Vopak Terminals of Canada latest to join DBplus
Toronto, June 19, 2020 – The award-winning DBplus plan design continues to attract interest from employers and workers from a wide range of industries across Canada. The latest to join a growing list of participating employers is Vopak Terminals of Canada – Hamilton.
As part of their new collective agreement, ratified earlier this year, the employees at Vopak Terminals in Hamilton, represented by Unifor Local 2003E, joined DBplus on a go-forward basis effective June 1, 2020. With this change, these members move from a defined contribution plan into a modern defined benefit plan.
CAAT’s DBplus is proving to be the answer for organizations of all sizes seeking a sustainable pension solution. It provides fixed contributions and no balance sheet risk for employers, and pension certainty, more security and less risk for employees. DBplus has made lifetime defined benefit pensions accessible to more working Canadians across the country, and base planning assumptions are that the CAAT Plan, which currently has more than 63,000 members, is expected to grow by 300,000 in the next six years.
The CAAT Pension Plan is open for growth in membership 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. Since the 2018 launch of DBplus, CAAT has attracted 33 additional participating employers and more than 15,000 new members, representing nine industries across the for-profit, not-for-profit, and broader public sectors. Interest in DBplus remains strong, with several new employers to be announced in the coming weeks.
“During their working years, CAAT members have less worry about saving for retirement, especially in a volatile investment market. This benefits them and their employers by reducing financial stress that negatively affects employee health and productivity. We are delighted to welcome Vopak, and proud of being able to provide its Unifor employees with a secure, simple, and sustainable lifetime pension.”
Derek W. Dobson, CEO, CAAT Pension Plan
“Getting a good pension was a major priority for our members in this round of bargaining, and CAAT met both our need to ensure a stable retirement income for our members while recognizing the needs of our employer.”
Phil Barbara, Unifor Local 2003 President
“Vopak Hamilton is pleased to be joining the CAAT Plan through DBplus. On behalf of our Hamilton Unifor members, we look forward to a long and sustainable relationship with DBplus. Thank you to the DBplus team for being there to help us through the transition process.”
Jennifer Carruthers, Terminal Manager at Vopak – Hamilton
For more information:
CAAT Pension Plan