General
What is a GROWTHplus Account?
an optional savings account for CAAT Pension Plan members.
Who is eligible for GROWTHplus?
GROWTHplus is exclusively reserved for members who have a defined benefit pension with CAAT. This includes active, deferred and retired CAAT Pension Plan members.
What is CAAT’s 10-year net rate of return?
9.3% per year.
When can a Active, Deferred, or Retired member withdraw funds from their account?
How to designate a beneficiary for GROWTHplus?
Members can update their beneficiary information through the Member Portal by navigating to Member Information > Beneficiary Information > Edit. If not registered for the Member Portal, you can request a paper beneficiary form from CAAT.
What are the benefits of having a GROWTHplus Account?
Benefit from CAAT’s investment returns: Leave the investment decisions to CAAT’s professionals and benefit from the Plan’s scale and asset mix, including private equity, infrastructure, and real estate.
Grow your savings with a trusted organization: Consolidate your tax-sheltered retirement savings into an account with an organization that focuses on long-term investment performance.
Continue participating throughout your lifetime: When your lifetime defined benefit pension remains with CAAT, you can continue to make deposits into GROWTHplus and benefit from the Plan’s investment returns, subject to certain deposit restrictions and withdrawal requirements.
What is the age stipulation for growth plus?
members who have not yet reached the end of the calendar year in which they turn 70 can initiate a deposit into their GROWTHplus Investment Account.
What was CAATs 2023 Rate of return?
The Plan returned 9.5% in 2023 net of management fees.
What are the withdrawal options for members who terminate employment and are in their 24-month Extension of Membership (EOM) window?
Members who terminate employment and are no longer accruing benefits in DBprime or DBplus, and who are in their 24-month Extension of Membership (EOM) window, can make a one-time withdrawal (up to 100% of their GROWTHplus funds) at any time during the EOM period.
When will GROWTHplus members receive their annual statement?
GROWTHplus annual statement is issued separately from the Defined Benefit pension statement, no later than June 30.
Will there be GROWTHplus education sessions for members?
Yes. CAAT is committed to informing and educating members about the benefits of the CAAT Pension Plan. GROWTHplus will be integrated into member education sessions about the Plan. Join us for a GROWTHplus member webinar on Wednesday, October 9 from 11 AM to 12 PM EST.
Who is not eligible to participate?
GROWTHplus is only available to members who reside in Canada for income tax purposes. However, you can keep an existing account and continue to earn a return on your balance.
Members who are no longer entitled to a defined benefit (DB) pension in the CAAT Pension Plan cannot initiate deposits and must transfer their GROWTHplus balances to a personal savings account.
Employees who are eligible to join DBplus or DBprime but decide not to are ineligible to participate in GROWTHplus.
Former members, surviving spouses, eligible children, beneficiaries, and others entitled to only a lump sum payout from the CAAT Pension Plan cannot make deposits into GROWTHplus.
Can I choose how my funds are invested ?
No, there are no investment choices in GROWTHplus. Members who deposit funds in GROWTHplus can rely on CAAT’s professionals to make investment decisions and benefit from the Plan’s scale and asset mix, including private equity, infrastructure, and real estate.
Are there any penalties for early withdrawal from the GROWTHplus account?
There are no penalties for withdrawals from the GROWTHplus account. Withdrawn funds will receive a rate of return based on the Plan’s net investment performance for that partial year period.
Are there any fees associated with my account?
Funds in a GROWTHplus Investment Account earn CAAT’s net rate of return, minus a 0.3% administration fee. CAAT prioritizes members’ profits, with no staff commissions and a cost-recovery model to keep fees competitive. The fee is reviewed periodically and may change.
Who can I contact if I have more questions about GROWTHplus?
Send us a secure message in My Pension, email member@caatpension.ca, or call us at 1-866-350-2228 (toll-free), 8:30 AM – 4:30 PM ET.
How do I make a deposit?
Log into My Pension, CAAT’s member portal, to initiate a transfer into your GROWTHplus account. [Explainer video/resource to come]
If you do not wish to use My Pension, you can initiate a transfer using CAAT’s paper-based process. Contact CAAT’s Member Services team for assistance.
How often can I see the performance of my account?
Balances are updated annually. Your balance as of December 31st will be updated in My Pension (and reflected on the GROWTHplus annual statement) when the rate of return for the calendar year is determined, no later than April 30th of each year.
How long does it take to process a withdrawal request ?
Withdrawal requests will be processed within 30 days of the receipt of the completed withdrawal information.
What are some upcoming communications ?
A promotional campaign with a series of three emails will be deployed September 10, September 24 and October 1 including a call to action to attend CAAT's member webinar on October 9.
The September issue of CAAT's member newsletter will go out the week of September 16 promoting the launch of GRWOTHplus and the webinar, too.
When is the GROWTHplus Investment Account launch date?
By the end of 2024
Can I transfer in funds from another plan’s additional voluntary contributions, for example, OMERS’ AVC?
Funds can be transferred from another AVC, subject to the rules and conditions of the transferring financial institution. If the funds were locked-in, they would remain locked-in in GROWTHplus.
How is the GROWTHplus Net Rate of Return and administration fee calculated for funds that are deposited or withdrawn during a portion of the calendar year?
funds in GROWTHplus for a portion of a calendar year (i.e., deposited or withdrawn during the year), the applicable GROWTHplus Net Rate of Return will be based on the portion of the year the funds are in the account, and the administration fee will be prorated accordingly.
What happens if my withdrawal leaves a balance of less than $500 in my GROWTHplus account?
If your withdrawal leaves a balance of less than $500 in your GROWTHplus account, the remaining balance will be paid out to you. This applies separately to locked-in and non-locked-in GROWTHplus balances.
Where can you locate Derek Dobson's Fire Side chat about GROWTHplus
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