Two more employers have joined the C$10.8 billion ($8.2 billion) Colleges of Applied Arts and Technology Pension Plan, Toronto, in a move that brings CAAT's DBplus provisions to more than 12,000 employees.
Effective Sept. 1 and Oct. 1, workers from the University of Saskatchewan and Federated Colleges Non-Academic Pension Plan, Saskatoon, and Community Living Toronto, respectively, became the newest organizations to join CAAT's DBplus plan design, which has attracted 12 new employers since it launched a year ago, CAAT spokeswoman Erin Whitton said.
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 like CAAT.
With the move, University of Saskatchewan, which has about 1,300 employees and pension plan participants, and Community Living Toronto, which has 700 employees and pension plan participants, will merge their defined benefit plan liabilities and assets into CAAT.
Community Living Toronto’s roughly $100 million in defined benefit plan assets will be transferred and benefits replicated under the CAAT Pension Plan pending approval from the Financial Services Regulatory Authority of Ontario. Ms. Whitton said the University of Saskatchewan is joining on a “go-forward basis” so no existing assets will be transferred.
Participants pay into the DBplus plan at fixed contribution rates, with their respective employers matching dollar for dollar.
