your merged plan
October 22, 2020
On October 8, 2020, the Ontario pension regulator, the Financial Services Regulatory Authority of Ontario (FSRA), provided consent to transfer the assets from the Pension Plan for Employees of Community Living Toronto (Registration Number: 0279513) (“CL Toronto Employees Plan”) into the CAAT Pension Plan.
Once all assets have been transferred, CAAT will assume responsibility for all defined benefit pension payments to members of the CL Toronto Employees Plan.
It is anticipated that the assets totalling over $100 million will be transferred to CAAT in November 2020. Members of the CL Toronto Employees Plan can expect to receive a communication with further details about their pension in coming weeks.
On September 30, 2019, an overwhelming 93% of CL Toronto pension plan members voted in favour of merging with the CAAT Pension Plan. Employees from the CL Toronto Employees Plan joined the CAAT Pension Plan effective October 1, 2019.
On September 18, 2020, FSRA advised that it would change how it would communicate its consent to the asset transfer (commonly referred to as “mergers”) with respect to the CL Toronto Employees Plan.
Given the extensive notice provided to date regarding the proposed asset transfers with respect to the pension plan listed above, and the delays related to the COVID pandemic, FSRA advised that it would not issue a NOID prior to issuing its consent regarding the merger of this plan.
Because this change was made while the applications were being considered for the plan of Community Living Toronto those affected by the proposed merger had 10 business days (or until October 1, 2020), to make written submissions with respect to FSRA’s proposed consent to the asset transfers.
DBplus contributions are based on employment earnings and are matched dollar for dollar by Community Living Toronto.
Community Living Toronto member services at the CAAT Pension Plan Toll Free: 1.877.477.3528 E-mail address: CLToronto@mercer.com
If you have prior pension benefits from Community Living Toronto, your total annual pension will be the sum of two parts:
CL Toronto pension + DBplus pension = Total annual pension payable from the CAAT Pension Plan
Inflation protection increases are made when the CAAT Pension Plan is over 100% funded. This is called conditional inflation protection. Such annual increases are 75% of the annual percentage increase in the Consumer Price Index (CPI) and capped at 8% with a carry forward provision (i.e., in years when inflation is high, any amount above 8% would be carried forward and applied to inflation protection in the following years). Increases are effective on January 1 of each year.
Any benefit earned under the CL Toronto plan will receive conditional inflation protection beginning January 1, 2021.