Catholic Charities of the Archdiocese of Toronto and FP Canadian Newspapers LP joined the C$10.8 billion ($8.2 billion) Colleges of Applied Arts and Technology Pension Plan, Toronto, effective Jan. 1.
With the move, the two companies, which combined have 785 employees and pension plan participants, became the newest organizations to join CAAT's DBplus plan design, merging their defined benefit plan liabilities and assets into CAAT, spokeswoman Erin Whitton said in an email.
FP Canadian Newspapers' $55 million in defined benefit plan assets and Catholic Charities' $35 million in DB plan assets will be transferred and benefits replicated under the CAAT Pension Plan pending approval from the Financial Services Regulatory Authority of Ontario.
CAAT can accept new members from public, private and not-for-profit sectors in Canada under Ontario regulations that allow single-employer pension funds of all kinds to be merged with a multiemployer plan such as CAAT.
Participants pay into the DBplus plan at fixed contribution rates, with their respective employers matching dollar for dollar.