New members are the first group represented by PSAC to join CAAT
Toronto, July 10, 2020 – Firefighters, administrative and infrastructure maintenance personnel at the Saint John Airport are among the newest members to join the CAAT Pension Plan through DBplus.
As part of their new collective agreement, ratified earlier this year, the employees at Saint John Airport, represented by the Public Service Alliance of Canada (PSAC), joined DBplus on a go-forward basis effective July 1, 2020. With this change, these members move from a defined contribution plan into a modern defined benefit plan. The Saint John Airport employees are the first group represented by PSAC to join the CAAT Pension Plan.
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 opened to all Canadian workplaces in 2019, more than 15,000 members from more than 30 employers have already joined. CAAT now has members across Canada that come from nine different industries. The Plan also has support and participation from 14 different labour unions.
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 is making lifetime 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.
“We are delighted to welcome this important New Brunswick employer, Saint John Airport, and its employees represented by PSAC. The CAAT Pension Plan has a winning solution to how employers and employee groups can join an exceptional plan to provide a simple, sustainable workplace defined benefit pension.”
Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan
“CAAT’s DBplus pension offers our valued team members the certainty of a defined benefit plan, while offering us the stable contribution rates of a defined contribution plan. It’s a scenario that’s the absolute best of both worlds: employees see optimal returns and employers enjoy predictable costs.”
Greg Hierlihy, Director of Finance and Administration, Saint John Airport Authority
"PSAC is thrilled to bring a defined benefit pension plan to our members at Saint John Airport. This is a breakthrough victory and will help ensure a financially secure retirement for our members—something all workers deserve."
Chris Aylward, PSAC National President
For more information:
CAAT Pension Plan