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 is one way CAAT is evolving to meet the needs of a changing workforce.
On October 1, 2018, Torstar Group of Companies became the first employer to join DBplus. In the year since, CAAT has attracted 13 additional organizations with its innovative DBplus plan design. This summer, CAAT welcomed Postmedia, The Canadian Press (CP), London Cross Cultural Learner Centre (CCLC), and Klos Concepts. Approximately 3,400 employees and pension plan members of Postmedia, 600 CP employees and pension plan members, as well as 90 CCLC employees are now members of DBplus effective July 1. More recently, in the fall the Plan welcomed new members from the University of Saskatchewan and Community Living Toronto. Approximately 1,300 members of the University of Saskatchewan and Federated Colleges Non Academic Pension Plan joined CAAT on September 1, and 700 members from Community Living Toronto joined effective October 1.
Both the University of Saskatchewan and CCLC joined CAAT on a go-forward basis, while Postmedia, Canadian Press and Community Living Toronto joined after members consented to merge liabilities and assets from their prior defined benefit pension plans into the CAAT Plan. Applications are made to the Financial Services Regulatory Authority of Ontario seeking consent to transfer plan assets and liabilities, which, for these three mergers will amount to approximately $700 million. We are proud of the contribution the CAAT Pension Plan is making
to provide more working Canadians with adequate income in retirement.