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CAAT Pension: Sponsors Maintain Control of Plan Governance

After extensive and successful consultations with senior government and elected officials, the CAAT Plan has negotiated an agreement with the province that provides additional contribution stability and maintains Sponsors’ control of Plan governance, funding and investment decisions.

As a result of reaching a negotiated agreement, the Plan has secured a number of outcomes critical to the ongoing stability and good governance of the Plan. We have negotiated:

  • Exemption from having to pool Plan investments in any new provincial ‘pooled fund’.
  • Temporary 4-year valuation cycle, up from the previous 3 years. This allows more stability by providing longer periods to manage investment market and interest rate volatility.
  • Exemption from any proposed special legislation determining funding decisions, which would have significantly impacted the Jointly Sponsored structure and decision-making that has been key to the Plan’s stability.

To secure these outcomes, the Plan will adjust the Funding Policy by adding a temporary “Level 1” which will be in effect until December 30, 2017. Our Sponsors’ Committee strongly believes the Plan has achieved the best possible outcome to secure the pension promise.

CAAT Pension Plan

October 23, 2012

Go To CAAT Pension for news announcement here http://www.caatpension.on.ca/en/about-us/news

CAAT Pension Plan Promoting Your Retirement Security

The Ontario government is contemplating several pension-related changes, including the pooling of the pension fund assets of different plans.

This change was recently the focus of a Globe and Mail article. Although the article implies that decisions about asset pooling have already been reached, these conclusions are premature. The Plan continues to participate in the government’s consultation process, as there are ongoing meetings and discussions. We anticipate these discussions will last into October.

The Plan’s position, which we have announced on our website and in newsletters, is that a ‘one-size fits all’ solution will not serve the best interests of our beneficiaries.

If you haven’t already done so, please be sure to read and refer your members to the website page “Promoting your retirement security.” If you or your members have questions, feel free to contact us directly at contact@caatpension.on.ca.

Coming April 1, 2012 – Online Benefit Claims

Effective April 1, 2012, you will be able to submit your benefit claims online. Active employees and retirees will have the option to submit paramedical, vision care and dental claims online by using Sun Life’s plan member site and completing the claim form electronically. This service is not mandatory.

In order to use this method of payment plan members must register for online access and sign up for direct deposit.

To register online go to: https://www.sunnet.sunlife.com/signin/mysunlife/home.wca or contact Sun Life directly at 1-800-361-6212 for assistance. Once registered, CAAT plan members and retirees will be able to submit on-line claims effective April 1, 2012.

Important Note: Please be aware that while the information pertaining to the claim is submitted electronically, plan members will need to keep their receipts for a period of 12 months from the date of claim in case Sun Life decides to audit your claim. Failure to provide receipts when requested by Sun Life will result in the plan member losing access to online claims, and possible further action.

https://www.algonquincollege.com/hr/files/2012/03/Online-Claims-March-2012-Final.pdf