Firefighters, administrative and infrastructure maintenance personnel at the Saint John Airport are among the newest members to join the Colleges of Applied Arts and Technology pension plan’s DBplus.
As part of a new collective agreement that was ratified earlier this year, the employees, who are represented by the Public Service Alliance of Canada, have joined DBplus on a go-forward basis, effective July 1, 2020. With the change, these employees move from a defined contribution into a defined benefit plan.
“CAAT’s DBplus pension offers our valued team members the certainty of a defined benefit plan, while offering us the stable contribution rates of a defined contribution plan,” said Greg Hierlihy, director of finance and administration at the Saint John Airport Authority, in a press release. “It’s a scenario that’s the absolute best of both worlds: employees see optimal returns and employers enjoy predictable costs.”
Since DBplus opened to all Canadian workplaces in 2019, more than 15,000 members from more than 30 employers have joined it. The Saint John Airport staff are the first group represented by the PSAC to join the CAAT pension plan. “PSAC is thrilled to bring a defined benefit pension plan to our members at Saint John Airport,” said Chris Aylward, the PSAC’s national president. “This is a breakthrough victory and will help ensure a financially secure retirement for our members—something all workers deserve.”