CAAT Pension Plan members from the Royal Ontario Museum (ROM)

Your pension earned in the ROM Pension Plan up to December 31, 2015 has been transferred to the CAAT Pension Plan and will be payable to you at retirement alongside any pension you earn under the CAAT Pension Plan. This means that the pensionable service you earned under the ROM Pension Plan (up to December 31, 2015) will be calculated using the ROM Pension Plan formula (adjusted to reflect higher pensionable earnings for periods in DBprime or applicable increases under DBplus), including the ROM Pension Plan early retirement provisions.

On and after January 1, 2016, the pension you earned under the ROM Pension Plan will continue to be calculated using the ROM Pension Plan formula, your Highest Average Pensionable Earnings (HAPE) determined based on your participation in the DBprime Plan design (which cannot be less than the Best Average Earnings [BAE] you had under the ROM Pension Plan as of December 31, 2015), and the pensionable service that was credited to you under the ROM Pension Plan before January 1, 2016.

If you have since transferred to the DBplus Plan design, your HAPE was frozen on the day you joined DBplus. For every year you continue to earn a benefit in DBplus, your HAPE will continue to grow with conditional average industrial wage (AIW) increases, as measured by Statistics Canada, an agency of the Government of Canada. When granted, each AIW enhancement becomes a permanent part of your promised pension.

Pensionable service after December 31, 1989 *
1.3% of BAE up to AYMPE x pensionable service + 2% of BAE above AYMPE x pensionable service

Pensionable service before January 1, 1990 *
1.0% x BAE up to AYMPE x pensionable service + 2.0% of BAE above AYMPE x pensionable service

* Total pensionable service is capped at 35 years, as of January 1, 2010.

For the pension you earn in the CAAT Pension Plan (starting on and after January 1, 2016), your pension will be calculated using the applicable formula and early retirement adjustments for your periods of participation in the DBplus and/or DBprime Plan design(s).

Pensionable earnings and best/highest average pensionable earnings

 Pensionable earnings as determined under the ROM Pension Plan will be recognized for years before the plan merger (effective January 1, 2016). Starting January 1, 2016, pensionable earnings are based on CAAT Plan provisions. To calculate your combined pension at any date after the merger, the higher of your Best Average Earnings (BAE) under the ROM Pension Plan as of December 31, 2015 and the Highest Average Pensionable Earnings (HAPE) under the DBprime Plan design will be used to determined the pensionable earnings recognized under both plans at the date of calculation will be used.

If you have since transferred to the DBplus Plan design, your HAPE was frozen on the day you joined DBplus. For every year you continue to earn a benefit in DBplus your HAPE will continue to grow with conditional average industrial wage (AIW) increases, as measured by Statistics Canada, an agency of the Government of Canada. When granted, each AIW enhancement becomes a permanent part of your promised pension.

Your retirement dates are based on the CAAT Pension Plan provisions. If you start your pension before your normal retirement date, your pension earned under the ROM Pension Plan to December 31, 2015 will be reduced in accordance with the early retirement provisions applicable to the ROM Pension Plan and the pension earned under the CAAT Pension Plan starting January 1, 2016 will be reduced in accordance with the early retirement provisions of the applicable Plan design for periods of participation in DBprime or DBplus.

For the pension earned under the ROM Pension Plan, the pension is reduced if you retire before age 65 based on:

Service on or after January 1, 2010

• The reduction is 5% per year from age 65.

Service before January 1, 2010

• If you retire at age 60 or older the reduction is: 2% per year you are away from age 65
• If you retire before age 60, the reduction is: 5% per year from retirement age to age 60, and 2% per year from age 60 to age 65

In no event shall the early retirement reduction exceed the actuarial equivalent reduction.