A positive change that applies to members who work part time or on contract will take effect on January 1, 2019. This change does not affect retired members or their pensions. Additionally, there are no changes for members who work full time.
The CAAT Pension Plan is excited to introduce DBplus – a better way for members who work part time or on contract to continue to build a valuable defined benefit pension. It offers the features members want most, such as predictable lifetime income in retirement, inflation protection, survivor benefits, and allows early retirement.
One plan, two designs
DBplus is a second defined benefit design that operates within the CAAT Plan. Most importantly, the CAAT Pension Plan remains as one plan that is focused on benefit security, contribution stability, and equity amongst member groups.
Why is DBplus important?
Members who work part time and on contract now represent over 30% of contributing members – a number that continues to grow. DBplus was designed to meet the specific needs of these members since they have different work and retirement patterns than members who work full time. Current members of the Plan who work full time remain in the original Plan design, and any new full-time employees will automatically join under the current Plan design when hired.
Through the Plan’s joint governance structure, the Sponsors were instrumental in the creation of DBplus.
Learn more about DBplus on our website.