Toronto, January 28, 2022 – St. Stanislaus - St. Casimir's Polish Parishes Credit Union Ltd. (‘Polish Credit Union’) joined the CAAT Pension Plan (‘CAAT’) under the DBplus plan design on behalf of employees represented by Unifor Local 252. They are the first credit union to join CAAT.
DBplus is a flexible, high-value option for employers like Polish Credit Union who want an affordable, secure retirement plan that provides lifetime retirement income, inflation protection and survivor benefits. These attractive benefits help retain highly qualified employees, recruit top talent, and reduce the costs and administration associated with managing a pension plan.
“Joining DBplus reduced the financial risks, operational costs and administrative challenges of managing a pension plan,” said Tomasz Falfus, Human Resources Manager at Polish Credit Union. “With DBplus, our employees get a valuable defined benefit pension managed by the team of pension experts at CAAT and we get the peace of mind of knowing that there’s no administrative burden, so we can continue focusing on our business priorities while CAAT takes care of the rest.”
"Unifor is glad to see more members joining the great CAAT pension, and proud that these Local 252 members are the first unionized financial services workers to join CAAT,” added Jerry Dias, President of Unifor National. “We hope this opens up new possibilities for all workers and for CAAT."
Polish Credit Union serves communities throughout Ontario by providing financial products and services, including mortgages and investment products to individual and corporate members.
“CAAT is delighted to welcome Polish Credit Union to DBplus and grateful they have put their trust in us,” said Derek Dobson, CEO and Plan Manager, CAAT Pension Plan. “While they focus on delivering financial services to their clients, we aim to help their employees achieve financial security in retirement through a simple, secure and sustainable pension paid for life.”
Thanks to its unique DBplus offering, which is flexibly designed to support the financial goals of both employers and employees in today’s workforce, CAAT was recognized in 2020 as the fastest growing plan in Canada. At January 1, 2021, the Plan had $15.8 billion in assets, a one-year rate of return net of investment management fees of 11.1% and an annualized 10-year net rate of return of 9.9%.
About CAAT Pension Plan:
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two designs of a defined benefit pension. CAAT's award-winning DBplus plan is leading an extraordinary pace of growth for the Plan. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 200 participating employers in 11 industries including the for-profit, non-profit, and broader public sectors. It currently has more than 75,000 active and retired members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. At January 1, 2021, the Plan was 119% funded on a going-concern basis. Learn more at: www.caatpension.ca.
About Polish Credit Union
Founded in 1945, St. Stanislaus - St. Casimir's Polish Parishes Credit Union Limited is an integral part of the social fabric of the Roman Catholic Parishes in the Polish Community of Ontario. It provides a full range of financial products and services to individual and corporate members, including mortgages and investment products, electronic services via the Internet, Telephone, Mobile, ATMs THE EXCHANGE® Network, INTERAC DIRECT. The Credit Union also owns and operates the Polish Studio TV program aired weekly every Saturday on CityTV, from 10:30 am to 11:30 EST.
About Unifor
Unifor is Canada’s largest union in the private sector, representing 315,000 workers in every major area of the economy. The union advocates for all working people and their rights, fights for equality and social justice in Canada and abroad, and strives to create progressive change for a better future.
For more information:
Media Relations
CAAT Pension Plan
media@caatpension.ca