Canadian lawyers and law firm staff now have access to the College of Applied Arts and Technology’s DBplus pension plan through an affinity arrangement between the CAAT and the Canadian Bar Insurance Association.
The affinity program will make it easier for Canadian lawyers, partners, office support staff and non-legal professionals to join the DBplus. Lawyers Financial, a brand of the CBIA that serves the Canadian legal community’s financial needs, will work directly with interested employers to explain the plan’s features and benefits, help determine their eligibility and start the enrolment process.
According to the CAAT, the affinity agreement is the first of its kind for the pension plan.
“We’re excited about this fresh approach to working with organizations interested in joining CAAT,” said Derek Dobson, chief executive officer and plan manager for the CAAT pension plan, in a press release. “Through DBplus and the affinity program with Lawyers Financial, we are making secure lifetime pensions a reality for members of the legal community in Canada.”
Dawn Marchand, president and CEO of CBIA/Lawyers Financial, noted in the release that many in the legal community don’t have any pension. “Lawyers Financial’s affinity arrangement with CAAT checks all the boxes for what secure retirement income should look like.”
Toronto employment and labour law firm Wright Henry LLP already joined DBplus in October 2019 and the CAAT said a group of participating Lawyers Financial employers will join the plan on July 1. That group will include firms from Ontario and Alberta, as well as the CBIA and its 19 employees.
“The ability to join CAAT creates an opportunity for small, boutique firms like Wright Henry LLP to offer a defined benefit pension plan to our employees,” said Michael Wright, labour and employment lawyer at Wright Henry, in the release. “Being able to provide strong pension coverage to staff aligns with our mission as a firm.”