Brink's Canada looks to DBplus for a sustainable pension solution
CAAT welcomes new members from Ontario and British Columbia
TORONTO, July 15, 2020 /CNW/ - Employers from across the country continue to turn to CAAT's DBplus as a sustainable, secure pension alternative for their employees.
The latest organization to join CAAT's growing list of participating employers is Brink's Canada Limited. Over 750 full-time and part-time Brink's personnel – 582 from Ontario and 175 from British Columbia – represented by Unifor, joined DBplus on a go-forward basis effective July 1, 2020.
Brink's Canada was looking for a solution that would relieve the high servicing costs of administering a single employer pension plan, while continuing to provide their employees with a valuable, competitive pension. DBplus proved to be the solution, offering fixed contributions and more security for employees.
The move to DBplus also brings enhanced eligibility for all of Brink's part-time employees. In addition to the nearly 130 part-time workers who joined DBplus on July 1, another approximately 213 part-time staff, who weren't eligible to participate in the previous plan, now have the option to join DBplus.
DBplus has made lifetime defined benefit pensions accessible to more working Canadians across the country, and base planning assumptions are that the CAAT Plan, which currently has more than 63,000 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 opened to all Canadian workplaces in 2019, more than 15,000 members from more than 30 employers have already joined, including Postmedia, the United Way of Greater Toronto, and Saint John Airport. CAAT now has members across Canada that come from nine different industries, and has support and participation from 14 different labour unions.
Quotes
"We are delighted to welcome Brink's and its employees from Ontario and British Columbia. The popular DBplus, which delivers the promise of a lifetime pension for employees with cost certainty for employers, proved to be the right solution for Brink's and Unifor."
- Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan
"Joining CAAT has enabled Brink's Canada to provide our employees with a superior pension plan. The CAAT team was a great help in planning and transitioning to the new plan."
- John Corley, President, Brink's Canada Limited
"This move will ensure that our workers are part of a sustainable pension that will provide them secure income in retirement, which is a priority at Unifor. CAAT provides a great pension. We are very pleased to see more Unifor members joining DBplus."
- Jerry Dias, Unifor National President
About CAAT Pension Plan
Established in 1967, the CAAT Pension Plan is an independent, jointly governed, multi-employer plan that offers multiple designs of a defined benefit (DB) pension. CAAT's award-winning DBplus offering is leading to extraordinary pace of growth for the Plan. Originally established for the 24 Ontario colleges, the CAAT Plan now proudly serves more than 75 participating employers from the for-profit, non-profit and broader public sectors from across Canada, and is open for continued growth in membership where it is mutually beneficial. The CAAT Plan is respected for its pension and investment management expertise and focus on benefit security. As at January 1, 2020, the Plan had $13.5 billion in assets and was 118% funded on a going-concern basis with a $2.9 billion funding reserve, and a 10-year annual net rate of return of 10.0%. To learn more about DBplus, visit www.DBplus.ca.
About Brink's Canada Limited
Brink's is a global leader in total cash management, route-based secure logistics and payment solutions in cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), and international transportation of valuables. Brink's Canada Limited is a wholly owned subsidiary of Brink's, Incorporated, owned by The Brink's Company, headquartered in Richmond, Virginia. To learn more about Brink's Canada Limited, visit www.brinks.ca.
SOURCE CAAT Pension Plan
John Cappelletti, CAAT Pension Plan, [email protected], Mobile: 416-720-7853
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