CAAT welcomes new members from Canada’s most easterly province
Toronto, November 18, 2020 –
the College of Physicians and Surgeons of Newfoundland and Labrador (College) know a good remedy when they see one and have turned to CAAT’s DBplus for a solution that provides a sustainable, secure pension for their valued employees.
The College is the latest organization to join CAAT’s growing list of participating employers and is the first medical college to join. The 14 employees of the College were contributing to a defined contribution arrangement before joining CAAT’s DBplus on November 1, 2020.
On an individual basis, employees of the College have the option to convert their defined contribution accounts to their DBplus pension, increasing the amount of their lifetime defined benefit pension.
Other groups joining CAAT include law firms. To date, 19 from across Canada have joined DBplus through an affinity arrangement with the Canadian Bar Insurance Association/Lawyers Financial since July 1, 2020.
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 65,500 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.
“CAAT is proud to welcome the College of Physicians and Surgeons of Newfoundland and Labrador and our newest members. DBplus employers benefit with improved attraction and retention, and a less stressed workforce. New member endorsement of DBplus is overwhelming, regardless of age, industry, or location.”
Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan
“The College of Physicians and Surgeons of Newfoundland and Labrador is pleased to have joined with the pension experts at CAAT to provide our valued staff with access to a secure and sustainable lifetime pension. CAAT’s defined benefit plan will help the College continue to attract and retain its top talent.”
Dr. Linda Inkpen, Registrar
For more information:
CAAT Pension Plan