United Way of Greater Toronto will join the C$10.8 billion ($8.1 billion) Colleges of Applied Arts and Technology Pension Plan, Toronto, effective Jan. 1.
With the move, United Way of Greater Toronto, which has about 350 employees and pension plan participants, will become the newest organization to join CAAT's DBplus plan design, merging its defined benefit plan liabilities and assets into CAAT.
United Way's roughly $25 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.
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.
Participants pay into the DBplus plan at fixed contribution rates, with their respective employers matching dollar for dollar.
Erin Whitton, CAAT spokeswoman, could not be immediately reached to provide further information.
