The Challenge
Breaking News: Flexible Pension Solution Required
Torstar and its union partners were committed to providing its employees with a top-tier sustainable pension benefit. However, the organization faced significant challenges mired in a mix of defined benefit (DB), defined contribution (DC), and group RRSP plans covering approximately 5000 members, including deferred members and retirees.
As a publicly traded company, they were eager to find a cost-effective pension that could consolidate all plans under one roof, manage balance sheet liability, and maintain or enhance pension benefits for its workforce. A flexible pension solution would be required to not only meet the needs of a diverse group of employees but also align with the organization’s strategic objectives.
The Solution
DBplus is a Flexible Solution for Difficult Situations
Considering the variety of pension plans under its purview, Torstar required a dynamic solution to address its pension predicament. DBplus offered flexible contribution rates, fixed costs, and a straightforward onboarding process. For employees, DBplus also provided features that appealed to them, such as access to predictable lifetime retirement income, early retirement options, and survivor benefits were upheld.
Upon joining DBplus, an employer can mitigate balance sheet liabilities associated with administering a pension plan. The CAAT team assumes most plan management duties and takes over investment and fiduciary obligations. To welcome new members, CAAT offers extensive transition support, which includes member education sessions, retirement planning tools, and communication services. Merging with CAAT not only provides peace of mind for employers but also employees.