In this edition
Hot off the press: 2023 rates
The 2023 rates used to calculate contributions, inflation protection, and more are now available on our website. This includes the Year’s Maximum Pensionable Earnings (YMPE), Money Purchase Limit (MPL), Average Industrial Wage (AIW) enhancement, and Cost of Living Adjustment (COLA). The pension adjustment and contribution calculators in the Employer Manual, the Pension Administration Link (PAL), and online estimator tools for members are also up to date with these rates.
View rates
We are kicking off the 2022 employer attestation process
Every year, we complete the employer attestation of administrative compliance. We ask you to sign an attestation of administrative compliance to certify that you met your key administrative obligations to the CAAT Pension Plan during the prior calendar year.
The attestation, combined with our training and education program, helps us reduce and manage our shared administrative risks.
If you joined the plan on or before January 1, 2022, and have over 200 members, you will receive an attestation to complete for the 2022 Plan year.
More time to file your contribution remittances: reducing late fees is easy
The new deadline to submit forms and pay your contribution remittances is the 20th calendar day of the following month, instead of the 5th business day of the following month. For example, November contribution remittances are due on December 20, 2022.
If the 20th day of the month falls on a weekend or holiday, the due date will be the business day before the 20th.
We are happy that this change will give you more time to file your contribution remittances with us and help lessen the need for late fees.
For any deadlines missed prior to November 1, 2022, late fees still apply.
Learn more
Upcoming events
Mark your calendar for these events. We send invitations straight to your inbox two weeks prior to the event and registration is available on our website at https://www.caatpension.ca/events.
CAAT Office Closures (For December and January)
CAAT’s office will be closed starting at 12:00 p.m. on Friday, December 16 for a staff holiday event. We will respond to inquiries the next business day. We will also be closed from Monday, December 26, 2022 to Monday, January 2, 2023. We will re-open on Tuesday, January 3, 2023.
Education Session: Year-End Updates for Payroll-Based Reporting (PBR) (January 9, 2023)
This session is for employers that participate in DBplus only and submit payroll files to CAAT more frequently than once a year. This webinar will provide an overview of year-end updates through PBR files. You’re required to submit your final 2022 data through PBR by January 20, 2023.
Education Session: Data Collection Tool (DCT) Training (January 17 and 19, 2023)
These sessions are for employers that participate in both DBprime and DBplus and submit payroll files to CAAT once a year. Our January 17 training is for newer DCT users. Our January 19 training is for users who are familiar with the DCT. In both sessions, we will show you how to submit your data files and access the DCT through single sign-on through PAL. You’re required to submit your 2022 annual data through the DCT by March 6, 2023.
Quarterly Employer Update (February 28, 2023)
This webinar will update you on the growth of the Plan, Plan news, upcoming events, reminders, and more.
Updates and reminders
If you have any questions, your Employer Pension Analyst is here to help.
Reminder: DBplus pension adjustment formula for the 2023 tax year
Effective January 1, 2023, the Pension Adjustment (PA) formula for 2023 will include an offset calculation based on total contributions and the 2023 Money Purchase Limit. Please refer to our July training webinars for a refresher on how to calculate PAs for the 2023 tax year. For the 2022 tax year, use the existing formula for PA calculations.
Why you should book a tailored member session with our pension experts
We offer custom presentations to help Plan members better understand the valuable defined benefit pension you offer as part of their overall compensation package. Employees who feel more connected to their pension and appreciate its value, make better financial decisions both in the present and in the future. Connect with one of our pension experts today to schedule a tailored session that works for you and your team.
Want to position yourself as an employer of choice? Use our recruitment toolkit today
Put yourself in the driver’s seat for recruiting with the online tools and resources we developed to help you highlight the pension plan you offer. The Talent Recruitment Toolkit will help you recruit and nurture top candidates and keep your organization top of mind in this competitive job market. Access the toolkit on our website to get started today!
We have good news for members who missed the deadline for the January pension start date
Read this if… you are an employer working directly with CAAT
Good news! We added an additional pension payment cycle for members who missed submitting their retirement documents by the December 2, 2022 deadline. To receive their pension payment on January 3, 2023, members must submit their completed forms to CAAT by 12:00 p.m. EST on December 16.
Mark your calendar for the 2023 employer training sessions
Read this if… you are an employer working directly with CAAT
The 2023 employer training schedule is available on our website. Training sessions are always recorded and made on our website. You will receive the registration invitations straight to your inbox approximately two weeks prior to the sessions.
Please remember to submit your non-contributing member data files by December 31
Read this if… you are a college employer
Send us a list of your non-contributory members and their last day of work from January 1, 2021 to December 31, 2021. This is due by December 31, 2022, through the Pension Administration Link (PAL). Submit larger data files to your Employer Pension Analyst through the Message Centre or S-Doc. For these members not to appear in your DCT, you must provide your data to us by December 31, 2022.
For 2023, you must send termination or pension benefit applications for members who have not contributed to the Plan in the last 12 months at the end of May, October, and December via PAL. Increasing the frequency of reporting will save you time during year-end, allows for better record keeping, and reduces the risk of errors.
PAL corner for employers who work directly with CAAT
Get the highlights about the latest features and enhancements to the Pension Administration Link (PAL). Connect with us if you have questions or experience any issues.
Sign in
Single sign-on is all you need to access the data collection tool
If you are an employer who offers both DB prime and DBplus, and you use the DCT to submit your annual member data, your job just got easier! Skip worrying about your DCT password and sign into PAL to seamlessly and securely access the DCT. This will make it easier for you to submit your annual data.
Are your employees registered to use the member portal?
My Pension is CAAT’s online member portal that gives members 24/7 access to details about their pension. Members can see for themselves how they are building secure retirement income while they work and confidently plan for the future. And, when members use My Pension, it means better pension administration and more streamlined transaction processes.
Almost 51% of active members are on My Pension and we’re looking for your help to reach our goal of registering 55% of members by the end of 2022. Please reach out to your employees and encourage them to sign up to My Pension. During 2023, we will reach out to you to explore opportunities for us to work together to meet our future goals.
If you need additional help to promote the benefits of My Pension to your employees, please reach out to your Pension Analyst for assistance.
We want to hear from you
Have a question, comment, or suggestion for us about PAL? Let us know. Your feedback is important to us. Over the course of the next year, we’re planning to add more exciting features to improve PAL functionality. It’s an innovative platform that continues to expand and put information into a single, unified experience for you. Reach out to your Employer Pension Analyst to share your thoughts anytime.
Contributors podcast
Tune in to a new episode of the Contributors podcast to hear from Christine Bergeron, President and CEO of Vancity. Christine explores how as a values-based financial cooperative, Vancity uses its assets to improve the financial well-being of its members. The company puts its members, and the planet at the centre of everything they do by giving back 30% of their profits to members and their communities every year. Learn how leaders, like you, can spark innovation in their organizations.
Listen now
Industry outlook: gain insights from some of the industry’s forward thinkers
Take a closer look at the latest trends, research, and insights across the industry. Share with your employees and network!
2022 Canadian employer pension survey
Read the key findings from HOOPP’s annual survey, which captures the perspectives of Canadian employers on the economy, retirement security, and the positive impact of offering retirement benefits.
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Why promoting employee benefits is important
Having an effective communication strategy to help employees understand your benefit offerings will strengthen company morale and improve recruitment and retention strategies.
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Employee retention: Facing the front-line flexibility dilemma in manufacturing
Employers can stand out from their competitors by thinking differently about their total rewards packages and assessing retention strategies to address flexibility and financial security.
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