In this edition
What’s new at CAAT
Enhanced Employer Manual launching this fall
Read this if: you are an employer using PAL
You asked for an easier-to-use, streamlined Employer Manual with administrative content that’s relevant to you. And we listened! Because of the valuable feedback you shared during our annual surveys and consultations, we’re pleased to announce that a better Manual is coming your way!
On October 31, CAAT will launch an improved Employer Manual for all PAL users. We’ve transferred the Manual to new software to make updates more efficient and completed a comprehensive review to ensure the content is accurate and consistent.
We want to extend our sincere thanks to the dozen employers who volunteered their time to give the Manual a test drive in early October. Our testers told us they found it to be clear, understandable and easy to navigate.
How to access:
When you log in to PAL on October 31, you’ll see a new Employer Manual item in the left menu above Help.
What’s new:
The updated Manual offers the following new and improved features:
- A new customized view – you’ll see one of three versions based on your participation in the Plan:
- Ontario College employers offering both DBprime and DBplus, and any other employers who participate in the RCA;
- Employers offering both plan designs that are not in group 1; or
- Employers offering DBplus only.
- Information about initiating transactions using PAL, in addition to instructions for form-based transactions.
- An updated Forms library and links to all relevant forms within the transaction instructions.
To restrict the Manual to participating employers only, the current Manual access will be removed from the CAAT website. For employers who cannot access PAL, any relevant documents will be available to you through S-Doc.
We want to know
We’re excited to know what you think! Test drive the updated Employer Manual starting October 31 and see what’s new. Then, send your comments and suggestions to your Pension Analyst. Your feedback will help ensure that the Employer Manual continues to meet your needs.
Recruit with CAAT: the new Recruitment Toolkit is here!
The Talent Recruitment Toolkit has relaunched with an improved user experience and a brand-new look.
Financial wellness is a key priority for Canadian workers, and a defined benefit pension plan is a big part of that. You offer a great benefit through CAAT – make sure your candidates know it!
The Recruitment Toolkit has the resources you need to stand out to job-seekers. It’s simple, easy to use, and can fit seamlessly into your existing recruitment efforts.
Start using the new Recruitment Toolkit and become an employer of choice today.
Follow us on Instagram
CAAT recently launched on Instagram to reach more members with engaging posts that promote pension and financial literacy.
Follow CAAT on Instagram @caatpensionplan.
Member learning sessions
“All-member” Fall webinar series
It’s not too late for your members to register for our popular "all-member" Fall webinar series! We continue to see great engagement and attendance in all our learning sessions and we still have a handful of sessions available this month.
These sessions are available in both English and French, and are delivered by CAAT’s pension experts. Members have the opportunity to ask questions, learn more about the Plan, receive retirement planning insights and so much more.
The series runs until October 30 and members can sign up on the CAAT Pension Plan website and choose a webinar that best suits them!
Register now
Book a customized session for your members today!
We continue to receive requests from employers and are booking customized sessions covering the following topics:
- Retirement planning
- A future you can count on: Your CAAT Pension
- DBprime service purchases
- DBplus pension purchases
Members can always learn more about what their CAAT pension provides — the more they know, the more they’ll value their defined benefit pension!
Book a customized learning session for your members today by emailing your request to:
Presentations
Your Q&A corner
Welcome to your Q&A corner, where we’ll answer your questions about CAAT. To help keep you informed, we aim to feature one or two employer questions in each issue. Contact your employer Pension Analyst to submit your questions.
Q: If we are hiring someone who is already receiving a CAAT pension, what should we tell them about their pension plan eligibility?
A: There are a few rules in tax legislation that impact CAAT Pension Plan eligibility for rehired retired members. First, a member cannot receive a pension and continue to earn additional pension at the same time from the same pension plan. Second, a member must start their pension no later than the end of the year in which they reach age 71. With this in mind, to determine eligibility for a rehired retiree, ask these three questions:
#1: Is the date of rehire after November 30th of the year the member turns 71?
- If yes, the retired member is no longer eligible to contribute to the Plan. The retiree must continue receiving their pension, even if they resume work.
#2: Is the rehired retiree under age 65 and hired in a position eligible for DBprime participation?
- If yes, the member’s pension must be suspended and they must begin contributing again to the Plan.
#3: Did you say “no” to questions 1 and 2 above?
If the answer to questions 1 and 2 was no, then the employee has a choice. They can either
- suspend their pension payments and start contributing to the Plan again,* or
- continue receiving their pension and not contribute to the Plan.
* Members considering suspending their pension should contact the Plan to understand the comparison between the benefit of rejoining the Plan and the benefit from their existing pension. CAAT also encourages members to seek independent financial advice.
Contact your employer PA if you have any questions on the above and want more information.
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.
Quarterly Employer Update — December 12 at 1 p.m.
This webinar will update you on the growth of the Plan, plan news, upcoming events, reminders and more.
Employer education session — Leaves and pension purchases — October 26
- For employers with both DBprime and DBplus — 10 a.m.
- For employers with DBplus only — 1 p.m.
This session will demonstrate the process for reporting the various types of leaves of absence and explain how members can make pension purchases for leaves and other applicable periods of employment. NEW: The session will also demonstrate how electronic member payments will be processed.
Employer education sessions — November 21
- Pensionable earnings, service, contributions and pension adjustments (DBprime and DBplus) — 10 a.m.
- Pensionable earnings, contributions and pension adjustments (DBplus only) — 1 p.m.
These sessions will focus on contributions as they are deducted from members and remitted to the Plan according to the appropriate rates and calculation guidelines. They will also provide an overview of pension adjustment (PA) calculations.
Updates and reminders
Ontario College settlements and retroactive payments
Read this if: you are an Ontario college employer
We would like to thank everyone who met our October 20 deadline for submitting retroactive pensionable earnings and contribution data for eligible CAAT-A members. We continue to work towards our goal of adjusting pensions in pay for CAAT-A retired members on December 1, 2023.
CAAT will provide more information on this topic, including an FAQ. We will work with you to ensure the accuracy of pension payments and contributions deducted.
We are currently assessing how this change will impact year-end data collection and will keep you updated and work with you closely during the next few months to ensure a smooth process.
Please reach out to your Pension Analyst if you have any questions.
Member questions
If you receive inquiries from members, please direct them to the Member news section of the website or their My Pension account. The adjustment will be reflected on 2023 annual statements, which will be available next year. Members who have activated their My Pension account will be able to view their adjustments sooner, so we urge you to encourage members to activate their account as soon as possible.
Updates to the electronic payment process are coming
CAAT continues to work on making things easier for our members and employers. Members can now submit payments to the CAAT Pension Plan using online banking. To accommodate this new process and avoid confusion, we have updated the CAAT payee title for employers who use online biller pay (the EFT process is not affected).
What’s changing for members:
Members will be able to submit electronic payments for transactions like pension purchases by adding “CAAT Pension Plan – Members” to their list of payees.
What’s changing for employers:
Going forward, when you submit an electronic payment to CAAT using online biller pay, you will need to select the payee name “CAAT Pension Plan – Employers.” The payee name “CAAT Pension Plan” will no longer be valid.
Attend the October 26 training session
Don’t miss the employer training session about leaves and pension purchases on October 26, as we will cover these changes during that time.
- For employers with both DBprime and DBplus — 10 a.m.
- For employers with DBplus only — 1 p.m.
Sign up on our website.
What’s new in PAL and My Pension
Read this if: you are an employer who works directly with CAAT and who uses PAL
My Pension enhancements for retired members
As we continue to enhance our services to members, we’re pleased to announce some enhancements to My Pension that will make it easier for retired members to manage their financial and pension documents.
In addition to their annual statements, retired members will be able to access their annual inflation protection adjustment notices, and their annual income tax slips (T4A and Relevé slips) in My Pension when they become available. This change will allow them to access their information sooner, view their historical data and download copies of forms whenever they need them.
They will also be able to log in to My Pension to notify CAAT of changes to their financial institution or request a change to the amount of tax deducted from their pension payments. These transactions, which are currently paper-based, are limited to retired members who reside in Canada.
Retired members who do not have access to My Pension (or who opt to receive print communications) will continue to receive their documents and complete transactions by mail. CAAT will announce these improvements in an upcoming Retired Member newsletter.
Planned outages for PAL in 2023
PAL will be unavailable from 5 p.m. to 10 p.m. on the below dates while we undergo planned maintenance:
Wednesday, November 8
Wednesday, December 6
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 on adding 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 Pension Analyst to share your thoughts at any time.
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