The College of Family Physicians of Canada pension plan is joining the Colleges of Applied Arts and Technology pension plan’s DBplus.
“As a result of merging our plan with CAAT, we will be able to provide all of our employees with a defined benefit pension for life with a number of features including inflation protection that will help our employees enjoy a better retirement outcome,” said Theresa Maguire-Garber, executive director of corporate services at the CFPC, in a press release.
The vast majority (96 per cent) of CFPC members voted in favour of merging with the DBplus plan. Following the merger, the plan’s $12.36 million of assets will be pooled with those of 319 other organizations in the DBplus’ $18.2 billion fund.
The CFPC is among a group of organizations that have recently joined the CAAT’s DBplus plan, including the Canadian Coalition for Good Governance, the City of Whitehorse, the Saskatchewan College of Pharmacy Professionals and the OPSEU Joint Trusteed Benefit Fund.
“The CAAT pension plan is pleased to welcome CFPC employees to the plan, who join the employees of the many organizations across Canada that have secure pension benefits with DBplus,” said Derek Dobson, chief executive officer and plan manager of the CAAT.
As of Jan. 1, 2022, DBplus had an annualized 10-year net rate of return of 11.1 per cent. At Jan. 1, 2022, it was 124 per cent funded on a going-concern basis.