caat: december member newsletter
december member newsletter
plan changes take effect next month
it’s finally happening – our plan changes are in effect as of january 1, 2025. this is good news for both our dbprime and dbplus members.
here are the key changes:
dbprime: your contribution rate is going down. this means that you will be paying less while continuing to earn the same valuable benefit.
dbplus: your annual pension factor is going up. this means that your pension will grow faster.
for full details about the plan changes, check out the faq section on the website.
your growthplus investment account questions
stop your scrolling! you can’t miss the answers to our members’ top questions about our new optional savings account.
want to know even more about how caat’s new member-focused offering can help build your savings?
we thought so! keep reading:
what is growthplus?
caat’s growthplus investment account launched on october 1. in addition to your valuable defined benefit pension, you have access to growthplus – a simple way for you to grow your tax-sheltered retirement savings and benefit from caat’s investment returns.
following our growthplus member webinar on oct. 9, we collected your top questions about this new account. check out these questions and our resource guide.
how does the growthplus investment account impact my pension?
growthplus is an optional savings account separate from your secure lifetime caat defined benefit (db) pension and does not replace or change your pension. growthplus also has different rules and features from your db pension. you can read all about the features in the growthplus member handbook on our website.
can i transfer in funds from a tfsa or non-tax-sheltered vehicles?
no, since growthplus is a tax-sheltered account, you can only transfer-in funds from an existing tax-sheltered eligible registered retirement savings vehicle. you can transfer in both locked-in and non-locked-in tax-sheltered savings, including registered retirement savings plans (rrsps), locked-in retirement accounts (liras), and group registered pension plans (rpps). a full list of vehicles is available on the growthplus webpage at growthplus.ca.
multi-factor authentication coming to my pension in 2025
we are introducing multi-factor authentication (mfa) for my pension, your pension portal, in the spring to enhance the security of your information.
this means that you will need to set up mfa to access my pension in 2025. you may already be familiar with mfa if you access your banking or other secure websites online.
we will be sending out your member id in the spring. stay tuned for more information on our website and by email or mail.
meet the member services team
members are our number one priority at caat pension plan. our commitment to all our members – 100,000 strong across the country – is a secure lifetime pension when they retire.
we decided to give you an inside peek into the minds of the leaders of our member services team.
- sonny khindria, vice president, member services
- betty gin, director, member services
- maria peduto, director, client services
1: first up, let’s meet the team. what’s your role at caat and how does your team help our members?
sonny: i lead a team of pension professionals that are focused on supporting our members with administrative and support services. we are here for our members and are committed to providing resources and expertise to help you to maximize your caat defined benefit (db) pension and deliver a trusted and predictable retirement income.
betty: my team and i are dedicated to supporting you every step of the way in navigating your pension. we work for you, making sure you have the resources needed to fully understand your pension, including how to make purchases and planning your retirement. these resources will guide you to making informed decisions. whether it is helping you by answering questions about your options, we are here to ensure your pension serves you.
maria: we play a vital role in helping members with their pension-related questions by providing clear, accurate information and addressing concerns with care and empathy. we want you to look at caat as a trusted partner. we are here to help you understand your pension plan benefits and to guide you through complex topics with ease to help you make informed decisions about your financial future.
extra things you need to know
visit my pension for a pension estimate
beginning january 1, we are retiring the general pension estimator on our website for the majority of our members. our pension estimator on my pension is secure and tailored to your personal information. it is also a great resource for your retirement planning. if you haven’t registered for my pension, you can do this on our website.
if your employer joined caat through a merger, you can continue to use the specific estimator for your employer on caat’s website. find your employer to get started.
update your information
did you get married this year? have a child? change addresses? it’s important to keep caat (not just your employer!) informed of these changes. call us at 1-866-350-2228 (monday to friday between 8:30 am and 4:30 pm in the toronto area) or make the change on my pension, your pension portal with caat. if you joined caat through a merger, changes to your personal information remain with your employer.
if you have questions or comments please email us at contact@caatpension.ca.
