Ontario Teachers Insurance Plan joined the C$13.5 billion ($10.3 billion) Colleges of Applied Arts and Technology Pension Plan, Toronto, effective Sept. 7.
With the move, the insurance plan, which has 685 employees, became the newest organization to join CAAT's DBplus plan design, CAAT spokeswoman Erin Whitton said in an email.
The Ontario Teachers Insurance Plan and its group of companies' employees joined DBPlus on a go-forward basis, according to a CAAT news release.
Full-time, part-time and contract employees will have the option to join DBPlus, part of the Ontario Teachers Insurance Plan's move to a DB format from a defined contribution structure.
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.
Ms. Whitton could not be immediately reached for further information.