This planning activity update is brought to you from the employees of the Administration Team. Over the next number of weeks, we will be providing you updates to inform you of all of the planning and activities that are happening behind the scenes to assist everyone in their transition back through the various phases of the reopening of our college campuses.
The updates will cover a broad array of topics, in no particular order, ranging from:
- New food services provider
- Construction at our campuses
- Communication’s plans
- IT Infrastructure and resources
- Professional Development and Wellness programs
- 2020-2021 operating and capital budgets
- HR supports and many other topics of interest
As well, you will receive timely information and updates from our colleagues in academics and student affairs. Yes, we are in this together!
In this first message from the Administration Team, I wanted to provide an update on one of your most important benefits as a Durham College employee, your CAAT Pension.
The economy has seen roller coaster declines through the stock market, and I thought an update to you was timely.
I am a member of the Board of Trustees for the CAAT Pension Plan and I sit on the Board as Vice-Chair. The CAAT Plan is a defined benefit pension with guaranteed pensions, regardless of market fluctuations and other unforeseen external factors. The CAAT Plan has steadily built a healthy funding reserve, consistent with its Funding Policy, as a cushion against market ups and downs (volatility), to keep the pension promise strong and the Plan sustainable.
The Plan’s well-diversified portfolio of public and private market investments allows it to manage through a period of short-term volatility while focusing on long-term growth.
In summary, the Plan is strong, and benefits are secure because we have:
- A fund of over $13 billion as of December 31, 2019
- $2.9 billion in funding reserves, plus an additional $0.8 billion asset smoothing reserves to manage through volatility. The fund reserves far exceed the investment market movements we have seen through the pandemic period to date.
- A well-diversified investment portfolio which has delivered a 10% net return per year over the last ten years
- Applied the lessons learned from the Global Financial Crisis in 2007-08
- A well established and high performing jointly sponsored governance structure and management team focussed on long term sustainability.
If you are interested in more information on your CAAT pension plan, please visit their website at https://www.caatpension.on.ca/en or speak to your HR generalist.
In closing, I want to express my sincere gratitude and thanks for all the hard work and dedication you bring to your position at Durham College. Look for your daily communication updates – In This Together DC. Please stay healthy, and please stay safe.
I look forward to the day when we will be back together again.
Chief Administrative Officer