The University of Victoria Students’ Society is the first Vancouver Island employer to join the Colleges of Applied Arts and Technology pension plan’s DBplus.
By joining the plan, permanent employees at the UVSS represented by the United Steelworkers will have access to a pension with early retirement options, survivor benefits and inflation protection, noted a press release.
“At UVSS, we’re committed to providing relevant, meaningful and accessible services to our students,” said Katie McFarlin, the organization’s administration and services manager, in a press release. “We’re delighted that by joining DBplus, we’re in a position to help build a better retirement future for our employees so they can continue to focus on delivering those high-quality services.”
Under the CAAT’s DBplus plan, the UVSS will contribute at seven per cent for all permanent employees represented by the United Steelworkers, that will phase-in contributions to five per cent. By joining DBplus, the UVSS permanent employees represented by the United Steelworkers now have access to a secure lifetime pension with early retirement options, survivor benefits and inflation protection, said a CAAT pension plan spokesperson in an email to Benefits Canada.
Previously, this permanent employee group was participating in a group registered retirement savings plan, where the employer contributed four per cent, plus up to an additional per cent matching for members who opted in.
More than 80 employers have joined DBplus, which was launched in 2019.
Clarification: This article was updated to include details from UVSS’s current collective agreement.