Friday, June 28, 2024

Happy 50th Anniversary CLAC Pension Plan!

On September 1, 2024, the CLAC Pension Plan will celebrate a milestone: its 50th anniversary!

The plan was established in 1974 to offer members a secure and convenient way to save for their retirement. Over the course of its 50 years, the plan has seen significant growth and is now the 12th largest defined contribution pension plan in Canada.*

Today, the plan has over 600 participating employers and 120,500 account holders. Managed and governed by the CLAC Pension Plan Board of Trustees, the plan continues to enhance its services for members with features such as an investment glidepath, which automatically rebalances a member’s account to be more conservatively invested as they approach retirement, and the retirement income account (RIA), which allows plan members to receive a monthly pension payment for life directly from the plan.

On Wednesday, June 26, the board of trustees and plan staff hosted a small event in Beamsville, Ontario, to celebrate the achievements of the plan with those who have made it the successful and valuable plan it is today.

Plan Asset Milestones

• December 31, 1974: $10,000

• Reached $1 million in 1982

• Reached $100 million in 2005

• Reached $500 million in 2014

• Reached $1 billion in 2020

• December 31, 2023: $1.3 billion

*Benefits Canada Magazine, October 2023 (assets as of December 2022)