As part of a new collective agreement ratified earlier this year, employees at Hamilton, Ont.-based Vopak Terminals have joined the Colleges of Applied Arts and Technology pension plan’s DBPlus arrangement, effective June 1, 2020.
With the change, these employees, who are members of Unifor, move from a defined contribution plan into a defined benefit plan. Since DBPlus was launched in 2018, more than 33 employers and more than 15,000 members have joined the plan.
Read: Four more employers join CAAT’s DBplus pension plan
“Getting a good pension was a major priority for our members in this round of bargaining and CAAT met both our need to ensure a stable retirement income for our members while recognizing the needs of our employer,” said Phil Barbara, president of Unifor Local 2003E, in a press release.