Postmedia, London Cross Cultural Learning Centre, and The Canadian Press join CAAT’s award-winning DBplus design on July 1st
Toronto, July 2, 2019 – CAAT continues to grow and diversify its membership with the addition of three organizations — Postmedia Network Inc. (“Postmedia”), London Cross Cultural Learning Centre (“CCLC”), and The Canadian Press (“CP”). Along with their employees, they become the newest organizations to join CAAT’s new DBplus plan design, providing desirable defined benefits at fixed contribution rates for both employees and employers.
Postmedia and CP will also merge their prior defined benefit pension plan liabilities and assets into CAAT after securing overwhelming member support. Under the voting process, 99% of Postmedia pension plan members and 100% of CP pension plan members were in favour of a merger with CAAT. Under the terms of each merger, active and retired members will receive pensions based on their respective plan’s provisions for their service accrued before the effective date of the merger, and pensions based on DBplus provisions on contributions made after that date.
Approximately 3,400 employees and pension plan members of Postmedia, 600 CP employees and pension plan members, as well as 90 CCLC employees joined DBplus effective on July 1, 2019.
“I am so pleased that members of Postmedia and The Canadian Press defined benefit plans have voted with such overwhelming support to merge with the CAAT Pension Plan, and together with the CCLC employees, will all benefit from a secure lifetime pension,” says Derek Dobson, CAAT CEO. “DBplus is an attractive pension option that provides sustainable, secure retirement solutions for employers and employees across all sectors.”
Since its launch a year ago, DBplus has attracted seven new employers with its innovative offering, which include guaranteed lifetime retirement income with conditional inflation protection, survivor pension benefits, and early retirement options – with the certainty of a fixed cost for both employees and employers.
In the coming months, applications will be made to the Financial Services Regulatory Authority (FSRA) for its consent to the transfer of assets from Postmedia and CP pension plans.
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 plan.
Erin Whitton, Senior Communications Specialist, Growth & Public Affairs