An update on the CAAT Pension Plan merger

CANADA – Worker Benefit Services, (WBS), is pleased to report that the Alberta Pension Regulator has formally approved the transfer of the Defined Benefits (DB) pension assets (and liabilities) held in the LCC Pension Plan to the CAAT Pension Plan (“Plan Merger”).

WBS expects that the transfer of DB assets will be completed by mid-November 2023. Once the assets are transferred to the CAAT Pension Plan, CAAT will assume responsibility for the payment of pensions that were earned under the LCC plan prior to the effective date of the merger, April 1, 2023. As of April 1, Active members have been earning their future pension benefits under the CAAT DB plus pension plan.

As previously communicated, only the DB assets of the LCC Pension Plan are being transferred to CAAT. So the next step in the process of winding up the LCC pension plan will be the dispersal of member assets held in the DC component of the pension plan. Each member with a DC account will have a choice from several options in terms of how they would like to handle their DC account balance, including:

• Using their DC account balance to purchase additional pension under CAAT’s DB plus plan for eligible periods of employment.

• Using their DC account balance to purchase an annuity from an insurance company.

• Transferring their DC account balance into other eligible registered retirement vehicle such as a Locked-in Retirement Account (LIRA), with another financial institution.

• Transferring their DC account balance to Sun- Life’s Group Choices Plan where they can continue to invest their funds.

More detailed information on these options will be circulated to members in later communication. CAAT will also be conducting a few webinars in November to explain DB plus purchases.

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