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Pension Funds

Ottawa pension fund merges with CAAT

File folder with Merger and Acquisition and financial graphs. Business concept

Colleges of Applied Arts and Technology Pension Plan, Toronto, on Thursday announced the C$32 million ($25 million) Youth Services Bureau of Ottawa Pension Plan had merged with the C$9.4 billion CAAT plan, effective Monday.

CAAT will assume asset management and administration duties for the board's plan, CAAT said in a news release.

The YSB plan is fully funded on a going-concern basis, said John Cappelletti, CAAT spokesman; CAAT's funded status as of Jan. 1, 2017, was 113.3%.

CAAT said 99.6% of YSB's active participants voted in favor of the merger, above the required two-thirds of active members' approval required for the merger.

A spokeswoman at YSB could not be immediately reached for comment.

YSB's plan is the second pension fund that has merged with the CAAT plan, coming two year after the January 2016 merger with the C$100 million Royal Ontario Museum Pension Plan, Toronto. That merger was the first under Ontario regulations that allow single-employer pension funds of all kinds to be merged with a multiemployer plan like CAAT.