CAAT Pension Plan Launches GROWTHplus Investment Account
New solution to strengthen long-term savings while boosting employers' total rewards package
TORONTO, Oct. 1, 2024 /CNW/ - CAAT Pension Plan ("the Plan"), one of Canada's fastest-growing pension plans, is launching the GROWTHplus Investment Account. This optional savings account gives Plan members a simple way to grow their tax-sheltered savings and benefit from CAAT's investment returns together with the secure lifetime pension they have with the Plan.
"As retirement needs evolve, we must also evolve to provide practical solutions. Our GROWTHplus Investment Account offers a flexible way for members to grow their savings with confidence and with a Plan they trust," said Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan. "Nearly half of our members expressed a desire to expand their retirement savings together with their secure pension from CAAT. GROWTHplus provides that opportunity, while benefitting from the Plan's proven investment expertise."
With GROWTHplus, members can initiate deposits by transferring in their tax-sheltered savings from eligible registered retirement savings vehicles, including registered retirement savings plans (RRSPs). The new offering allows members to consolidate their savings with a trusted partner and benefit from the Plan's scale and asset mix, including private equity, infrastructure and real estate.
In addition to its member-focused benefits, GROWTHplus enhances the total rewards package for employers at no additional cost. By enabling employer total rewards programs to go further, GROWTHplus can help organizations attract and retain top talent while reducing financial stress for their employees. For employers participating in CAAT's modern DB pension plan, GROWTHplus is a timely addition that meets the needs of a changing workforce.
"GROWTHplus reflects our commitment to innovating in the pension space to meet members where they are in their journey to retirement," Dobson continued. "By providing members with the tools to strengthen their financial futures, we're also giving employers a valuable recruitment and retention edge. Our workplace solutions continue to be a win-win for both members and employers."
The Plan has long been recognized for its membership and participating employer growth and continues to deliver solutions that meet the diverse needs of today's workforce. CAAT's award-winning DBplus design blends the best of defined benefit and defined contribution features to give members a world-class pension at a fixed cost that employers can afford. GROWTHplus continues this tradition of innovation, standing as a global finalist for the Pensions & Investments WorldPensionSummit Excellence & Innovation Awards.
At launch, GROWTHplus is available to both existing and new Plan members.
For more member information on GROWTHplus, please visit www.caatpension.ca/growthplus.
About CAAT Pension Plan
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two highly desirable designs of a defined benefit pension. CAAT's award-winning DBplus plan design 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 500 participating employers in 20 industries including the for-profit, non-profit, and broader public sectors. It currently has more than 102,000 active, deferred and retired members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. On January 1, 2024, the Plan was 124% funded on a going-concern basis.
Learn more at: www.caatpension.ca.
For information on how employers can join CAAT, please visit: caatpension.ca/pension-solutions/how-to-join
SOURCE CAAT Pension Plan
For more information: Media Relations, CAAT Pension Plan, [email protected]
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