Skip to the content

CAAT Pension Plan Members from Catholic Charities of the Archdiocese of Toronto and Participating Member Agencies

Merger Update

The merger of the prior defined benefit plans of Catholic Charities of the Archdiocese of Toronto and Participating Member Agencies 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 95% of Catholic Charities of the Archdiocese of Toronto and Participating Member Agencies (Catholic Charities) plan members voted in favour of merging with the CAAT Pension Plan. Members of all the Catholic Charities of the Archdiocese of Toronto and Participating Member Agencies’ employee pension plans – its defined benefit (DB), defined contribution (DC), and group retirement saving (GRSP) 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 Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (“FSRA”) must approve the transfer of the DB pension plan assets and liabilities. An application will be filed with FSRA in the coming months. Once approved by FSRA, Catholic Charities of the Archdiocese of Toronto and Participating Member Agencies 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?

Employees hired on or after January 1, 2020 will contribute to DBplus at the rate of contribution in effect at the time of hire.

Employees previously participating in the defined benefit (DB) plans will start contributing to DBplus at 5.0% with a 0.5% annual increase until January 1, 2024. Thereafter, contribution rates will be fixed at 7.0% of earnings. The employer contribution rate is 7.0% from the start and your pension benefit will be calculated (deemed) as if both employee and employer contributed 7.0% of earnings in each year as follows:

Effective date Employee contribution rates Employer contribution rates Total (deemed) contributions
January 1, 2020 5.0% 7.0% 14.0%
January 1, 2021 5.5% 7.0% 14.0%
January 1, 2022 6.0% 7.0% 14.0%
January 1, 2023 6.5% 7.0% 14.0%
January 1, 2024 and onwards 7.0% 7.0% 14.0%

 

Employees previously participating in the defined contribution and Group RSP plans at a rate higher than indicated will start contributing to DBplus at their current rate until they meet the next threshold rate and ‘phase-in’ as follows (annually these pensions will be calculated based on the total contributions):

Agency: Catholic Crosscultural Services

Effective date Employee contribution rates Employer contribution rates Total (deemed) contributions
January 1, 2020 1.0% 5.0% 6.0%
January 1, 2021 2.0% 5.0% 7.0%
January 1, 2022 3.0% 5.0% 8.0%
January 1, 2023 4.0% 5.0% 9.0%
January 1, 2024 and onwards 5.0% 5.0% 10.0%

Agency: Mary Centre of the Archdiocese of Toronto

Effective date Employee contribution rates Employer contribution rates Total (deemed) contributions
January 1, 2020 1.0% 3.0% 4.0%
January 1, 2021 2.0% 3.5% 5.5%
January 1, 2022 3.0% 4.0% 7.0%
January 1, 2023 4.0% 4.5% 8.5%
January 1, 2024 and onwards 5.0% 5.0% 10.0%

Agency: Rose of Durham

Effective date Employee contribution rates Employer contribution rates Total (deemed) contributions
January 1, 2020 4.0% 4.0% 8.0%
January 1, 2021 4.0% 4.0% 8.0%
January 1, 2022 4.0% 4.0% 8.0%
January 1, 2023 4.5% 4.5% 9.0%
January 1, 2024 and onwards 5.0% 5.0% 10.0%

All other Agencies

Effective date Employee contribution rates Employer contribution rates Total (deemed) contributions
January 1, 2020 4.0% 7.0% 11.0%
January 1, 2021 5.0% 7.0% 12.0%
January 1, 2022 6.0% 7.0% 13.0%
January 1, 2023 and onwards 7.0% 7.0% 14.0%

Who do I contact if I have questions about my pension?

Catholic Charities member services at the CAAT Pension Plan
Toll Free: 1.855.369.9479

Details about your new CAAT pension

If you have prior pension benefits from Catholic Charities your total annual pension will be the sum of two parts:

Catholic Charities pension + DBplus pension = Total annual pension payable from the CAAT Pension Plan

  • Your Catholic Charities 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.

Restoration of benefits for periods of service between January 1, 2013 and December 31, 2019 will be provided after regulatory approval is received for the merger and the assets are transferred from Catholic Charities to the CAAT pension plan. If eligible, restored benefits would become payable to you in retirement as part of your total pension. Under the same terms as the CCAT Pension Plan.

Enhancements

Inflation protection

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 1stof each year beginning in 2021, for the pension benefits you earn under DBplus, once you start your pension.

Any benefit earned under the Catholic Charities DB plan will receive an additional enhancement of 2.25% annually beginning January 1, 2021 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. At the same time guaranteed AIW enhancements will also be applied to the CCAT portion of your pension.

Contact Us Image

Vous avez des questions? Contactez-nous

L'équipe des Services aux participants du Régime de retraite des CAAT est là pour répondre à vos questions.