As an active member of the CAAT Pension Plan, you receive an Annual Statement with information about your pension. It summarizes how much pension you earned at the end of the previous year, and shows you up to three possible retirement dates.
This isn’t just another statement you receive — it is a personalized tool just for you, making it one of the most powerful available resources. Not only is it an ongoing record of your membership, but it’s also:
- a way to see how much pension you have earned
- proof of a growing pension
- a way to plan for retirement
Do you work part-time or on contract?
Visit the DBplus page to discover how DBplus maximizes the lifetime pensions of members who work part-time or on contract.
Questions about your Statement?
Review the Frequently Asked Questions, below, or contact our Member Services team by phone at 1.866.350.2228 or email email@example.com.
Q. Why do I receive a Statement each year?
This important document contains a variety of information, focusing on your estimated retirement dates and future pension you are expected to receive. Your Statement provides you with the most detailed information possible about your Plan membership, allowing you to see how the pension formula is applied to your individual circumstances. Over time, you can track how your benefit grows as your service increases. If you're approaching retirement, you'll be able to see at a glance the pension you have earned to the end of the previous year, as well as your projected earliest retirement dates.
Q. When can I expect to receive my Statement?
Your employer provides the Plan with payroll data such as your earnings, breaks in employment and service purchases for the previous year. Once we have received all of the required information, the Statements are processed. Your statement will be mailed to your home address before June of each year. If you have not received your statement by July, contact Member Services by phone at 1.866.350.2228 or email firstname.lastname@example.org.
Q. How is my personal information protected?
Each employer transmits member information to the Plan over a secure network. It is stored in a password-protected database, which can only be accessed by the CAAT Plan staff members who process and verify the data. Statements are then delivered to members in a lined envelope for added security.
Q. Does the Statement show my employer's contributions?
No. Your Statement only shows your contributions, service and earnings. It does not show the matching contributions made to the Plan by your Employer. With the exception of any service purchases that you have made (which will show on your Statement), your employer's contributions, including interest, are identical to your contributions.
Q. What should I do with my Statement once I receive it?
Take a close look at your Statement to make sure that the information it contains matches your records. Notify your employer if there are any changes to be made to your personal information so that your file can be updated for next year. Your Statements are important financial documents and, as such, should be filed in a safe location.
Q. Why did I get a Change of information form in my Statement package?
Every year, we include a Change of information form that you can use to notify the Plan of any change to your marital status or your beneficiary designation during the year.
The forms do not allow you to change your spousal information or beneficiary designations for other benefits to which you may be entitled, for example, health benefits. To make those changes, you must contact your employer HR department.
Q. Why does my spouse show up in the Beneficiary section of my Statement?
If you have not named a designated beneficiary, and you have a spouse, your spouse name is displayed in the “beneficiary” field of your Member’s Annual Statement. Please review the Plan’s Survivor Benefits information to learn about beneficiary designations and pre-retirement death benefits.
Q. Why did my Statement arrive in the mail? In the past, I got it from my employer.
We are now mailing Statements directly to member’s home addresses rather than sending them to employers for distribution. This change is part of the effort to provide more communication to members directly from the CAAT Pension Plan.
Q. I was on LTD. Does my annual statement include that service?
Yes. Your Statement includes all your service including LTD service, (for which neither you nor your employer made contributions).
Q. I have worked for multiple participating employers in the Plan. Does my Statement include all my employment history?
Yes. Your Statement is made up of all your Plan data – it includes your total service, earnings, and contributions – even if you earned them in multiple different employers.
Q. Why is the information in my annual statement based on last year’s data?
The Pension Benefits Act requires annual statements to be issued to members within six months of a pension plan’s year end. Our year end is December 31, so it may take up to the end of June for your statement to be mailed to you.
The process to collect and verify your pensionable earnings and service data needed to update your pension record and, from that record, produce your updated annual statement takes some time. Your employer provides the data up to December 31 of the prior year in Mid-March of the following year. The Plan checks for any unexpected variations in the data and follows up with your employer if needed. Once the data is validated, your pension record is updated and your annual statement is mailed to you. This lengthy process is currently conducted only on an annual basis.
Q. I misplaced my annual statement. Can I get another copy?
Yes. You can contact the Plan by phone at 1.866.350.2228 or email email@example.com to request a copy of your annual statement.
Q. Can I see my annual statement online?
At this point we do not have a secure website where members can access their personal pension information. You can, however, use our online Pension Estimator with or without your printed annual statement, to project your pension to various retirement dates.
Q. Can I receive my annual statement by email?
We do not yet have the capability to deliver annual statements electronically and securely. Security is vital given the personal and private information contained in the statements. This is a service that we are working toward in future.