CAAT Pension Plan Members from Postmedia Network Inc.
September 18, 2020
Proposed Consent to Asset Transfer of Pension Plans with CAAT
For plan members of:
- Postmedia Network Inc. Retirement Plan (Registration Number: 1077049)
- The Windsor Star Retirement Plan (Registration Number: 1077064)
- Postmedia Network Inc. DB Plan A (Registration Number: 1279223)
- Postmedia Network Inc. DB Plan B (Registration Number: 1278225)
- Postmedia Network Inc. DB Plan for Employees of Osprey (Registration Number: 1278357)
- Postmedia Network Inc. DB Plan for Employees of the Stratford Beacon Herald (Registration Number: 1278340)
The Ontario pension regulator, the Financial Services Regulatory Authority of Ontario (FSRA), has advised that it will change how it will communicate its consent to the asset transfer (commonly referred to as “mergers”) with respect to the pension plans listed above.
In the past, FSRA has issued a Notice of Intended Decision (NOID) prior to providing its consent for a single employer pension plan to be merged with CAAT or another jointly sponsored pension plan. Given the extensive notice provided to date regarding the proposed asset transfers with respect to all the plans listed above and the delays related to the COVID pandemic, FSRA will not issue a NOID prior to issuing its consent regarding the merger of these plans. Instead, FSRA will issue its decision by letter to the plan administrators and/or their agents.
Given this change is being made while the applications are being considered for the plans of Postmedia Network Inc., those affected by the proposed merger of the plans listed above have 10 business days from the time this communication has been posted, to make written submissions with respect to FSRA’s proposed consent to the asset transfers.
Please note that once those 10 days are completed (by October 1, 2020), and subject to consideration of any concerns or comments made to FSRA by those affected by the proposed merger, CAAT expects FSRA will issue its consent to the merger of the plan listed above, and the merger of the plan will proceed.
Should you wish to make comments or make submissions with respect to the merger of the plans, you may do so by contacting FSRA at:
Toll free: 1-800-668-0128
5160 Yonge Street, 16th Floor
How we got here
On June 28, 2019, an overwhelming 99% of Postmedia Network Inc. plan members voted in favour of merging with the CAAT Pension Plan. Members of all Postmedia’s employee pension plans – both its defined benefit (DB) and defined contribution (DC) plans – started contributing to, and earning, a pension under CAAT’s DBplus plan design effective July 1, 2019.
What is my DBplus contribution rate?
DBplus contributions are based on employment earnings and are matched dollar for dollar by Postmedia Network Inc.
|Effective date||Current employee contribution rate of 3%||Current employee contribution rate of 4%||Current employee contribution rate of 5%|
|July 1, 2019 - June 30, 2024||3.0%||4.0%||5.0%|
|July 1, 2024 - June 30, 2025||4.0%||4.0%||5.0%|
|July 1, 2025 and thereafter||5.0%||5.0%||5.0%|
Who do I contact if I have questions about my pension benefits or need to change my personal information?
Postmedia member services at the CAAT Pension Plan
c/o Morneau Shepell Ltd.
800 Bay Street, 7th Floor
Toronto, Ontario M5S 3A9
Toll Free: 1.855.369.9479
Details about your new CAAT pension
If you have a pension from any former Postmedia Network DB plan, your total annual pension will be the sum of two parts:
Postmedia pension + DBplus pension = Total annual pension payable from the CAAT Pension Plan
- Your Postmedia pension is the pension you have earned up to June 30, 2019, which will be replicated and payable from the CAAT Pension Plan, once assets are transferred.
- Your DBplus pension is the pension you are earning under the DBplus plan design as of July 1, 2019.