Pension plan participants at 55 Canadian employers joined the C$15.8 billion ($12.7 billion) Colleges of Applied Arts and Technology Pension Plan, Toronto, in the first half of 2021.
With those moves, more than 3,300 new participants joined CAAT's DBplus plan, spokeswoman Lindsay Grillet said in an email.
The additions bring the total to 125 employers in 10 industries that have joined the CAAT Pension Plan. The plan, which was originally established for Ontario-based colleges, launched DBplus in June 2018 as a multiemployer plan option open to private-sector companies across Canada that have no workplace defined benefit plan.
Among the organizations that joined DBplus in the six months ended June 30 was Sanofi Canada. Nearly 1,000 union employees from the company joined the DBplus plan in April.
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.