News & Events
DBplus pension purchases – all purchase types now available
Effective July 1, the CAAT Plan is processing all purchase types under DBplus. The processing of OTRFT pension purchases in DBplus started in April.
Members who submitted a purchase request before July 1 will receive a quote package by the end of August.
DCT change for DBplus – reminder from June news
As per the June employer news, there will now be two Pension Adjustment fields on the DCT: a DBprime Pension Adjustment amount field, and a DBplus Pension Adjustment amount field. You will be required to report the applicable pension adjustment for the member’s plan design. Employers will be required to report two Pension Adjustment amounts for members who transfer from OTRFT to full-time (or vice-versa) during the year.
If you have any questions about this change, please contact your employer PA.
Annual Statements mailed to 89% of all active members
To date, we have printed and mailed out Annual Statements for 95% of employers, and printed and mailed Statements to 89% of all active members in the Plan.
Annual Statements for members in the 24 month extension of membership period will be mailed this month.
If members have any questions, they can contact the Plan through the Member Services hotline.
June 30 retirements – off-cycle pension run for July 15 pension payment
An off-cycle pension run has been completed to capture any members who retired as of June 30, but who were not paid on July 1. The payment is scheduled for July 15.
Annual EOM and termination project – missing termination notices due July 31
The EOM and termination project is an annual project that identifies members who did not contribute to the Plan in the previous year, and were reported as non-contributory (NC). Members who did not contribute to the Plan in 2018, and who are not retirement eligible, will be sent an EOM letter. Members who are retirement eligible will be sent a retirement package.
We received approximately 500 notifications of termination or retirement for members who ended OTRFT employment in 2017 through the annual data update process. We are currently reconciling to the NC notices received through DCT. We will be reaching out to employers for missing termination notifications (or Excel spreadsheet listings) and request that these be provided by the end of July. These listings or notifications provide us with the member’s last day worked and latest address.
The target completion for this annual project is October 31, 2019.
Annual Statements – employer copies now available
Employers will receive copies of their employees’ annual statements by July 15.
The PDF files will combine member statements that were processed in different batches. To locate the statement of a specific member, search for the member’s name within the PDF. If you have difficulty locating a statement within the PDF, contact your PA for assistance.
DCT Contribution Reconciliations – finalize by August 31
Contribution reconciliations have been completed and sent to all employers.
Please review and finalize the 2018 contributions with the Plan by August 31. Contact the CAAT Finance team at email@example.com if you have any questions regarding your reconciliation.
Pension payment confirmation letters sent out end of June
Pension payment confirmation follow-up letters were mailed to retired members and surviving spouses at the end of June.
Please direct any retired members or surviving spouses who have questions about their letter, to the Plan.
Annual CAAT Pension Plan survey – your input is important to us
The active member survey is now closed. The retired member survey will open on July 22.
The employer survey will be sent to you in August. Please complete the employer survey to provide your feedback to the Plan. Your feedback will provide us with insight that we can consider when planning future changes and projects.
Quarterly Employer Reports – confirm LTD members by July 31
Employers will receive their quarterly report (listing of EOM members, deferred members and OTRFT members) for Q2 of 2019 this week. The reports will include a listing of LTD members.
Please review the LTD members on the report and submit any additions or changes using the LTD forms by July 31, 2019.
Member Presentations – DBplus pension purchase sessions
In June, two member webinars were held for members to learn about DBplus pension purchases.
With almost 200 attendees, the topic generated a lot of interest and questions from members. Attendees who weren’t familiar with DBplus were encouraged to watch a recording of the “Introducing DBplus” webinar that took place at the end of 2018. The recording can be found in the “Members” section of the website, at the bottom of the DBplus page. A recording of the June 27 DBplus pension purchase webinar is available in the “Members” section of the website in the Increasing Your Pension section under DBplus Purchases.
This fall, there will be another series of webinars on DBplus pension purchases. Employers can also book onsite sessions to introduce DBplus members to pension purchases.
Book a session on DBplus pension purchases now
Contact us at firstname.lastname@example.org, or contact Sylvia Golebiowski directly, to book an in-person session for your members.
Be sure to take note of the following dates, and register for and attend upcoming sessions:
Employer Update - July 23
Join us for an Employer Update
Employer survey - August
Employer survey will be sent out
Invitations for the July 23 webinar were sent out this week.
Service Standard Levels
For the month of June 2019
|Event||Quantity||Service standard compliance|
|Retirements||97 options provided
171 elections processed
76 estimates provided
|Terminations||51 notifications of extension of membership (EOM)
56 termination option documents
50 elections processed
|Service & Pension Purchases||39 quotes provided||100%|