On June 1, 2021, OPSEU/SEFPO’s Local 446 members at Colleges and Institutes Canada (CICan) joined the CAAT Pension Plan’s DBplus plan. CICan employs about 100 OPSEU/SEFPO members. It advocates for public colleges across Canada and champions innovation in postsecondary education.
Members have begun to convert their monthly employer RRSP contributions into CAAT’s defined-benefit pension plan, while starting to make their own contributions from their paycheques to build bigger, more secure pensions. Members can also purchase additional pension funds with a transfer from their current group RRSP balances to CAAT, building even bigger and more secure pensions for their future.
The CAAT Pension Plan manages the pensions of tens of thousands of OPSEU/SEFPO members at Ontario’s 24 public colleges, in addition to a growing number of other OPSEU/SEFPO-represented employers.
“Every worker needs and deserves a reliable pension,” said OPSEU/SEFPO President Warren (Smokey) Thomas. “As the union of choice for 180,000 Ontario workers, a top priority is ensuring our members can all look forward to a secure retirement after a lifetime of hard work.
“With CICan joining the CAAT plan, we’re one step closer to achieving our goal,” said Thomas. “Congratulations to our Local 446 members and the plan.”
DBplus makes lifetime defined-benefit (DB) pensions accessible to more working Canadians. That includes an increasing number of private sector employees seeking DB pension plans. With DB plans, workers know how much pension income they will receive in retirement, providing peace of mind through their lifetime, knowing they won’t outlive their savings.
On July 1, OPSEU/SEFPO’s Local 539 members at the George Hull Centre for Children and Families also joined DBplus at the CAAT Pension Plan. The George Hull Centre is a mental health centre in Toronto that provides services to infants, children, youth and their families.
“Bottom line, the more employers you have got contributing to a pension plan, the more secure workers’ pensions are,” noted OPSEU/SEFPO First Vice-President/Treasurer Eduardo (Eddy) Almeida. “So two more employers coming onboard is great news for every CAAT Pension Plan member.
“But you know, I will not be satisfied till every single OPSEU/SEFPO member enjoys a pension,” said Almeida. “The way I look at it, that’s just a fundamental right.”