The Municipal Benchmarking Network Canada is the latest organization joining the Colleges of Applied Arts and Technology’s DBplus pension plan.
The benchmarking collaborative, formerly known as Ontario Municipal Benchmarking Initiative, established itself as an employer earlier this year and is now providing its employees with CAAT’s defined benefit pension plan retroactive to Oct. 1, 2020, said a press release.
“Providing a defined benefit pension through DBplus means we can continue to attract and retain excellent employees,” said Meighan Finlay, the benchmarking network’s executive director, in the release. “We’re pleased to have joined with the pension experts at CAAT to provide our valued staff with access to a sustainable lifetime pension.”
Since its introduction and launch in 2019, CAAT’s DBplus plan has grown to amass more than 65,500 enrolled members and is expected to grow by 300,000 over the next six years, noted the release. “DBplus is so relevant today. . . . It provides meaningful pension benefits to employees and achieves the goals of employers and their boards,” said Derek W. Dobson, CAAT’s chief executive officer and plan manager, in the release.