GROWTHplus allows members to consolidate tax-sheltered savings alongside their secure CAAT pension
The CAAT Pension Plan is introducing the GROWTHplus Investment Account, a new savings option for its members.
This account provides members with a simple way to increase their tax-sheltered savings while benefiting from CAAT’s investment returns, in addition to the secure lifetime pension they already receive through the Plan.
“As retirement needs evolve, we must also evolve to provide practical solutions. Our GROWTHplus Investment Account offers a flexible way for members to grow their savings with confidence and with a Plan they trust,” said Derek Dobson, CEO, and plan manager of CAAT Pension Plan.
Dobson highlighted that nearly half of the Plan’s members expressed a desire to expand their retirement savings alongside their pension, and GROWTHplus allows them to do so while leveraging the Plan’s investment expertise.
Members can deposit funds into the GROWTHplus account by transferring their tax-sheltered savings from eligible retirement savings vehicles, such as registered retirement savings plans (RRSPs).
This offering allows members to consolidate their savings with a trusted partner and benefit from CAAT’s investment portfolio, which includes assets such as private equity, infrastructure, and real estate.
For employers, GROWTHplus enhances total rewards packages without adding any costs. It offers a way to attract and retain employees while addressing financial stress.
Employers who participate in CAAT’s modern defined benefit (DB) pension plan now have an additional tool that meets the needs of a changing workforce.
“GROWTHplus reflects our commitment to innovating in the pension space to meet members where they are in their journey to retirement,” Dobson added.
“By providing members with the tools to strengthen their financial futures, we’re also giving employers a valuable recruitment and retention edge. Our workplace solutions continue to be a win-win for both members and employers.”
The CAAT Pension Plan, recognized for its growth and innovation, continues to introduce solutions that meet the diverse needs of the workforce.
The Plan’s DBplus design combines features of defined benefit and defined contribution plans to provide members with a strong pension at a fixed cost employers can manage.
