Employer News - April Roundup

Posted for Employers, April 3, 2019

News & Events

DBplus pension purchases

DBplus members who are interested in purchasing an eligible period of employment can submit their purchase forms now.

Members can learn more about a pension purchase by using these tools on the CAAT website:

  • NEW! The DBplus Purchase Tool is for members who are serious about making a purchase. The DBplus Purchase Tool allows members to get the purchase process started by giving the member a detailed estimate of their purchase, and downloadable forms and timelines to guide them through the process.
    • The tool will be announced to members in April through the member newsletter, and available on our website by mid-April.
  • The DBplus Estimator gives members an estimate of their combined pension from both plan designs, plus the value a pension purchase can add to their lifetime pension.


The Plan will start processing purchase for periods of employment prior to the member’s enrolment date (sometimes called “pre-enrolment”) in April. All other types of pension purchases and transfers will be processed starting in July.


Revised leave and pension purchase forms available in the Employer manual

The manual is a great source of information – refer to it if you need any clarification on the leave, pension purchase, or transfer process.

The new and updated forms are available now.


Annual Statement process - Data Collection is complete

DCT data is complete from almost all employers. We are validating and posting 2018 data, running the year-end update, and processing Annual Statements. Statements will start shipping to members this month.
 
If your PA has notified you of any outstanding questions regarding the annual data, please respond as soon as possible so that we can finalize the data and process the statements.


Employer attestation complete

Thank you for completing the employer attestations. All employer attestations have been completed and sent to the Plan.

We will review the attestations and contact you if we need any further information or clarification. In addition, we are preparing a report to the Plan’s Board of Trustees, to be presented at their next meeting in May.


Pension estimates for early retirement programs

If you are offering a voluntary early retirement program, the Plan can help by providing estimates for affected members to assist them in their pension decisions.

You can also book a retirement planning information session in support of a voluntary retirement program. Representatives from the Plan can answer any pension-related questions your members may have in person. Email presentations@caatpension.on.ca to learn more or to schedule a session.

Contact your employer PA if you are considering providing a voluntary retirement program, and let them know how many retirement estimates you require, and when you need them. We will provide a template to use to request the estimates. It will simplify your process and enable us to efficiently produce the estimates in a batch. Please consider us early in your planning so we can have a few weeks advance notice to support your initiative.


June 30 retirement applications

With a number of employers who are offering voluntary retirement programs, we expect a higher volume of June 30 retirements this year.

To assist us in ensuring members receive their pensions on time, please send pension applications for June 30 retirements as soon as possible. The deadline for receiving completed pension option forms and supporting documents from members is June 12.

For retiring members interested in purchasing a strike period, the payment must be completed at least two months before their retirement date to avoid delays in their first payment.


Retired Member Annual Statement mailing has started

Retired members and survivors will receive their Annual statements this month. The annual Pension Payment Confirmation form is included in the statement, along with instructions on how to complete it.

For members who have questions about their statements, direct them to call Member Services.


Member survey begins in May

The annual member opinion survey will begin in May. Active members will receive an email invitation to take part in the survey after they’ve received their annual statements.


Annual report coming in late April, followed by webinar 

The Plan’s 2018 annual report will be released by the end of April. There will be a webinar reviewing the 2018 financial performance in early May.

Members will receive an email invitation to sign up for the webinar.


Member Presentations – Regional event

The first regional retirement planning event of 2019 took place at Seneca College on Saturday, March 30.

  • 105 members and their spouses were in attendance
  • 83% of survey respondents said they would be very likely to recommend the session to a friend or colleague

A number of members also volunteered to have their photo taken for the chance to be in our next annual report.

Contact us at presentations@caatpension.on.ca to book an in-person session for your members, or if you’d like to be the host location for a regional event. We can also provide logistical support – including help promoting your session, and tracking registrations.


Upcoming events

Be sure to register and attend these upcoming education sessions

Employer Update - April 23

April Employer Update

Employer Education Session - May 9

Revised forms

Invitations for each session will be sent out approximately 2 weeks before the webinar.

 


Service Standard Levels

For the month of March 2019

Event Quantity Service standard compliance
Enrolments 367 processed 100%
Retirements 66 options provided
48 elections processed
100%
100%
Pension Estimates

168 estimates provided

99%
Terminations 39 notifications of extension of membership (EOM)
45 termination option documents
45 elections processed
92%

100%
96%
Service Purchases 42 quotes provided 100%