Pension Information for Y024 Members
Members of PSAC/YEU Local Y024, employees at the Yukon Energy Corporation, will be voting on whether you’d like to convert your pension plan from the existing group RRSP to a defined benefit pension plan called CAAT DB plus (CAAT).
The union is not recommending that you vote one way or another.
Any change to the pension plan would have no impact on the contributions that you or the employer are paying towards your plan. Instead of going into your RRSP, the contributions would provide credit to each member towards earning a pension, resulting in monthly payments for life in retirement.
This is the same pension plan that workers at the City of Whitehorse joined.
There are a number of potential advantages of joining CAAT: it would allow members to earn a secure monthly income in retirement, and independent studies show that members of this plan would get far more retirement income in the long run. The potential disadvantages include less flexibility in choosing your own investments and no longer having a portable balance in your RRSP.
Every member should assess how this may impact them and vote accordingly.
Some additional resources include:
- Pension Calculator to see how the amount of pension you could receive from CAAT: https://www.caatpension.ca/pension-solutions/dbplus-value-tool
-
CAAT Pamphlet
If you have any other questions, please reach out to any of your Local executive members.
How to Vote?
The voting process will be coordinated and conducted by secret ballot via the neutral third-party online voting platform SIMPLY VOTING. All voting information will be sent to you by direct email from SIMPLY VOTING.
If you have any questions or if you do not receive a voting information email from SIMPLY VOTING by November 7th, please get in touch with PSAC North:
- Regional Representative, Shawna Dalley: [email protected]