Union employees of Sanofi Canada will join the C$13.5 billion ($10.6 billion) Colleges of Applied Arts and Technology Pension Plan, Toronto, effective April 1.
With the move, nearly 1,000 union employees of the pharmaceutical company will become the newest organization to join CAAT's DBplus plan design, a news release Wednesday from CAAT said.
Members of two unions in Sanofi Canada's bargaining defined benefit plans ratified the agreement to join CAAT late in 2020. The completion of the move to CAAT requires consent by former members, retired members and other beneficiaries in a 90-day period of consideration which will end before April 1, the news release 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 such as CAAT.
Participants pay into the DBplus plan at fixed contribution rates, with their respective employers matching dollar for dollar.
CAAT Pension Plan spokesman John Cappelletti could not be immediately reached for further information.
