Getting a sense of what industry peers are doing and what they think of the plan’s work was an important reason why the College of Applied Arts and Technology pension plan entered Benefits Canada‘s 2018 Workplace Benefits Awards, according Derek Dobson, its president and plan manager.
“It’s always good to get industry and peer feedback,” he says. “Every organization thinks that they’re doing the best thing since sliced bread, but it’s wonderful to have a forum that takes some specific criteria and asks, ‘Is this actually meaningful and comparable against your peers?’ So that’s why we apply, to make sure that we’re hitting that mark that we’re hoping to hit.”
In 2018, the CAAT plan took home the award for pension performance for its membership growth strategy. With strong fund performance in its main plan’s investments, it strove to grow the number of employers and employees it serves. Its DBPlus plan, launched in May 2018, is a secondary plan that allows employers to offer a defined benefit plan, taking advantage of the CAAT’s overarching investing capabilities.
Winning was a major boost for the CAAT team, says Dobson. “The staff was working very hard and sometimes you don’t see the forest for the trees because we’re working so hard. So it provided an absolute shot in the arm to keep the organization energized and to know that they’re making a meaningful difference, not only for employers, but also that they’re being recognized by their peers in the industry.”
Enter your organization in the 2019 Workplace Benefit Awards here. The deadline for nominations is June 30.