CAAT definition
Examples of CAAT in a sentence
The Parties agreed that the decision on any such transfer would require due diligence activities by the Parties to determine the feasibility and cost, including any requirements to join the CAAT plan, and whether such transfer could be explored on a cost-neutral basis for the Employer.
For greater certainty, this would include, without limitation, any requirement for the Employer to make any contributions to fund a solvency deficiency, going concern unfunded liability, wind-up deficit or the imposition of any employer withdrawal liability, including where any such funding requirement is contingent upon the occurrence of another event such as plan wind-up or the subsequent withdrawal of the Employer from CAAT DBplus.
During 2024 negotiations the Parties discussed the Union’s interests in transferring into the College of Applied Arts and Technology (CAAT) DB Plus Pension Plan.
The Union tabled that the CAAT DB Plus plan provides a defined benefit pension and may offer features that could be of value to employees, such as survivor benefits and early retirement options.
The Union advised that the CAAT plan currently requires a minimum mandatory contribution of one percent (1%) of wages paid by employees.
Until such time as the Successor Arrangements have been established, the Employer shall provide each affected member of the bargaining unit with additional compensation (in such form determined by the Employer) that is equal to the Fixed Employer Contributions that the Employer would have otherwise made under CAAT DBplus in respect of each such employee.
Accordingly, the Parties agreed to continue their discussions regarding the CAAT plan after the date of ratification.
The Employer provides no representations/warranties, assurances or guarantees to the Union or to the PSAC bargaining unit employees in respect of the CAAT DBplus plan, the same having been proposed by and introduced to the Employer by the Union.