OPSEU demands probe into CAAT pension plan after CEO's $1.6M payout
The Ontario Public Service Employees Union (OPSEU) is calling for an investigation into the governance of the CAAT pension plan. The demand follows the resignation of three senior executives and a controversial $1.6-million vacation payout to former CEO Derek Dobson. At the centre of the dispute is board vice-chair Kareen Stangherlin, whose role has come under scrutiny.
CAAT, originally set up to manage pensions for Ontario's colleges, now oversees benefits for over 120,000 workers across 800 employers. With $23 billion in assets, the plan remains financially strong, holding $1.24 for every dollar owed in future pensions. Even in the rare case of a shortfall, all payments would stay fully guaranteed.
OPSEU has raised concerns about possible breaches of CAAT's policies, particularly around CEO pay. The union claims the board's chair and vice-chair may have overstepped rules when approving Dobson's payout. Since Stangherlin is also a nominee of the College Employer Council (CEC), OPSEU wants the CEC to examine her conduct.
Graham Lloyd, CEO of the CEC, has backed calls for a governance review. However, OPSEU has no direct control over trustees appointed by other plan sponsors. The union's push for accountability comes as CAAT continues to serve 125,000 members, including employees from public and private sectors.
The controversy highlights tensions over transparency at one of Canada's largest pension funds. A governance review could clarify whether policies were followed in Dobson's exit package. For now, CAAT's financial health remains stable, with no immediate risk to pension payments.
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