In this edition:
- Annual webinar on CAAT’s 2020 performance, Update to contribution remittance forms, Annual Statement update, My Pension update, PAL update, Employer attestations now complete, June 30 retirements, We’re improving the Employer News, Member presentations, Calendar of events.
Tune in for the May 4 webinar on CAAT Plan’s 2020 performance
The CAAT Pension Plan remains one of the most sustainable plans in Cananda. Yours and your members’ pension remain secure.
On May 4 at 12 PM (ET), we are hosting a webinar for members and employers. The webinar is an exciting opportunity to learn about:
- The CAAT Plan's performance in 2020
- The benefits of growth
- Our investment results and philosophy
Join Derek Dobson, our CEO, and Asif Haque, our incoming Chief Investment Officer, as they share their insights on the Plan’s performance and future growth.
A recording of this webinar will be available soon on the Annual Report page.
We have made updates to the contribution remittance forms
We have updated the monthly remittance forms used to report your monthly contributions to the Plan. These forms have been updated in both English and French.
Please make sure to use the revised forms 34A and 20C for your monthly contribution remittance. Form 14C has also been updated to report Member Purchases.
Please ensure you always download the latest version of the form directly from the employer manual on the website.
Members' Annual Statements—distribution has started!
We have started processing and distributing members’ Annual Statements. All members, active and inactive, can expect to receive their Statement by June 30, 2021 with a majority receiving theirs by May 31, 2021.
Active member Statements
- Members who have registered to receive communication electronically through My Pension will have access to their statements as soon as it is posted in the portal. Members will receive an email communication advising that their statement is ready.
- Members who did not elect to receive their communications electronically will receive a paper Statement in the mail.
- Employers that have access to PAL will be able to view member Statements for their employees electronically.
- If your pension is serviced by an Administration Partner, your members will receive a paper Statement in the mail.
Retired member and survivor Statements
- Along with their Annual Statements, members will find:
- The annual pension payment confirmation form
- Instructions on the various ways they can submit their confirmation
- Please note that pension suspensions will not occur in 2021, however, we will continue to follow up and research any situations where we do not receive confirmation.
Members have been quick to adopt to My Pension
Read this if: your members have access to My Pension
Since launching three months ago, members have been using My Pension every day to process transactions, estimates and to update their profile.
- Over 15,000 members have registered for the portal
- 30 more registrations every day on average
- 93% of members are choosing to receive their Plan communications electronically
- Over 18,000 transactions have been processed
- 95,000 pension estimates have been processed with the estimators on My Pension
Thank you for assisting with and encouraging members’ adoption of the portal.
Did you know enrolments are the most popular transaction on PAL?
Read this if: you have access to PAL
Employers are becoming more familiar with PAL and using it to process many transactions. Here are the top transactions processed on PAL:
- Enrolments account for 55% of total transactions
- Retirements account for 19% of total transactions
- Terminations account for 18% of total transactions
Our next update to the portals is scheduled for the week of April 26. Both PAL and My Pension will be unavailable for one evening during this week as we implement the updates. The portals will have a message to advise users in advance of the update.
The updates to PAL will include:
- Email confirmation of any user password changes
- For new employers with DBplus Only, enrolments on PAL will allow employers to indicate the member’s initial DBplus contribution rate, if applicable.
The updates to My Pension will include:
- Additional instructions on email preference
- Additional clarification of common-law spouse
- Removal of SIN on member submitted forms.
Employer attestations are now complete
Read this if: your organization joined CAAT on or before January 1, 2020
The Employer Attestation of Administrative Compliance is an important part of ensuring that CAAT Pension Plan is administered in compliance with the Plan requirements.
Thank you for sending the completed forms on time as part of this important annual initiative!
For June 30 retirements – send applications as soon as possible
Read this if: you’re in the Ontario College sector or expect a large amount of June 30 retirements
We recommend you send retirement applications three months in advance so pensions can start on time. For any June 30 retirements, we encourage you to submit your retirement applications as soon as possible.
If you have a retiring member that wants to make a purchase, please make sure to let them know that they should have the payment completed at least two months before their retirement date to avoid their first payment being delayed.
Reminder for Ontario College employers: make sure to let your members know if their vacation pay has been included in their retirement.
Stay tuned: We’re improving our monthly Employer News
We are working to improve the way we communicate with you!
In the next few months, the Employer News might look a little different, but it will contain the same valuable information (and more). Thank you for taking the time to share your thoughts on CAAT’s Employer News.
If you haven’t already, please take a moment to share your feedback with us.
Complete Employer News Survey
Now offering monthly all-member webinars
As we announced last month, we are offering all-member webinars on a variety of topics. Coming up later in April, we will be offering Retirement Planning and Purchase webinars, and will continue to add more dates and topics in the future months.
If you don't currently have a webinar booked for your members, please direct your members to register for an all-member webinar on the Attend a member presentation page.
We’re booking webinars for May and June!
To request a webinar for your employees on topics ranging from Plan overview, DBplus, pension purchases and retirement planning, please contact firstname.lastname@example.org with your preferred date so we can secure it for you.
Block your calendar for the upcoming events:
- May 4 – Annual Member and Employer webinar on CAAT Plan performance
- June 3 – Employer Education Session – In-Year Reporting – Terminations, Retirements and Deaths
You will receive an invitation for any webinars approximately two weeks in advance.