The award-winning DBplus defined benefit plan design continues to appeal across sectors

Toronto, October 3, 2019 – CAAT continues to grow and diversify its membership, adding two new organizations to its growing roster of participating employers.

As part of their new collective agreement, workers from the University of Saskatchewan and Federated Colleges Non-Academic Pension Plan, represented by CUPE 1975, joined DBplus on a go-forward basis effective September 1. As well, employees from Community Living Toronto joined the CAAT plan effective October 1st. Pending regulatory approval, Community Living Toronto will merge their prior defined benefit pension plan liabilities and assets into CAAT. Members of the Community Living Toronto pension plans consented to the merger, voting an overwhelming 93% in favour, with unionized members represented by their local CUPE 2191. The consent period concluded on September 30.

These two new employers add over 2,000 new members to DBplus – 700 from Community Living Toronto and 1,300 from the University of Saskatchewan. Members will pay into the DBplus plan at fixed contribution rates, with their respective employers matching dollar for dollar.

In the coming months, an application will be made to the Financial Services Regulatory Authority of Ontario (FSRA) for its consent to the transfer of plan assets and liabilities from Community Living Toronto’s plans.

The CAAT Pension Plan is open for growth in membership where it is mutually beneficial, from the public, private or not-for-profit sectors in Canada. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement savings plan.

Quotes

“I am grateful that our newest members from the University of Saskatchewan and Community Living Toronto have endorsed our DBplus plan. This innovative pension design provides secure, predictable retirement income for life at a fixed contribution rate – meeting essential needs and eliminating key risks for both employees and employers”
Derek W. Dobson
Chief Executive Officer and Plan Manager, CAAT Pension Plan

“The CAAT DBplus plan has proved to be a timely solution to the long-term financial sustainability challenge we were facing with our non-academic defined benefit pension plan. DBplus ‘ticked all the boxes’ for us as an employer in terms of cost certainty for our institution while providing our employees with a competitive pension plan. The team at CAAT has been there every step of the way through the implementation process and we are looking forward to working with them for years to come.”
Cheryl Carver
Associate Vice President, People and Resources, University of Saskatchewan

“We are so pleased to be joining the CAAT DBplus plan. This will allow us to provide a sustainable, predictable retirement benefit for our employees and reduce the significant effort associated with providing our own plan.”
Brad Saunders
Chief Executive Officer, Community Living Toronto