CMAT Retirement Plan allows you to choose between two options, a Defined Benefit plan which includes an optional Defined Contribution component (DB/DC option) or a Defined Contribution plan (DC only option).
A Defined Benefit (DB) Plan provides you with a pension that is determined based on a pre-set formula that considers your years of credited service and your average earnings. It is up to CAE to pay to the pension fund all amounts required to ensure that, together with member contributions and investment returns, the fund will be sufficient to provide for the payment of the pensions for all members of the plan.
A Defined Contribution (DC) Plan is a type of pension plan where both the member and CAE make contributions on a regular basis. Investments are primarily directed by you, the member, from options made available to you in the Plan.
The monthly pension provided by the DB Plan or the contributions and investment returns made in the DC Plan, along with government pensions and personal savings, will help you secure the standard of living you want after you retire.
- Participation is mandatory and you are eligible to enroll after you have completed four weeks of continuous service if you are a permanent or temporary employee.
For on-call employees, you must enroll in the plan on January 1st following the year during which you have worked at least 700 hours with CMAT or earned at least 35% of yearly maximum pensionable earnings (YMPE). - Upon enrollment, you will be required to make an irrevocable decision between the DB/DC option and the DC only option. If you do not make a decision, you will automatically be enrolled in the DC only option without the possibility of changing your option.
- You will receive an email to register.
- Note that once you become a member you must continue to pay your mandatory contributions as long as you are actively employed by CAE.
- You may suspend or modify your optional or additional contributions at any time.
- Contributions amounts depends on your Plan option.
- Remember, participation in the Plan will impact your RRSP deduction limit.
Lean more with the CMAT Retirement Plan Presentation.
Find out more detailed information in the Plan Brochure.