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CAAT further extends retirement security across Canada

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CAAT further extends retirement security across Canada

Two employers from British Columbia’s not-for-profit sector join DBplus

Toronto, October 14, 2020 – CAAT continues to provide working Canadians with a secure, lifetime pension with its innovative DBplus plan design.

CAAT welcomed two employers from British Columbia’s not-for-profit sector on October 1, 2020. The Vancouver Foundation and its affiliate, the British Columbia Unclaimed Property Society (BCUPS), were looking for a retirement savings option for staff and selected DBplus, regarding it as the best option for its employees.

The 53 full-time and six part-time staff at the Vancouver Foundation, and four full-time and two part-time employees at BCUPS joined DBplus and began building sustainable defined benefit pensions through fixed contribution rates.

CAAT continues to welcome organizations across Canada. The Vancouver Foundation and BCUPS join four other participating employers with members in British Columbia – Postmedia, the Canadian Press, SHARE, and Brink’s Canada.

DBplus is a defined benefit plan that is simple, secure, stable and sustainable. This innovative pension design 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 63,500 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. Although DBplus was only made available to all Canadian workplaces in 2019, members from more than 30 employers have already joined. CAAT now has members across Canada that come from nine different industries and has support and participation from 14 different labour unions.

Quotes

“The CAAT Plan is pleased to welcome our newest members and their employers, the Vancouver Foundation and BCUPS. DBplus is helping more working Canadians attain financial security in retirement and allowing employers to offer defined benefit pensions on a cost-effective basis with no financial risks.”
Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan

“We want to provide our hard-working team the best possible solutions for a secure, stable retirement. We’re thrilled to be partnering with CAAT to do just that.”
Kevin McCort, President and CEO, Vancouver Foundation

“The BC Unclaimed Property Society is excited to be joining CAAT’s DBplus plan along with our partners at the Vancouver Foundation. DBplus allows access for smaller organizations like BCUPS to offer employees the security of a defined benefit plan. It was an ideal fit for us.”
Alena Levitz, Executive Director, BC Unclaimed Property Society

For more information:

John Cappelletti
CAAT Pension Plan
JCappelletti@caatpension.on.ca
Mobile: 416-720-7853