Unionized members and Woodbridge Foam reach a mutually beneficial agreement to provide a valuable defined benefit pension

Toronto, February 27, 2024 – CAAT Pension Plan, one of Canada's fastest-growing and most sustainable defined benefit (DB) pension plans, is pleased to announce that Woodbridge Foam is providing its unionized employees with secure, stable lifetime retirement income through DBplus. All eligible Ontario employees started to accrue their pensions on October 1, 2023.

Woodbridge Foam employees and Unifor Local 112 negotiated for CAAT's DBplus benefit as part of their recent collective bargaining agreement, which also helped to eliminate two-tiered contracts by unifying both production workers and skilled trades into one agreement. It also gives Woodbridge Foam the ability to offer its workers a desirable low-risk DB pension with fixed costs that can help with recruitment and retention efforts.

"We are happy to welcome Woodbridge Foam and their employees to DBplus so they can enjoy lifetime retirement income security," said Derek Dobson, CEO and Plan Manager, CAAT Pension Plan. "We know how vital a modern defined benefit pension is for workers across the country, so they have confidence ahead of their retirement."

“This partnership between Woodbridge Foam and our Unifor-member teammates will provide a secure retirement solution that will give them peace of mind as they work towards their golden years." said Peter Martin, Vice President, Global Total Rewards, Woodbridge Foam. "We also see the competitive advantage of choosing DBplus in helping us attract and maintain our workforce talent pool at a fixed cost and with minimal risk."

About CAAT Pension Plan:
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two highly desirable designs of a defined benefit pension. CAAT's award-winning DBplus plan design is leading an extraordinary pace of growth for the Plan. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 370 participating employers in 20 industries including the for-profit, non-profit, and broader public sectors. It currently has more than 94,000 active and retired members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. On January 1, 2023, the Plan was 124% funded on a going-concern basis.

Learn more at: www.caatpension.ca.

About Woodbridge Foam:
With corporate headquarters in Mississauga, Ontario, Canada, and automotive headquarters in Troy, Michigan, USA, Woodbridge has more than 7,000 teammates in over 40 locations across nine countries. The company offers material technologies for automotive, commercial, recreational, packaging, healthcare, and building product applications. We provide a full complement of services, including prototyping, consulting, technical support, chemical R&D, and accredited laboratory testing.

Learn more at: www.woodbridgegroup.com..

For more information:
Media Relations
CAAT Pension Plan
media@caatpension.ca