Toronto, August 26, 2020 –
The Mohawk College Foundation knows about making smart investments for the future
The independent organization funds a growing range of scholarships, bursaries, and major initiatives for students at Mohawk College. Mohawk College Foundation recently joined CAAT’s DBplus to provide employees with a secure lifetime pension for their future.
Foundation employees join their academic, support and administrative colleagues on the campuses of Mohawk College as members of the CAAT Pension Plan.
Employees of the Foundation were contributing to a group registered retirement saving plan before joining CAAT’s defined benefit DBplus pension on August 1, 2020. On an individual basis, the Foundation employees are eligible to transfer their group RRSP accounts to DBplus, increasing the amount of their secure defined benefit pension.
DBplus has made lifetime pensions accessible to more working Canadians across the country, and base planning assumptions are that the CAAT Plan, which currently has more than 63,500 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 available to all Canadian workplaces in 2019, more than 15,000 members have since joined, including Postmedia, the United Way of Greater Toronto, and Brink’s Canada. CAAT has members across Canada that come from nine different industries and has support and participation from 14 different unions.
“I am delighted to welcome Mohawk College Foundation and our newest members to CAAT’s DBplus. DBplus allows members, and their surviving spouses, to live out their retirement years with confidence that their pensions will continue for life with annual inflation protection enhancements.”
Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan
“We are pleased to be joining the CAAT DBplus plan. This move allows us to improve the benefits we offer to Mohawk College Foundation employees, helping ensure long-term, sustainable and secure retirement savings.”
Ron J. McKerlie, President, Mohawk College Foundation
For more information:
CAAT Pension Plan