In this edition
Ontario DB pension plan average funded ratio reaches 106%
More than two-thirds of registered defined benefit pension plans in Ontario have solvency ratios above 100 per cent. With CAAT’s funding at 119%, we’re well ahead of this trend.
Read the Benefits Canada report: Ontario DB pension plan average funded ratio reaches 106%: report.
Updates and reminders
Reminder: Monthly contribution remittance deadline
Please submit your contributions to CIBC Mellon by the fifth Ontario business day of the following month. At the same time, please make sure to submit the contribution remittance form to both CIBC Mellon and CAAT.
It is important that contributions are remitted in a timely manner to ensure equity among all participating employers. If contributions are not submitted by the deadline, a late penalty will be charged in accordance with the terms of the Plan text.
Start using new account information for EFTs by October 1
Read this if: you currently remit contributions using EFT or would like to start using EFT
Please use our new bank account when you remit your monthly contributions electronically as soon as possible. For more information, refer to the email we sent you on June 16, 2021.
Current payment methods are still being accepted until the end of September. If you would like to remit contributions using EFT, make sure to use the new account information by October 1, 2021 at the latest.
If you need confirmation of the EFT information, or have any questions, please contact your Employer PA or finance@caatpension.ca.
Quarterly reports with LTD listing: reminder to review
Read this if: you are an employer in the Ontario college sector
Last month, you received the second quarter report which included listings of your deferred, extension of membership (EOM) and part-time members along with a list of members who are on long-term disability leave (LTD) with the Plan.
Please review the list of LTD members and by August 31, confirm that they are still on LTD or send LTD start or stop forms for any members who need to be added or removed from the listing.
Annual termination project: status update
Read this if: you are an employer in the Ontario college sector
The annual termination project identifies members who did not contribute to the Plan in the last reporting year. These members are reported as non-contributory (NC).
NC members will either receive a Termination Package or Retirement Package from the Plan based on their age and when their EOM period is ending.
As of August 6, 2021, the project is 81% complete, with a total of 871 packages completed and mailed. Thank you to those who have already sent packages back for payments.
The completion date for this project is August 31, 2021.
PAL update: recent enhancements and pilot projects
Read this if: you have access to PAL
Thank you for providing feedback on your experience using PAL. The portal is constantly evolving to meet your needs.
Now available - Enhanced transaction forms
Calculating contributions and pension adjustments just got easier with our upgraded transaction forms. For more details on the new form features available on PAL, please refer to the email from CAAT that was sent on August 16, 2021.
Pilot projects - Intent to enrol and secure messaging centre
Over the next month, we will pilot two new enhancements to PAL. Thank you to our employers participating in the pilot. Your feedback will help us provide the best portal experience to all users.
Intent to enrol
Earlier this month, we started testing the new intent to enrol process with a small group of employers. This feature allows employees who have the option to enrol in the Plan, such as part-time and contract employees, to initiate the enrolment process on their own using an online form. When the form is complete, it will be automatically submitted to you through PAL. We will collect feedback from pilot participants until September 17, 2021 to ensure the process is a valuable feature to all portal users when enrolling new members into CAAT. We aim to have this feature available to all employer portal users in Q4.
Secure message centre
Starting later this month, and until the end of September, we will test the new secure message centre functionality on PAL with a small group of employers. The message centre will allow employers to securely message the Plan with questions or to send files through the portal rather than through S-Doc. We aim to have this feature available to all employer portal users in Q4.
Annual Surveys
Thank you for completing the Employer Opinion Survey
The 2021 Employer Opinion Survey is now closed. Thank you for taking the time to share your valuable feedback with us.
Last chance for members to participate in the Active Member Survey
We value all feedback from our members and, each year, we distribute a survey to help CAAT understand members’ needs. This feedback helps the Plan improve the services we provide to them. The survey closes at the end of August.
Employers with direct-to-member communications services: Your members were sent a final survey reminder last week.
Employers without direct-to-member communications services: On August 18, you were sent a final survey reminder email to pass along to your members. If you haven’t already done so, please forward it to them so all members have the opportunity to fill out the survey. If you would like to implement direct-to-member communication services from the Plan, please contact your employer PA to get started.
The Retired Member Survey continues until the end of August
Retired members are encouraged to share their opinions by completing the survey. The survey will close at the end of August.
Did you know that member presentations are free of charge?
Member education sessions are a free service offered by the CAAT Plan. They provide members with valuable knowledge that helps them understand and appreciate their pension.
We currently offer webinars on the following topics: Plan Overview, Pension Purchases and Retirement Planning. Our schedule fills up quickly, so submit your requests early!
Member presentations are filling up for Fall!
We're seeing a lot of interest from employers booking presentations for Fall 2021. If you would like to book one or more member education sessions this Fall, please reach out to us at presentations@caatpension.ca.
If you are not planning to book a Fall member education session, you can always encourage your employees to register for a CAAT webinar by visiting the Attend a member presentation page.
Upcoming events
Block your calendar for the upcoming events:
- October 7 – Employer Education Session: Pension Purchases
- November 4 – Employer Education Session: Pensionable Earnings, Contributions and Pension Adjustments
You will receive an invitation for any webinars approximately two weeks in advance.