The Colleges of Applied Arts and Technology pension plan has added two more employers to its DBplus offering.

Skills Canada Ontario and Fraser Group are the latest organizations to join the pension, bringing the number of employers in the plan to 33 since its launch 18 months ago. Employers joining DBplus can select a fixed contribution rate from five per cent to nine per cent of its members’ annual earnings, matched by the employer.

Read: Canadian law firms to join CAAT’s DBPlus pension plan

“We are delighted to welcome these new organizations and their members into the [plan],” said Derek Dobson, the CAAT’s chief executive officer, in a press release. “We are proud of being able to provide a secure, simple and valuable pension solution that works for a variety of groups across Canada.”

Skills Canada Ontario, which is dedicated to building the province’s skilled trades and technology workforces, joined the plan retroactively to Jan. 1, 2020. Fraser Group, a research firm working in the employee benefits and insurance space, joined as of March 1, 2020.

“We are very pleased to offer a secure and predictable defined benefit pension to Skills Ontario employees without taking on the financial risks associated with a single employer plan,” said Ian Howcroft, the organization’s CEO. “The response from staff has been overwhelmingly positive.” 

Read: Saint John Airport workers joining CAAT’s DBplus

Copyright © 2021 Transcontinental Media G.P. Originally published on benefitscanada.com

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