how to join

Upgrading from a defined contribution (DC) plan

If your workplace currently offers a DC plan:

The transition to DBplus is easy – and will offer your employees a valuable and secure defined benefit pension, for a fixed contribution rate.

Following approval of your organization’s application, your employees begin to build valuable lifetime pensions from the day contributions begin. If you later choose to close the DC plan, your employees will have the individual option to purchase additional lifetime pension in DBplus using their funds in the DC plan, subject to Income Tax Act rules and relevant pension legislation.

How CAAT helps you transition to DBplus from a DC plan:

1. We answer your questions

CAAT answers your questions about DBplus and delivers custom presentations to members of your team involved in the decision. We call this decision support because CAAT is a profit-for-members trust and staff aren’t paid commissions – so, there’s no hard-sell, only information to show you just how good DBplus is. Because CAAT takes care of running the Plan, your key decisions are simply: when to enrol employees (start contributions) and at what contribution rates. There is flexibility to accommodate your organization’s needs. Talk to us.

2. Due diligence

CAAT provides you with all information needed to secure stakeholder alignment and performs its own due diligence, including a review of demographic data. After CAAT has reviewed and approved your organization’s application to become a participating employer, a Participation Agreement is prepared and signed by both parties.

3. Support for employee communication

We will work with you to help notify and educate your employees of the improvement to their pension benefit, including holding information sessions and providing employee communication materials, website tools, and a helpline.

4. Onboarding and administration

Employees enrol, contributions begin, and CAAT takes on administration. We work with you to ensure a smooth transition.

5. Wind up DC plan (optional)

If you choose to wind up your DC plan, we will work with you to enable members to use their DC account balance to increase their DBplus lifetime pension through a purchase. We’ll provide your employees with presentations on this option, so they can make an informed decision. They can make their choice any time after the DC plan is closed.

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