About the City of Whitehorse
Located in the Yukon Territory, the City of Whitehorse is a lively, northern Canadian metropolis, renowned for its natural beauty, historical significance and vibrant culture. Whitehorse is the capital city of the Yukon and is often the first stop for many visitors to the region. The City of Whitehorse provides various municipal services and employs individuals in administration, public works, parks and recreation, planning and development, public safety and more.
The Challenge
Whitehorse Missing Out on Top Talent
The City of Whitehorse was participating in a group RRSP but was finding it wasn’t enough to keep good employees around. The City’s biggest competitor for talent turned out to be its territorial counterparts in the Yukon Government because of the benefits they offered, including a defined benefit (DB) pension.
Offering a better workplace pension as a key component of enhancing their total rewards package would not only help the City attract and retain talent but would also help it gain a competitive advantage as an employer of choice in the north. Additionally, it would enable the City to begin competing with other municipalities across Canada where employees were accustomed to the benefits secured through DB pension plans.
The Solution
DBplus: Honing a Competitive Edge
With CAAT Pension Plan’s DBplus plan design, the City of Whitehorse could close the gap on its peers in the territorial government, boasting highly coveted pension benefits while fostering long-term employee loyalty. Whitehorse employees would receive protection against outliving their retirement, along with additional benefits such as early retirement features, conditional inflation protection, and survivor benefits not provided through a group RRSP. By offering a plan that prioritized employees, the City of Whitehorse would improve its chances of attracting quality staff members to the region, while ensuring they remain satisfied.
Throughout the onboarding process, CAAT listened to the City’s needs and tailored DBplus accordingly. CAAT representatives accommodated Whitehorse’s timelines, traveling north to conduct in-person presentations about the plan and even hosted eventual 1-on-1 consultations with new members. These presentations and consultations proved to be a true success, surprising the employer with the number of employees who chose to attend.
The Results
CAAT Pension Plan Travels North to Extend Pension Reach
The City of Whitehorse knew it did not want the fiduciary, financial or administrative responsibility of managing its own plan, but still needed an affordable solution. At the same time, the employee union advocated for a pension solution that would provide its members with lifetime retirement security, regardless of market volatility or investment performance. DBplus offered the City a sustainable, fixed-cost solution, with contribution rates they defined.
After engaging CAAT, not only did Whitehorse get a great pension plan, but the City also helped to ensure greater equitable access to secure lifetime retirement income for employees and community members in the north. It also demonstrated its commitment to employee wellbeing by offering better, long-term benefits for its staff.
By partnering with the City of Whitehorse, CAAT was also able to extend its reach – becoming one of the first Canadian pension plan providers to offer a defined benefit plan from coast to coast to coast.
Coast to Coast to Coast
When it comes to attracting and retaining talent, DBplus helps all kinds of organizations:
- ✔Foster positive workplace culture
- ✔Demonstrate a long-term commitment to employee wellness
- ✔Enhance total rewards packages
- ✔Remain competitive with the public sector and larger organizations currently offering the coveted and in-demand benefit of a DB pension
- ✔Emerge as employers of choice for top talent
DBplus enables organizations across Canada to offer a world-class pension, giving employees what they want and need - at an affordable rate.