Members who retired from the ROM Pension Plan before January 1, 2016
This page contains information for retired members of the ROM Pension Plan, who were retired, and in receipt of a pension as of December 31, 2015.
If you retired AFTER January 1, 2016, have a look at the ROM active members page for information about your pension.
Payment of your pension benefits continue uninterrupted
Your ROM Pension Plan benefit has been transferred to the CAAT Pension Plan and will be paid to you from the CAAT Pension Plan. The pension benefit does not change as a result of the merger and, as described below, is now also eligible to receive the CAAT Pension Plan’s conditional inflation protection provisions.
If you have questions about your pension, you can contact the CAAT Pension Plan:
You can email us at email@example.com, or call 416-673-4801 / 1-866-350-2228.
Retired member statement
You will receive a retired member annual statement each year, showing your pension, any increase as a result of inflation protection increases, and details about survivor benefits.
How the inflation protection applies to your pension
On and after January 1, 2017, your transferred ROM Pension Plan pension benefit qualifies for the CAAT Pension Plan’s conditional inflation protection provision. Under this provision, inflation protection increases for pensions in pay are made whenever the CAAT Pension Plan’s funded status is over 100%.
Provided the CAAT Pension Plan’s funded status is over 100%, increases are applied each January 1 to pensions in pay and are equal to 75% of the annual percentage increase in the CPI.
In no event will the cumulative amount of inflation protection increases provided under the CAAT Pension Plan’s conditional indexing provisions on and after January 1, 2016 be less than the cumulative increases you would have received under the ROM Pension Plan based on its indexation provisions had your pension remained payable from the ROM Plan on and after January 1, 2016.
No change to survivor benefits
Under the terms of the pension plan merger, there is no change to any post-retirement survivor benefits that your spouse, beneficiary or estate may be entitled to.
Details about survivor benefits
The form of pension chosen by you when you retired determines the type of survivor benefits, if any, that your pension includes. The form of your pension will not change as a result of the merger.
Life Only - Your pension is paid for your lifetime, and ends at your death. There is no survivor pension
Life with guarantee - Your pension is paid for your lifetime with a guaranteed payout of a certain number of years. There is no survivor pension. If you die before the guarantee period ends, the remainder of the guarantee is paid to your designated beneficiary.
Joint and survivor pension - Your pension is paid for your lifetime, and your surviving spouse receives a lifetime pension of the percentage you chose at the date of retirement. Following the death of both you and your spouse, any dependent children (under 19, or under 21 in full-time attendance at an educational institution, or dependent by reason of mental or physical infirmity and under 21) receive a percentage of your pension at the date of your death (divided equally) until they no longer qualify as a dependent. If total payments to you, your spouse and any dependent children are less than your contributions with interest at your retirement date, the excess will be payable to the estate of either you, your spouse or your dependent children.
Income Tax Act (ITA) Maximum Pension
Both the ROM Pension Plan and the CAAT Pension Plan are registered pension plans, which can only pay pensions up to the Income Tax Act (ITA) maximum pension.