CAAT Pension Plan launches grassroots movement, marks significant milestone and maintains strong funded status over 2022
TORONTO, April 19, 2023 /CNW/ - The CAAT Pension Plan ("the Plan"), one of Canada's fastest-growing and most sustainable defined benefit (DB) pension plans, 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.
Promoting the strong value of DB pensions, the Plan continued to increase its membership, adding more than 7,000 new members. For the first time, the Plan achieved coast-to-coast-to-coast participation by welcoming its first employers from the Yukon and Northwest Territories. 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.
Aligned with the Plan's purpose of improving retirement income security across Canada, 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 a healthy 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.
"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," says 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."
The Plan's digital Year in Review is available here. As an evolution of the Plan's annual performance update event, CAAT will host its inaugural Pensions for Everyone 2023 Conference on May 11, 2023. Register and learn more here.
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 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. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. On January 1, 2023, the Plan was 124% funded on a going-concern basis.
Learn more at: www.caatpension.ca
SOURCE CAAT Pension Plan
Media Relations: CAAT Pension Plan, [email protected]
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