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CAAT Members from the Torstar Group of Companies

Merger Update

The merger of the eight Torstar defined benefit pension plans (the “Torstar Plans”) with the CAAT Pension Plan is regulated by legislation and is a two-step process.

The first step is complete

On September 27, 2018, an overwhelming 97% of Torstar Plan members voted in favour of merging with the CAAT Pension Plan. Employees who had past defined benefit pensions started contributing to and earning a pension under CAAT’s DBplus plan design effective October 1, 2018. Employees who participated in the defined contribution or group RSP plans joined DBplus on January 1, 2019.

The second step is in its final stages

The merger of the eight Torstar defined benefit pension plans into the CAAT Pension Plan is in its final stages. The Financial Services Regulatory Authority of Ontario (FSRA) has issued a Notice of Intended Decision for the merger of the of the Torstar plans into the CAAT Pension Plan. By issuing this notice, the Chief Executive Officer (CEO) of FSRA has indicated an intention to consent to the pension plan mergers following a standard 30-day period to facilitate any applicable requests to the Financial Services Tribunal.

After this 30-day waiting period and the final consent is obtained from the CEO of Financial Services, the final steps of the merger can be completed. It is anticipated that the transfer of asset will be completed by the end of 2019, at which point the Torstar Plans will be fully merged into the CAAT Pension Plan.

Once the assets have transferred, Torstar Plan members can expect to receive a communication notifying them that the merger has been completed. Should you have any questions, please email info@dbplus.com.

What is my DBplus contribution rate?

Torstar Group of Companies

Members with DBplus benefits only

Effective date Employee contributions Employer contributions
January 1, 2019 4.0% 4.0%
January 1, 2020 4.5% 4.5%
January 1, 2021 and thereafter 5.0% 5.0%

 

Members with a previous Torstar Defined Benefit plan

Effective date Employee contributions Employer contributions
October 1, 2018 7.0% 7.0%
January 1, 2020 8.0% 8.0%
January 1, 2021 and thereafter 9.0% 9.0%

Who do I contact if I have questions about my pension benefits or need to change my personal information?

Torstar member services at the CAAT Pension Plan
Toll Free: 1.855.890.5740
E-mail address: TorstarEmployeeMailbox@buck.com

Details about your new CAAT pension

If you have a pension from any former Torstar Plans, your total annual pension will be the sum of two parts:

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

  • Your Torstar Plan pension is the pension you have earned up to September 30, 2018, 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 October 1, 2018.
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