Benefit security is the CAAT Plan’s main priority and a key area of focus for the Plan’s governors. Building reserves and diversifying Plan membership are some of the ways the Plan manages risk to stay strong and relevant for current and future members. The introduction of DBplus, the Plan’s second plan design approved in 2018, is one way CAAT is evolving to meet the needs of a changing workforce.
DBplus was initially explored to better meet the needs of existing members who work part time and on contract in the college sector. Its secure lifetime pensions, fixed-cost and simple administration quickly appealed to many prospective employers and member groups. This interest continues as these latest additions attest.
Growing and diversifying the membership makes the Plan stronger and more secure through improved pooling of risk and efficiencies. Any merger must meet the CAAT Pension Plan’s guiding principles that it is in the best interest of the Plan, and the Plan will not assume any unfunded liabilities of the merging plan.
SHARE joins the Plan
The Plan’s newest employer, SHARE (Shareholder Association for Research and Education) joined effective January 1, 2019, under the DBplus design. SHARE provides responsible investment services, research and education. It is the Plan’s first employer with primary operation outside Ontario.
Postmedia members voting to join the Plan
Postmedia Network Inc. has entered an agreement to merge its pension plans with the CAAT Plan under the DBplus design. As with previous mergers of this type, Postmedia’s plan members must consent to the merger through a voting process. If approved, Postmedia’s six defined benefit plans, with assets over $500 million, would merge into the CAAT Plan, and the members of Postmedia’s defined contribution plan would join the Plan as well. The merger would be effective July 1, 2019.