Community Living Toronto has entered into an agreement to merge its pension plans with the CAAT Pension Plan. As with previous mergers of this type, active members of the Community Living Toronto pension plans must consent to the merger through a voting process, with unionized members being represented by their local CUPE 2191. This process concludes on September 30, 2019. If the merger proceeds, employees will start contributing to and earning a benefit under the CAAT Pension Plan as of October 1, 2019.
Postmedia, London Cross Cultural Learning Centre, and The Canadian Press join CAAT’s award-winning DBplus design on July 1st
Read the Member Newsletter for April 2019
The CAAT Pension Plan stands 120% funded on a going-concern basis, with a funding reserve of $2.6 billion, based on its latest actuarial valuation as at January 1, 2019. This is an improvement over last year’s valuation that showed the Plan 118% funded with a funding reserve of $2.3 billion.
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.
Your Annual Statement is a powerful resource that can help you plan for retirement. Your personalized statement displays the pension you earned in the CAAT Pension Plan up to December 31 of the previous year.
If you work part time or on contract, you are earning your pension under the DBplus design as of January 1, 2019. Starting in April, you have the option to make a pension purchase to increase your income in retirement.
Employers and employees have an equal voice in the Plan’s decisions through their representatives on the Board of Trustees and the Sponsors’ Committee. This governance structure balances different perspectives and interests. It also promotes collegiality and a collective focus on the long-term security of the Plan. For these reasons, joint governance is one of the Plan’s key strengths.
Did you know? The CAAT Pension Plan offers a variety of pension sessions to suit the needs of all members. Along with our website, Member Handbooks, and your Annual Statements, pension sessions give members another way to learn about their pensions, and a unique opportunity to get answers to their questions directly from pension professionals.
Findings from the latest annual surveys of active and retired members show that members continue to value their pensions highly and hold trust in the Plan’s expertise and joint governance.