The Plan adds its first Manitoba employer, and expands its list of non-profit employers
Toronto, January 9, 2020 – The CAAT Pension Plan continues to diversify its membership and extend its reach across Canada. On January 1, 2020, CAAT welcomed three more employers to the growing list of members in the DBplus plan design.
The CAAT Plan’s newest employers are Catholic Charities of the Archdiocese of Toronto, FP Canadian Newspapers Limited Partnership (FPLP), and United Way of Greater Toronto. These employers represent over 1,000 new CAAT members. As well, the law firm of Wright Henry LLP joined the CAAT Plan late last year.
“As we usher in a new decade, CAAT continues to focus on simplifying pensions for employers and employees and providing more Canadians with secure and predictable income in retirement,” says Derek Dobson, CAAT’s CEO and Plan Manager.
Catholic Charities of the Archdiocese of Toronto (CCAT) provides social services under several categories, including: Children and Youth, Community / Family Services, People with Special Needs, Seniors, and Young Parents. Fourteen CCAT member agencies are also participating in DBplus as of January 1st. Member consent was achieved on December 29, 2019, with 95% of the 307 active, inactive and retired members voting to merge their accrued defined benefit pension with the CAAT Plan. Some employees of CCAT and its member agencies are represented by OPSEU Local 594. Approximately $35 million in assets will be transferred to the CAAT Plan, pending approval from the regulator, the Financial Services Regulatory Authority of Ontario.
FP Canadian Newspapers Limited Partnership (FPLP) owns several Manitoba-based media businesses including the Winnipeg Free Press, the Brandon Sun, six community newspapers that serve the Winnipeg area, and the Steinbach Carillon newspaper and commercial printing business. FP Newspapers Inc., a publicly listed company traded on the TSX Venture Exchange, owns 49% of the partnership units of FPLP.
An overwhelming 99% of the 478 FPLP pension plan members voted in favour of joining the CAAT Plan and to merge their defined benefit pension plan with the CAAT Plan, with unionized members represented by Unifor Local 191. Approximately $55 million in assets will be transferred to the CAAT Plan, pending approval from both the Manitoba and Ontario regulators.
United Way of Greater Toronto, the largest non-governmental supporter of social services in the GTA, joined the CAAT Plan effective January 1, 2020. As was previously announced, the 350 members voted 99% in favour of merging their defined benefit plan with the CAAT Plan, with unionized members represented by Local COPE 343. Assets of approximately $25 million from the United Way of Greater Toronto’s existing defined benefit plan will be transferred and benefits will be replicated in the CAAT Pension Plan pending approval from the Financial Services Regulatory Authority of Ontario.
In addition, Wright Henry LLP, a Toronto-based legal firm specializing in employment and labour law, joined CAAT on a go-forward basis effective October 1, 2019. The Plan expects to welcome many more new employers from the Canadian legal community later this year.
“CAAT is currently working with over 40 organizations from across Canada that are exploring joining in 2020, and the feedback that we’ve received has been very positive,” says Dobson. “The newest additions to the CAAT Plan mark two notable firsts – the first participating employer from Manitoba, and the first employer from the legal community. I am honoured that they have placed their trust in CAAT.”
The CAAT Pension Plan is open for growth in membership where it is mutually beneficial, 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 program.
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Senior Communications Specialist, Growth & Public Affairs
CAAT Pension Plan