Announcements & Appointments
Benefits & Pensions
CAAT Pension Plan launches grassroots movement, marks significant milestone and maintains strong funded status over 2022
The CAAT Pension plan, which bills itself as one of Canada’s fastest-growing and most sustainable defined benefit (DB) pension plans, added more than 7,000 new members last year.
CAAT released its 2022 Annual Report and digital Year in Review, showcasing the Plan’s membership growth, innovation, and commitment to providing secure income in retirement to Canadians, it said in a press release.
It welcomed its first employers from the Yukon and Northwest Territories last year. Groups from the City of Whitehorse, the Canadian Coalition for Good Governance (CCGG) and Community Living York South were among the 80 new employers to join CAAT last year.
“Valuable pensions are a big deal in Canada. Despite the economic and market headwinds faced in 2022, the CAAT Plan held strong while also increasing membership in more industries. This is a testament to the power of pensions in providing security and stability when it matters most,” said Derek W. Dobson, CEO and plan manager, CAAT Pension Plan. “CAAT provides incredible value to employees, while also helping businesses improve their attraction and retention strategies. We are committed to our long-term focus and upholding the status as one of Canada’s most sustainable and well-funded pension plans.”
CAAT launched its Plan Ambassador program in 2022 to raise awareness about “Pensions for Everyone.” The program — a first-of-its-kind grassroots movement for the Plan — brings together a national collective of pension supporters who believe that accessible, sustainable pensions are a necessity to improving retirement in Canada.
The Plan sustained another consecutive year of strong funding, being at 124% funded on a going-concern basis. The Plan’s net investment return was negative 2.3% for the year, significantly outperforming its policy benchmark. The Plan’s assets totaled $18.2 billion at year end. Over the past decade, the Plan has delivered an annualized net return of 9.7%, outperforming its policy benchmark by 2.5% per year over the period, it said.
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two highly desirable designs of a defined benefit pension. Originally created to support the Ontario college system, the CAAT Plan now serves more than 290 participating employers in 15 industries including the for-profit, nonprofit, and broader public sectors.
It currently has more than 82,900 active and retired members.
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