdown. Read more...
2012 Data Collection Tool Workshop
Takes place Friday, February 17 from 9: 30 to 11:00 a.m.
Our annual Data Collection Tool workshop will be even more important this year because of the initiatives coming up in 2012. Read more...
PAs/PSPAs for 2011 strike purchases made by April 30, 2012
In September 2011, we issued instructions that purchases of the 2011 strike period were to be excluded from PAs/T4s and that the Plan would calculate Past Service Pension Adjustments (PSPAs) for these members. Read more...
Estimator tools update - Pension, commuted value and buyback estimators
The “pension calculator” function of the Employer Pension Estimator has been restored. Please note that the commuted value and buyback functions will remain unavailable until further notice. Read more...
2012 PA Calculator and Active Payroll clarification (January 10)
The 2012 Pension Adjustment (PA) and Contributions calculator is now available on our website. You can now use it to calculate member contributions and PAs for 2012 and previous years.
The updated PA calculator reflects the 2012 contribution rates and updated YMPE, along with the change from a 3-tier to a 2-tier calculation method. For instructions on calculating PAs, consult the PA calculator Help page or contact us.
Active Payroll update – clarification
Further to the December 22 Employer Update on the Active Payroll status, here is some clarification on the dates.
Our original plan was to launch Active Payroll on January 1, 2012, however we will be delaying implementation while we work on resolving some standardization issues. In the meantime, we are making modifications to the 2013 Data Collection Tool (for 2012 member data). These changes will be communicated to you later this year and launched early in 2013.
New-look Employer Update
We hope you’re enjoying our redesigned Employer Updates. Along with the new look we’ll be streamlining the content to make sure you get the news you need as quickly as possible. For your reference, we’ve introduced a new numbering system that you can find in the bottom left corner of this email.
In the coming weeks we’ll also be making changes to the Employer Update page on our website to improve the search function and make it more of a useful resource. Please tell us what you think of our new look and be sure to let us know if you experience any problems displaying this email.