CAAT Pension Plan Members from Winnipeg Free Press and Canstar Community News
The merger of the prior defined benefit plans of Winnipeg Free Press and Canstar Community News with the CAAT Pension Plan is regulated by legislation and is a two-step process.
The first step is complete
On December 29, 2019, an overwhelming 99% of Winnipeg Free Press and Canstar Community News plan members voted in favour of merging with the CAAT Pension Plan. Members of the Retirement Plan for Employees of Winnipeg Free Press and Canstar Community News – its defined benefit (DB) and defined contribution (DC) components – started contributing to, and earning, a pension under CAAT’s DBplus plan design effective January 1, 2020.
The second step is in progress
The Manitoba Office of the Superintendent—Pension Commission (the “Superintendent”) must approve the transfer of the DB pension plan assets and liabilities. An application will be filed with the Superintendent in the coming months. Information regarding the merger will also be sent to the CEO of the Financial Services Regulatory Authority of Ontario.
Once approved, Winnipeg Free Press and Canstar Community News plan members will be notified that their past pension benefits will be transferred to and replicated in the CAAT Pension Plan.
What is my DBplus contribution rate?
Employee previously participating in the defined contribution (DC) Plan and employees hired on or after January 1, 2020 will contribute to DBplus at 5.0%, matched dollar for dollar by FP Canadian Newspapers Limited Partnership.
Employees previously participating in the defined benefit (DB) portion of the WFP/Canstar Pension Plan will contribute in each year as follows (annually these pensions will be calculated (deemed) as if both employer and employee each contributed 5.0% of earnings):
|Effective date||Employee contribution rates||Employer contribution rates||Total (deemed) contributions|
|January 1, 2020||4.0%||0%||10.0%|
|January 1, 2021||4.0%||5.0%||10.0%|
|January 2022 and onwards||5.0%||5.0%||10.0%|
Who do I contact if I have questions about my pension?
Winnipeg Free Press member services at the CAAT Pension Plan
Toll Free: 1.888.441.4065
Details about your new CAAT pension
If you have prior pension benefits from Winnipeg Free Press and Canstar Community News (WFP), your total annual pension will be the sum of two parts:
WFP pension + DBplus pension = Total annual pension payable from the CAAT Pension Plan
- Your WFP pension is the DB pension you have earned up to December 31, 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 January 1, 2020.
Inflation protection increases are made when the CAAT Pension Plan is over 100% funded to pensions in pay. This is called conditional inflation protection. Such annual increases are 75% of the annual percentage increase in the Consumer Price Index (CPI) and capped at 8% with a carry forward provision (i.e., in years when inflation is high, any amount above 8% would be carried forward and applied to inflation protection in the following years). Increases are effective on January 1st of each year beginning in 2021, for the pension benefits you earn under DBplus, once you start your pension. Any benefit earned under the WFP plan will receive conditional inflation protection beginning January 1, 2021, for the pension benefits you earn under DBplus, once you start your pension.
Average industrial Wage (AIW)
Starting January 2021 AIW enhancements are applied at the start of each year you contribute to the Plan and are subject to the CAAT Pension Plan Funding Policy.