November 30, 2020
The transfer of $39 million in pension assets to the CAAT Pension Plan from the Retirement Plan for Employees of Youth Services Bureau of Ottawa (YSB Pension Plan) (Registration Number: 0362558) was completed on November 10, 2020.
With the transfer of assets, the CAAT Pension Plan assumes responsibility for all defined benefit pension payments to the members of the YSB Pension Plan.
Following a thorough review, the Financial Services Regulatory Authority of Ontario (FSRA), provided consent to the transfer on October 15, 2020.
On March 31, 2020, FSRA issued conditional Notices of Intended Decision for the merger of the YSB plan into the CAAT Pension Plan. By issuing these notices, the Chief Executive Officer (CEO) of FSRA indicated an intention to consent to the pension plan merger following a standard 30-day period to facilitate any applicable requests to the Financial Services Tribunal. At that time, due to the need to respond to the COVID-19 pandemic, the standard 30-day period to facilitate applicable requests to the Financial Services Tribunal was postponed. As of September 14, 2020, the 30-day period commenced.
The pension benefit you earned under the YSB Pension Plan will be replicated and transferred to the CAAT Pension Plan as of the effective date (which is January 1, 2018). In addition, any loss of benefit accruals earned before October 2013 (when the final average earnings used in the pension formula were frozen), will be restored based on your final average earnings up to the effective date. For all pensionable service on and after January 1, 2018, you will earn a pension under the terms of the CAAT Pension Plan.
Members in DBprime
A contribution phase-in period of four years for YSB Pension Plan members started in 2018. The contribution phase-in will end January 1, 2022, at which time, YSB Pension Plan members will pay the same rates as all other members.
The contribution phase-in only applies to members who were enrolled in the YSB Pension Plan as of March 31, 2017. Any member who joined the YSB Plan after that date, or who joined the CAAT Plan on or after January 1, 2018 will make DBprime contributions at the same rate as all other members (11.2% on earnings below the YMPE, and 14.8% on earnings above the YMPE).
Members in DBplus
Members who work part-time or on contract, contribute to DBplus, at a rate of 9%.
Your total pension at retirement will be the sum of two parts:
YSB pension + CAAT Pension = Total annual pension payable from the CAAT Pension Plan
The two pension amounts will be combined to make your total annual lifetime pension. When you retire from the CAAT Pension Plan, your pension will be paid on the first day of every month.
If you are an existing member of the CAAT Pension Plan or participating employer, complete the contact form above, or reach out:
The member services team is available to answer questions about your DBprime or DBplus pension: Email member services
For general correspondence and inquiries: Email our general mailbox
Toll Free: 1-866-350-2228
Local Calls: 416-673-9000
Fax: 416-673-9028
Colleges of Applied Arts and Technology (CAAT) Pension Plan 250 Yonge Street, Suite 2500 P.O. Box 40 Toronto ON M5B 2L7