Toronto, June 29, 2021 – An organization renowned for supporting skills development and innovation across Canada is the latest employer to join the CAAT Plan. As the voice of Canada’s colleges, CEGEPS, polytechnics and institutes, Colleges and Institutes Canada (CICan) works with employers, governments and stakeholders to produce tomorrow’s innovative workforce, while also helping partners around the world transform their education systems.
CICan’s employees, represented by OPSEU, have joined CAAT’s DBplus design, effective June 1, 2021. This valuable solution for delivering predictable retirement income for life helps to reduce stress for employees about their financial security in retirement. CICan’s participation in DBplus also allows them to offer a secure defined benefit pension, without the risk, cost, and hassle of managing it themselves.
The innovative DBplus provides secure and predictable lifetime retirement income at fixed contribution rates to public, private and not-for-profit workplaces across Canada. By joining DBplus, employers eliminate the associated risks and administration costs of operating their own pension plans yet enjoy all the attraction, retention, and other benefits of a large and high-performing industry leading defined benefit plan.
Since introducing the award-winning DBplus plan design in 2019, CAAT has grown its membership to over 70,000 and more than 125 employers in 10 industries. CICan joins other notable CAAT participating employers, such as Brink’s Canada, The Conference Board of Canada, Torstar, University of Saskatchewan, Vancouver Foundation, and the Ontario Dental Association.
As of January 1, 2021, the CAAT Plan has $15.8 billion in assets and last year earned an 11.1% rate of return net of investment management fees. The annualized 10-year net rate of return is 9.9%.
Quotes
“We are energized to be able to provide a valuable and low-risk defined benefit pension solution to CICan, allowing them to offer lifetime retirement income to their employees at a fixed-cost. We are proud to bring secure and sustainable pensions to more Canadian workplaces, particularly those also dedicated to creating better futures for people and communities.”
Derek W. Dobson, CEO, CAAT Pension Plan
“We are incredibly excited to join the CAAT Pension Plan through DBplus. Our association strives to be an employer of choice and to offer competitive benefits to all our employees. By joining CAAT we are able to provide them with a solid and reliable option to save for retirement, and the peace of mind that comes with a well-established pension plan.”
Denise Amyot, President and CEO, Colleges and Institutes Canada
“Every worker needs and deserves a reliable pension. As the union representing thousands of Ontario faculty, one of our top priorities is ensuring our members can all look forward to a secure retirement after a lifetime of hard work. With CICan joining the CAAT Pension Plan, we’re one step closer to our goal. Congratulations to our members and the plan!”
Warren (Smokey) Thomas, President, OPSEU/SEFPO
About CAAT Pension Plan
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two designs of a defined benefit pension. CAAT's award-winning DBplus plan 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 125 participating employers from various sectors including the for-profit, nonprofit, and broader public sectors. Currently, it has over 70,000 active and retired members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. At January 1, 2021, the Plan was 119% funded on a going-concern basis with a $3.3 billion funding reserve. Learn more at: www.caatpension.ca.
About Colleges and Institutes Canada
Colleges and Institutes Canada (CICan) is the voice of Canada’s publicly-supported colleges, institutes, CEGEPS and polytechnics, and an international leader in education for employment with ongoing programs in over 25 countries. CICan’s members add over $190B to Canada’s economy each year and contribute to inclusive economic growth by working with industry and community partners to offer more than 10,000 programs to learners in urban, rural, remote, and northern communities. Learn more at: www.collegesinstitutes.ca.
For more information:
Lindsay Grillet
CAAT Pension Plan
LGrillet@caatpension.ca
Mobile: 416-909-5469