Growing Plan membership

As a Modern DB (Defined Benefit) pension plan, the CAAT Pension Plan is open to discussions with interested organizations (including those outside of Ontario's post-secondary education sector) about the possibility of joining the Plan. The CAAT Plan provides a proven solution for organizations that want to offer a cost-effective and sustainable pension to their employees.

Various organizations both in and outside the public sector have already joined the CAAT Plan, and now offer secure lifetime pensions to their employees. Even organizations that do not currently offer a pension plan, or that offer DC or RRSP arrangements, can take advantage of the opportunity to offer a cost-effective, sustainable pension solution to employees through the CAAT Pension Plan.

If you're an existing member of the CAAT Plan, read why growing the CAAT Plan benefits all.

Are you an employer, a representative of a member group, or an employee of an organization interested in joining the Plan’s DBplus design?

Visit www.dbplus.ca for resources that will help you decide if DBplus is right for your organization. You'll also find the DBplus Value Tool, which lets prospective members estimate the lifetime retirement income they can earn in DBplus


Latest news

Brink’s Canada looks to DBplus for a sustainable pension solution

CAAT welcomes new members from Ontario and British Columbia

Toronto, July 15, 2020 – Employers from across the country continue to turn to CAAT’s DBplus as a sustainable, secure pension alternative for their employees.

The latest organization to join CAAT’s growing list of participating employers is Brink’s Canada Limited. Over 750 full-time and part-time Brink’s personnel – 582 from Ontario and 175 from British Columbia – represented by Unifor, joined DBplus on a go-forward basis effective July 1, 2020.

Brink’s Canada was looking for a solution that would relieve the high servicing costs of administering a single employer pension plan, while continuing to provide their employees with a valuable, competitive pension. DBplus proved to be the solution, offering fixed contributions and more security for employees.

The move to DBplus also brings enhanced eligibility for all of Brink’s part-time employees. In addition to the nearly 130 part-time workers who joined DBplus on July 1, another approximately 213 part-time staff, who weren’t eligible to participate in the previous plan, now have the option to join DBplus. 

DBplus has made lifetime defined benefit pensions accessible to more working Canadians across the country, and base planning assumptions are that the CAAT Plan, which currently has more than 63,000 members, is expected to grow by 300,000 in the next six years.

The CAAT Pension Plan is open for growth in membership from the public, private or not-for-profit sectors in Canada. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement savings plan. Although DBplus was only opened to all Canadian workplaces in 2019, more than 15,000 members from more than 30 employers have already joined, including Postmedia, the United Way of Greater Toronto, and Saint John Airport. CAAT now has members across Canada that come from nine different industries, and has support and participation from 14 different labour unions.

Quotes

“We are delighted to welcome Brink’s and its employees from Ontario and British Columbia. The popular DBplus, which delivers the promise of a lifetime pension for employees with cost certainty for employers, proved to be the right solution for Brink’s and Unifor.”
Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan

“Joining CAAT has enabled Brink’s Canada to provide our employees with a superior pension plan. The CAAT team was a great help in planning and transitioning to the new plan.”
John Corley, President, Brink’s Canada Limited

“This move will ensure that our workers are part of a sustainable pension that will provide them secure income in retirement, which is a priority at Unifor. CAAT provides a great pension. We are very pleased to see more Unifor members joining DBplus.”
Jerry Dias, Unifor National President

For more information:

John Cappelletti
CAAT Pension Plan
JCappelletti@caatpension.on.ca
Mobile: 416-720-7853


CAAT lands a new participating employer with Saint John Airport

New members are the first group represented by PSAC to join CAAT

Toronto, July 10, 2020 – Firefighters, administrative and infrastructure maintenance personnel at the Saint John Airport are among the newest members to join the CAAT Pension Plan through DBplus.

As part of their new collective agreement, ratified earlier this year, the employees at Saint John Airport, represented by the Public Service Alliance of Canada (PSAC), joined DBplus on a go-forward basis effective July 1, 2020. With this change, these members move from a defined contribution plan into a modern defined benefit plan. The Saint John Airport employees are the first group represented by PSAC to join the CAAT Pension Plan.

The CAAT Pension Plan is open for growth in membership from the public, private or not-for-profit sectors in Canada. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement savings plan. Although DBplus was only opened to all Canadian workplaces in 2019, more than 15,000 members from more than 30 employers have already joined. CAAT now has members across Canada that come from nine different industries. The Plan also has support and participation from 14 different labour unions.

CAAT’s DBplus is proving to be the answer for organizations of all sizes seeking a sustainable pension solution. It provides fixed contributions and no balance sheet risk for employers, and pension certainty, more security and less risk for employees. DBplus is making lifetime pensions accessible to more working Canadians across the country, and base planning assumptions are that the CAAT Plan, which currently has more than 63,000 members, is expected to grow by 300,000 in the next six years.

Quotes

“We are delighted to welcome this important New Brunswick employer, Saint John Airport, and its employees represented by PSAC. The CAAT Pension Plan has a winning solution to how employers and employee groups can join an exceptional plan to provide a simple, sustainable workplace defined benefit pension.”
Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan

“CAAT’s DBplus pension offers our valued team members the certainty of a defined benefit plan, while offering us the stable contribution rates of a defined contribution plan. It’s a scenario that’s the absolute best of both worlds: employees see optimal returns and employers enjoy predictable costs.”
Greg Hierlihy, Director of Finance and Administration, Saint John Airport Authority

"PSAC is thrilled to bring a defined benefit pension plan to our members at Saint John Airport. This is a breakthrough victory and will help ensure a financially secure retirement for our members—something all workers deserve."
Chris Aylward, PSAC National President

For more information:

John Cappelletti
CAAT Pension Plan
JCappelletti@caatpension.on.ca
Mobile: 416-720-7853


CAAT Pension Plan delivers on its value promise to a growing list of employers

Vopak Terminals of Canada latest to join DBplus

Toronto, June 19, 2020 – The award-winning DBplus plan design continues to attract interest from employers and workers from a wide range of industries across Canada. The latest to join a growing list of participating employers is Vopak Terminals of Canada – Hamilton.

As part of their new collective agreement, ratified earlier this year, the employees at Vopak Terminals in Hamilton, represented by Unifor Local 2003E, joined DBplus on a go-forward basis effective June 1, 2020. With this change, these members move from a defined contribution plan into a modern defined benefit plan.

CAAT’s DBplus is proving to be the answer for organizations of all sizes seeking a sustainable pension solution. It provides fixed contributions and no balance sheet risk for employers, and pension certainty, more security and less risk for employees. DBplus has made lifetime defined benefit pensions accessible to more working Canadians across the country, and base planning assumptions are that the CAAT Plan, which currently has more than 63,000 members, is expected to grow by 300,000 in the next six years.

The CAAT Pension Plan is open for growth in membership from the public, private or not-for-profit sectors in Canada. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement savings plan. Since the 2018 launch of DBplus, CAAT has attracted 33 additional participating employers and more than 15,000 new members, representing nine industries across the for-profit, not-for-profit, and broader public sectors. Interest in DBplus remains strong, with several new employers to be announced in the coming weeks.

Quotes

“During their working years, CAAT members have less worry about saving for retirement, especially in a volatile investment market. This benefits them and their employers by reducing financial stress that negatively affects employee health and productivity. We are delighted to welcome Vopak, and proud of being able to provide its Unifor employees with a secure, simple, and sustainable lifetime pension.”
Derek W. Dobson, CEO, CAAT Pension Plan

“Getting a good pension was a major priority for our members in this round of bargaining, and CAAT met both our need to ensure a stable retirement income for our members while recognizing the needs of our employer.”
Phil Barbara, Unifor Local 2003 President

“Vopak Hamilton is pleased to be joining the CAAT Plan through DBplus. On behalf of our Hamilton Unifor members, we look forward to a long and sustainable relationship with DBplus. Thank you to the DBplus team for being there to help us through the transition process.”
Jennifer Carruthers, Terminal Manager at Vopak – Hamilton

For more information:

John Cappelletti
CAAT Pension Plan
JCappelletti@caatpension.on.ca
Mobile: 416-720-7853


CBIA/Lawyers Financial and the CAAT Pension Plan join forces

Affinity arrangement to connect the legal community across Canada to a sustainable defined benefit pension

Toronto, June 8, 2020 – Canada’s lawyers and their law firm staff now have access to a defined benefit pension plan through an affinity arrangement between the Canadian Bar Insurance Association (CBIA) and the CAAT Pension Plan.

Lawyers Financial is a brand of CBIA representing a comprehensive suite of financial solutions, including insurance, investment products, and advisory services, to serve the financial needs of the legal community in Canada. The CAAT Plan has been delivering secure, lifetime pensions for over 50 years. In 2018, CAAT launched its DBplus offering, an innovative, award-winning plan design that provides pension certainty for employees and no balance-sheet risk for employers, all at fixed contribution rates.

In 2016, spurred by the legal community’s desire for a defined benefit pension solution, a Lawyers Financial task force, comprised of leading pension and actuarial experts, began investigating pension options. The result was a decision to work with the CAAT Pension Plan to provide Canada’s legal community with predictable and sustainable lifetime pensions through DBplus. CAAT’s DBplus becomes the exclusive defined benefit pension offering marketed to the legal community through Lawyers Financial.

The affinity program, which is the first of its kind for CAAT, makes it easier for the Canadian legal community, including lawyers, partners, office support staff and non-legal professionals, to join DBplus. Lawyers Financial liaises directly with interested employers to educate about the plan’s features and benefits, determine eligibility and begin the enrollment process. CAAT’s subject matter experts are available to offer both member and employer support. Any new employer must meet the CAAT Pension Plan’s guiding principle that it is in the best interest of the Plan.  

Initial interest from firms big and small has been strong. CAAT welcomed Toronto-based employment and labour law firm Wright Henry LLP on October 1, 2019. On July 1, 2020, another group of new participating Lawyers Financial employers will join DBplus, including firms from Ontario and Alberta, as well as the CBIA itself and its 19 employees.

Quotes

“We’re excited about this fresh approach to working with organizations interested in joining CAAT. Through DBplus and the affinity program with Lawyers Financial, we are making secure lifetime pensions a reality for members of the legal community in Canada.”
Derek W. Dobson, Chief Executive Officer and Plan Manager, CAAT Pension Plan

“The need for a plan like DBplus is significant because many in Canada’s legal community – from administrative staff at small-town firms to partners at big-city outfits – don’t have any pension at all. Lawyers Financial’s affinity arrangement with CAAT checks all the boxes for what secure retirement income should look like.”
Dawn Marchand, President and Chief Executive Officer, CBIA/Lawyers Financial

“The ability to join CAAT creates an opportunity for small, boutique firms like Wright Henry LLP to offer a defined benefit pension plan to our employees. Being able to provide strong pension coverage to staff aligns with our mission as a firm, and the simplicity and certainty of DBplus allows us to provide this valuable and secure pension coverage managed by the experts at CAAT, while letting us focus on our core activities.” 
Michael Wright, Wright Henry LLP

For more information:

John Cappelletti
CAAT Pension Plan
JCappelletti@caatpension.on.ca
Mobile: 416-720-7853

Dawn Marchand
CBIA/Lawyers Financial
d.marchand@lawyersfinancial.ca
Mobile: 647-961-0176


The CAAT Pension Plan continues to grow and diversify its membership with demand for DBplus

Skills Ontario and Fraser Group latest employers to join CAAT

Toronto, May 11, 2020 – Demand for the CAAT Plan’s DBplus offering is leading to extraordinary pace of growth for the plan. Since the launch of DBplus 18 months ago, CAAT has attracted 33 additional participating employers and more than 15,000 new members, representing nine industries across the for-profit, not-for-profit, and broader public sectors. DBplus is proving to be the answer for organizations of all sizes seeking an innovative pension solution.

The award-winning DBplus plan design marries the best of traditional defined contribution plans and traditional defined benefit plans for an innovative workplace retirement solution. It provides fixed contributions and no balance sheet risk for employers, and pension certainty, more security and less risk for employees. DBplus has made secure defined benefit pensions accessible to more working Canadians across the country, and base planning assumptions are that the CAAT Plan will grow by 300,000 members in the next six years.

The newest participating employers to join DBplus are Skills Ontario and Fraser Group.

  • Skills Ontario is an organization dedicated to building Ontario’s skilled trades and technology workforces. Skills Ontario joined retroactive to January 1, 2020.
  • Fraser Group, a marketing information and research firm that works with the employee benefits and insurance markets in Canada, joined on March 1, 2020.

Join CAAT’s Annual Webinar on May 12, 2020 from 12:00 p.m. to 1:00 p.m. EDT. After a brief presentation highlighting the Plan’s 2019 performance, Derek W. Dobson, CAAT’s CEO, will be available to answer questions about the financial health of the Plan and its continued sustainability during these uncertain times. Registration information can be found here.

Quotes

“We are delighted to welcome these new organizations and their members into the CAAT Pension Plan. We are proud of being able to provide a secure, simple, and valuable pension solution that works for a variety of groups across Canada.”
Derek W. Dobson, Chief Executive Officer, CAAT Pension Plan

We are very pleased to offer a secure and predictable defined benefit pension to Skills Ontario employees without taking on the financial risks associated with single employer plan. The response from staff has been overwhelmingly positive. The DBplus team at CAAT has been great to work with through the transition process, answering all of our questions with patience, expertise and professionalism.”
Ian Howcroft, Chief Executive Officer, Skills Ontario


Previous news

FSRA confirms intention to approve merger of the Youth Services Bureau defined benefit plan into CAAT

Toronto, March 31, 2020 – The merger of the Youth Services Bureau’s (YSB) defined benefit pension plan into the CAAT Pension Plan is in its final stages. The Financial Services Regulatory Authority of Ontario (FSRA) has issued a Notice of Intended Decision for the merger of the YSB plan into the CAAT Pension Plan. By issuing the Notice, the Chief Executive Officer (CEO) of FSRA has indicated an intention to consent to the pension plan merger following a standard 30-day period to facilitate any applicable requests to the Financial Services Tribunal. Due to the current COVID-19 response, this standard 30-day period is currently postponed. We will provide updates to this posting on this timing, once available from FSRA.

When final consent is obtained from the CEO of FSRA, the last steps of the merger can be completed. Once the assets have transferred, YSB members can expect to receive a communication notifying them that the merger has been completed. If you have any questions, please email ysb@caatpension.on.ca.

A copy of the Notice of Intended Decision is below.

The Retirement Plan for Employees of Youth Services Bureau of Ottawa

CAAT rings in 2020 by welcoming new employers

The Plan adds its first Manitoba employer, and expands its list of non-profit employers

Toronto, January 9, 2020 – The CAAT Pension Plan continues to diversify its membership and extend its reach across Canada. On January 1, 2020, CAAT welcomed three more employers to the growing list of members in the DBplus plan design.

The CAAT Plan’s newest employers are Catholic Charities of the Archdiocese of Toronto, FP Canadian Newspapers Limited Partnership (FPLP), and United Way of Greater Toronto. These employers represent over 1,000 new CAAT members. As well, the law firm of Wright Henry LLP joined the CAAT Plan late last year.

“As we usher in a new decade, CAAT continues to focus on simplifying pensions for employers and employees and providing more Canadians with secure and predictable income in retirement,” says Derek Dobson, CAAT’s CEO and Plan Manager.

Catholic Charities of the Archdiocese of Toronto (CCAT) provides social services under several categories, including: Children and Youth, Community / Family Services, People with Special Needs, Seniors, and Young Parents. Fourteen CCAT member agencies are also participating in DBplus as of January 1st. Member consent was achieved on December 29, 2019, with 95% of the 307 active, inactive and retired members voting to merge their accrued defined benefit pension with the CAAT Plan. Some employees of CCAT and its member agencies are represented by OPSEU Local 594. Approximately $35 million in assets will be transferred to the CAAT Plan, pending approval from the regulator, the Financial Services Regulatory Authority of Ontario.

FP Canadian Newspapers Limited Partnership (FPLP) owns several Manitoba-based media businesses including the Winnipeg Free Press, the Brandon Sun, six community newspapers that serve the Winnipeg area, and the Steinbach Carillon newspaper and commercial printing business. FP Newspapers Inc., a publicly listed company traded on the TSX Venture Exchange, owns 49% of the partnership units of FPLP.

An overwhelming 99% of the 478 FPLP pension plan members voted in favour of joining the CAAT Plan and to merge their defined benefit pension plan with the CAAT Plan, with unionized members represented by Unifor Local 191. Approximately $55 million in assets will be transferred to the CAAT Plan, pending approval from both the Manitoba and Ontario regulators.

United Way of Greater Toronto, the largest non-governmental supporter of social services in the GTA, joined the CAAT Plan effective January 1, 2020. As was previously announced, the 350 members voted 99% in favour of merging their defined benefit plan with the CAAT Plan, with unionized members represented by Local COPE 343. Assets of approximately $25 million from the United Way of Greater Toronto’s existing defined benefit plan will be transferred and benefits will be replicated in the CAAT Pension Plan pending approval from the Financial Services Regulatory Authority of Ontario.

In addition, Wright Henry LLP, a Toronto-based legal firm specializing in employment and labour law, joined CAAT on a go-forward basis effective October 1, 2019. The Plan expects to welcome many more new employers from the Canadian legal community later this year.  

“CAAT is currently working with over 40 organizations from across Canada that are exploring joining in 2020, and the feedback that we’ve received has been very positive,” says Dobson. “The newest additions to the CAAT Plan mark two notable firsts – the first participating employer from Manitoba, and the first employer from the legal community. I am honoured that they have placed their trust in CAAT.”

The CAAT Pension Plan is open for growth in membership where it is mutually beneficial, from the public, private or not-for-profit sectors in Canada. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement savings program.

For more information:
Erin Whitton
Senior Communications Specialist, Growth & Public Affairs
CAAT Pension Plan
Tel: 647.837.3205
EWhitton@caatpension.on.ca

The Canadian Press merger complete with final transfer of assets to CAAT

Toronto, January 9, 2020 - The Financial Services Regulatory Authority (FSRA) has provided consent to the transfer of assets from The Canadian Press’s (CP) two defined benefit (DB) pension plans into the CAAT Pension Plan. The assets – totalling approximately $100 million – were transferred to CAAT on December 27, 2019.

The asset transfer is the final stage of the merger process, which began after 100% of CP’s defined benefit plan members voted in favour of joining the CAAT Pension Plan. Now that all assets and liabilities have been transferred, CAAT assumes responsibility for all defined benefit pension payments to retired members of the CP plans, including those beneficiaries outside of Ontario.

The CAAT Plan is an innovative, modern pension plan capable of offering to other single-employer pension plans the same measure of security that our members have enjoyed for over 50 years. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement-savings plan. The Canadian Press merger is the third of its kind completed by CAAT to date. The first merger was the $100-million Royal Ontario Museum (ROM) Pension Plan in 2016, and on December 2, 2019, the assets from the Torstar Corporation’s eight defined pension plans – totalling approximately $900 million – were transferred to CAAT. The CAAT Pension Plan is open for growth in membership where it is mutually beneficial, from the public, private or not-for-profit sectors in Canada.

The assets have transferred from the Torstar defined benefit pension plans to the CAAT Pension Plan

Toronto, December 4, 2019 - The Financial Services Regulatory Authority (FSRA) has provided consent to the transfer of assets from Torstar Corporation’s eight defined benefit (DB) pensions plans into the CAAT Pension Plan. The assets – totalling almost $900 million – were transferred to CAAT on December 2, 2019.

The transfer is the last stage of the merger process, which began after the Torstar DB Plan members provided overwhelming support in favour of joining the CAAT Plan.

Active Torstar DB plan members were the first to join CAAT’s new DBplus plan design that provides defined benefits at a fixed cost. DBplus features include a guaranteed lifetime pension with conditional inflation protection, survivor pension benefits, and early retirement options. Now that assets have been transferred to CAAT, more than 3,500 Torstar members will have their retirement pensions payable from the CAAT Pension Plan.

The CAAT Pension Plan is open for growth in membership where it is mutually beneficial, from the public, private or not-for-profit sectors in Canada. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement savings plan. The Torstar merger was the first time a private sector single employer pension plan (SEPP) merged with a jointly sponsored pension plan (JSPP). The merger confirms that the CAAT Plan is an innovative, modern pension plan that is capable of offering to other single-employer pension plans the same measure of security that our members have enjoyed for over 50 years.

FSRA confirms intention to approve merger of Canadian Press defined benefit plans into CAAT

Toronto, November 22, 2019 - The merger of the two defined benefit pension plans sponsored by Canadian Press Enterprises Inc. (the “CP Plans”) into the CAAT Pension Plan is in its final stages. The Financial Services Regulatory Authority of Ontario (FSRA) has issued  conditional Notices of Intended Decision for the merger of the CP plans into the CAAT Pension Plan. By issuing these notices, the Chief Executive Officer (CEO) of FSRA has indicated an intention to consent to the pension plan mergers following a standard 30-day period to facilitate any applicable requests to the Financial Services Tribunal. Note that this does not address Quebec beneficiaries, which are to be addressed separately.

When the final consent is obtained from the CEO of FSRA, the last steps of the merger can be completed. Once the assets have transferred, CP Plan members can expect to receive a communication notifying them that the merger has been completed. If you have any questions, please email info@dbplus.ca.

Copies of the Notices of Intended Decision are below.

The Pension Plan of Canadian Press Enterprises Inc. (the “Excluded Plan”)

Canadian Press Enterprises Inc. Pension Plan for Employees Represented by the Canadian Media Guild (“Guild Plan”)

United Way of Greater Toronto votes to join the Plan

Toronto, November 14, 2019 - Employees from United Way of Greater Toronto have voted overwhelmingly 99% in favour of joining the CAAT Pension Plan. Members of the Retirement Plan for Employees of United Way of Greater Toronto participated in the 90-day consent process, with unionized members represented by their local COPE 343. The consent period concluded on November 12th. Employees will start contributing to and earning a benefit under the CAAT Pension Plan’s DBplus plan design as of January 1, 2020. The assets of approximately $25 million from United Way of Greater Toronto’s existing defined benefit plan will be transferred and benefits will be replicated under the CAAT Pension Plan pending approval from the Financial Services Regulatory Authority of Ontario.

The Financial Services Regulatory Authority of Ontario issues Notices of Intended Decision for the merger of the defined benefit Torstar Pension Plans into the CAAT Pension Plan

Toronto, October 25, 2019 - The merger of the eight Torstar defined benefit pension plans (the “Torstar Plans”) into the CAAT Pension Plan is in its final stages. The Financial Services Regulatory Authority of Ontario (FSRA) has issued Notices of Intended Decision for the merger of the Torstar plans into the CAAT Pension Plan. By issuing these notices, the Chief Executive Officer (CEO) of FSRA has indicated an intention to consent to the pension plan mergers following a standard 30-day period to facilitate any applicable requests to the Financial Services Tribunal.

After this 30-day waiting period, and once the final consent is obtained from the CEO of FSRA, the final steps of the merger can be completed. It is anticipated that the transfer of assets from the Torstar plans to the CAAT Pension Plan will be completed by the end of 2019, at which point the Torstar Plans will be fully merged into the CAAT Pension Plan.

Once the assets have transferred, Torstar Plan members can expect to receive a communication notifying them that the merger has been completed. If you have any questions, please email info@dbplus.ca.

Copies of the Notices of Intended Decision are below.

Toronto Star Pension Plan

Torstar Pension Plan

Pension Plan for Employees of Metroland West Media Group

Metroland Employees' Retirement Savings Plan

Metroland Pension Plan for Senior Management Employees

Metroland Pension Plan

Retirement Plan for Employees of Metroland

The Pension Plan for Employees of the Guelph Mercury and the Cambridge Reporter, Divisions of the Metroland Media Group, Ltd.

CAAT adds two to growing list of participating employers

The award-winning DBplus defined benefit plan design continues to appeal across sectors

Toronto, October 3, 2019 – CAAT continues to grow and diversify its membership, adding two new organizations to its growing roster of participating employers.

As part of their new collective agreement, workers from the University of Saskatchewan and Federated Colleges Non-Academic Pension Plan, represented by CUPE 1975, joined DBplus on a go-forward basis effective September 1. As well, employees from Community Living Toronto joined the CAAT plan effective October 1st. Pending regulatory approval, Community Living Toronto will merge their prior defined benefit pension plan liabilities and assets into CAAT. Members of the Community Living Toronto pension plans consented to the merger, voting an overwhelming 93% in favour, with unionized members represented by their local CUPE 2191. The consent period concluded on September 30.

These two new employers add over 2,000 new members to DBplus – 700 from Community Living Toronto and 1,300 from the University of Saskatchewan. Members will pay into the DBplus plan at fixed contribution rates, with their respective employers matching dollar for dollar.

In the coming months, an application will be made to the Financial Services Regulatory Authority of Ontario (FSRA) for its consent to the transfer of plan assets and liabilities from Community Living Toronto’s plans.

The CAAT Pension Plan is open for growth in membership where it is mutually beneficial, from the public, private or not-for-profit sectors in Canada. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement savings plan.

“I am grateful that our newest members from the University of Saskatchewan and Community Living Toronto have endorsed our DBplus plan. This innovative pension design provides secure, predictable retirement income for life at a fixed contribution rate – meeting essential needs and eliminating key risks for both employees and employers”
Derek Dobson,
Chief Executive Officer and Plan Manager, CAAT Pension Plan

“The CAAT DBplus plan has proved to be a timely solution to the long-term financial sustainability challenge we were facing with our non-academic defined benefit pension plan. DBplus ‘ticked all the boxes’ for us as an employer in terms of cost certainty for our institution while providing our employees with a competitive pension plan. The team at CAAT has been there every step of the way through the implementation process and we are looking forward to working with them for years to come.”
Cheryl Carver
Associate Vice President, People and Resources, University of Saskatchewan

“We are so pleased to be joining the CAAT DBplus plan.  This will allow us to provide a sustainable, predictable retirement benefit for our employees and reduce the significant effort associated with providing our own plan.”
Brad Saunders
Chief Executive Officer, Community Living Toronto

Catholic Charities of the Archdiocese of Toronto and Participating Member Agencies voting to join the Plan

Catholic Charities of the Archdiocese of Toronto and Participating Member Agencies (“CCAT”) have entered into an agreement to merge their pension plan with the CAAT Pension Plan. As with previous mergers of this type, active members of the CCAT pension plan must consent to the merger through a voting process, with unionized members being represented by their local OPSEU 594  This voting process will conclude on December 29, 2019. If the merger proceeds, employees will start contributing to and earning a benefit under the CAAT Pension Plan as of January 1, 2020. The assets of approximately $35 million from CCAT’s existing defined benefit plan will be transferred and benefits will be replicated under the CAAT Pension Plan after approval from the Financial Services Regulatory Authority of Ontario.

FP Canadian Newspapers Limited Partnership voting to join the Plan

FP Canadian Newspapers Limited Partnership (“FPCNLP”) has entered into an agreement to merge its Winnipeg Free Press and Canstar Community News Pension Plan (“WFP/Canstar Pension Plan”) with the CAAT Pension Plan. As with previous mergers of this type, active defined benefit members of the WFP/Canstar Pension Plan must consent to the merger through a voting process, with unionized members being represented by Unifor Local 191. This voting process will conclude on December 29, 2019. If the merger proceeds, employees will start contributing to and earning a benefit under the CAAT Pension Plan as of January 1, 2020. The assets of approximately $56 million from the FPCNLP’s existing defined benefit plan will be transferred and benefits will be replicated under the CAAT Pension Plan after approval from the Manitoba Office of the Superintendent and the Financial Services Regulatory Authority of Ontario.

United Way of Greater Toronto voting to join the Plan

August 14, 2019 - United Way of Greater Toronto has entered into an agreement to merge its pension plan with the CAAT Pension Plan. As with previous mergers of this type, active members of the United Way of Greater Toronto pension plan must consent to the merger through a voting process, with unionized members being represented by their local COPE Ontario (Local 343). This voting process will conclude on November 12, 2019. If the merger proceeds, employees will start contributing to and earning a benefit under the CAAT Pension Plan as of January 1, 2020. The assets of approximately $25 million from United Way’s existing defined benefit plan will be transferred and benefits will be replicated under the CAAT Pension Plan after approval from the Financial Services Regulatory Authority of Ontario.

Community Living Toronto voting to join the Plan

Community Living Toronto has entered into an agreement to merge its pension plans with the CAAT Pension Plan. As with previous mergers of this type, active members of the Community Living Toronto pension plans must consent to the merger through a voting process, with unionized members being represented by their local CUPE 2191. This process concludes on September 30, 2019. If the merger proceeds, employees will start contributing to and earning a benefit under the CAAT Pension Plan as of October 1, 2019. The assets of approximately $100 million from the Community Living Toronto’s existing defined benefit plans would be transferred and benefits will be replicated under the CAAT Pension Plan after approval from the Financial Services Regulatory Authority of Ontario.

CAAT Welcomes Employees from Three New Participating Employers

Postmedia, London Cross Cultural Learning Centre, and The Canadian Press join CAAT’s award-winning DBplus design on July 1st

CAAT continues to grow and diversify its membership with the addition of three organizations — Postmedia Network Inc. (“Postmedia”), London Cross Cultural Learning Centre (“CCLC”), and The Canadian Press (“CP”). Along with their employees, they become the newest organizations to join CAAT’s new DBplus plan design, providing desirable defined benefits at fixed contribution rates for both employees and employers.

Postmedia and CP will also merge their prior defined benefit pension plan liabilities and assets into CAAT after securing overwhelming member support. Under the voting process, 99% of Postmedia pension plan members and 100% of CP pension plan members were in favour of a merger with CAAT. Under the terms of each merger, active and retired members will receive pensions based on their respective plan’s provisions for their service accrued before the effective date of the merger, and pensions based on DBplus provisions on contributions made after that date.

Approximately 3,400 employees and pension plan members of Postmedia, 600 CP employees and pension plan members, as well as 90 CCLC employees joined DBplus effective on July 1, 2019.

“I am so pleased that members of Postmedia and The Canadian Press defined benefit plans have voted with such overwhelming support to merge with the CAAT Pension Plan, and together with the CCLC employees, will all benefit from a secure lifetime pension,” says Derek Dobson, CAAT CEO. “DBplus is an attractive pension option that provides sustainable, secure retirement solutions for employers and employees across all sectors.”

Since its launch a year ago, DBplus has attracted seven new employers with its innovative offering, which include guaranteed lifetime retirement income with conditional inflation protection, survivor pension benefits, and early retirement options – with the certainty of a fixed cost for both employees and employers.

In the coming months, applications will be made to the Financial Services Regulatory Authority (FSRA) for its consent to the transfer of assets from Postmedia and CP pension plans.

The CAAT Pension Plan is open for growth in membership where it is mutually beneficial, from the public, private or not-for-profit sectors in Canada. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement savings plan.

Canadian Press Enterprises Inc. voting to join the Plan

Canadian Press Enterprises Inc. (CPE) has entered into an agreement to merge its pension plans with the CAAT Pension Plan under the DBplus design. As with previous mergers of this type, CPE plan members must consent to the merger through a voting process, which concludes on June 28, 2019. If approved, CPE’s two defined benefit plans with assets over $100 million, would merge into the CAAT Plan and the members of CPE’s defined contribution plan would join the Plan as well. The merger would be effective July 1, 2019. 

Postmedia signs agreement with CAAT Pension Plan

(January 30, 2019) The CAAT Pension Plan is pleased to share an update on a prospective merger with Postmedia Network Inc (Postmedia). Over the past number of months, the CAAT Pension Plan has been in exploratory discussions with Postmedia regarding a possible merger with the Postmedia defined benefit pension plans. Recently, Postmedia signed a Memorandum of Agreement with the CAAT Pension Plan to merge its six defined benefit pension plans with assets of approximately $500 million. The agreement is subject to certain conditions including approval from the CAAT Pension Plan’s Board of Trustees and Sponsors’ Committee and consent of Postmedia pension plan members and the Financial Services Commission of Ontario (FSCO) or its successor the Financial Services Regulatory Authority (FSRA).

Due diligence of the merger shows that a merger with the Postmedia pension plans will align with the CAAT Pension Plan’s strategic objectives of ensuring benefit security, contribution rate stability and intergenerational equity for current and future members. Any merger must meet the CAAT Pension Plan’s guiding principles that it is in the best interest of the Plan, and the Plan would not assume any unfunded liabilities of the merging plan.

Over the next number of months the CAAT Pension Plan will participate in information sessions with Postmedia pension plan members. Following these sessions, the regulatory required 90-day consent period will begin.

Torstar pension plans join CAAT Pension Plan - making us stronger

(October 1, 2018) Torstar Corporation and its applicable subsidiaries become the first new employers to join CAAT using the DBplus plan design.

Torstar defined benefit (DB) pension plan members voted 97% in favour to merge with the CAAT Plan, and the merger is effective October 1, 2018.

All members and employers benefit from growing plan membership

Growth in membership helps improve benefit security for all members and accelerates the building of reserves under the Plan’s Funding Policy.

The merger comes after thorough and lengthy due diligence by the CAAT Plan and secures sufficient assets from the Torstar plans to cover all their pension obligations. In the coming months, an application will be made to the Financial Services Commission of Ontario for its consent to transfer the DB pension assets from the Torstar pension plans to the CAAT Plan.

Under the terms of the merger, active and retired members of Torstar’s eight DB pension plans will receive pensions based on the Torstar plan provisions for their service accrued before the effective date of the merger, and pensions based on DBplus provisions on contributions made after that date.

Providing excellent services to current members remains a fundamental part of the CAAT Plan’s commitment to members, who can expect the same level of excellent service standards that employers and members have come to expect from the CAAT Pension Plan. The addition of Torstar brings membership close to 50,000 members.

“The overwhelming support from Torstar and its pension plan members for this merger shows that the DBplus plan design is a viable solution for employers and employees looking for secure and sustainable lifetime pensions at a fixed contribution rate – regardless of whether the organization is public, private, or not-for-profit.”

Derek Dobson, CEO of the CAAT Pension Plan

Torstar and the CAAT Plan enter next phase in merger process

(June 22, 2018) Growing membership in the CAAT Plan benefits all stakeholders: the employer gets the valuable attraction and retention benefits of offering a DB pension plan and is no longer required to manage the risks of their current pension plan; members get access to a valuable, sustainable, and secure DB pension; and, the CAAT Plan further improves in strength for existing members and employers.

As such, the CAAT Plan is open to beneficial mergers that improve the long-term sustainability of the Plan, including employers and members from the nonprofit, private, and broader public sectors.  Our key principle for mergers requires that any past liabilities come with the appropriate assets to maintain or improve our strong funded status.

The CAAT Plan is pleased to share an update on the merger process with Torstar Corporation.  On June 21, the CAAT Plan entered into an agreement to merge Torstar’s eight registered defined benefit pension plans, effective October 1, 2018.

Members of the Torstar pension plans will have 90 days to vote on the merger. Ontario pension regulations require that at least two-thirds of active members consent to the merger, while no more than one-third of retired members vote against it. Final consent of the transfer of assets for past benefits rests with Ontario’s pension regulator.

There are about 3,000 members of the Torstar defined benefit pension plans. If approved, this will be the third merger of a single-employer, defined benefit pension plan with the CAAT Plan. The Youth Services Bureau of Ottawa joined at the beginning of 2018, while the Royal Ontario Museum pension plan merged with the CAAT Plan in 2016.

“We’re excited about the possibility of the merger with the Torstar pension plans,” says Derek W. Dobson, CEO of the CAAT Plan.  “With the signing of the agreement, the approval process is now in the hands of about 3,000 Torstar plan members. Our focus will remain on educating members to ensure they are informed before voting on joining DBplus.”

Torstar businesses include the Toronto Star, Canada’s largest daily newspaper, six regional daily newspapers in Ontario including The Hamilton Spectator; English-language Metro newspapers in several Canadian cities; more than 80 weekly community newspapers in Ontario; flyer distribution services; and digital properties including thestar.com, wheels.ca, save.ca, toronto.com, a number of regional online sites and eyeReturn Marketing.

CAAT Pension Plan in exploratory discussions with Torstar on merging its pension plans

Any pension merger must be mutually beneficial

(February 28, 2018) The CAAT Plan is in exploratory discussions with Torstar and its union representatives regarding a possible merger with the Torstar DB pension plans.

The CAAT Plan was contacted by representatives of Torstar following its successful merger with the Royal Ontario Museum pension plan and its openness to permitting private sector plans to join.

The CAAT Plan, Torstar, and union representatives are working through the details, including regulatory requirements that would be needed to move forward with the potential merger.

Preliminary analysis shows that a merger with the Torstar pension plans has the potential to align with the Plan’s strategic objectives of ensuring benefit security, contribution rate stability and intergenerational equity for current and future members. Any merger must meet the CAAT Plan’s guiding principles that it be in the best interest of the Plan, and the Plan would not assume any unfunded liabilities of the merging plan.