The New Digital Research Infrastructure Organization, the Ontario Dental Association and its subsidiary Accerta are joining the Colleges of Applied Arts and Technology’s DBplus pension plan.
The not-for-profit organization, dental association and health-care program administrator all recently transferred to the pension plan from group registered retirement savings plans.
“The talent that we’re trying to attract typically work in academic institutions and the benefits packages that they had at these institutions were basically an incentive to retain staff or a deterrent from losing staff,” says Narinder Dehal, the NDRIO’s chief financial officer and vice-president of corporate services.
Also, from a management and governance perspective, while the board of directors are still responsible for the overall oversight of the company’s pension plan, the DBplus plan lightens the administrative burden, he says. “Because there’s so much to do as a start-up organization, it certainly frees up time in our [human resources] department to focus on bringing talent in and looking at new ways to retain that talent.”
He says the organization’s employees appreciate the ability to transfer RRSPs, locked-in retirement accounts or group retirement savings plans from previous employers into the DBplus plan to increase the amount of guaranteed annual retirement income.
The NDRIO joined the CAAT’s plan in May with approximately 30 members and Dehal says the organization’s growth plan is to reach about 60 new plan members within the next year and a half.