Four more employers have joined the College of Applied Arts and Technology pension plan’s DBplus.
In total, more than 1,000 new members from the Catholic Charities of the Archdiocese of Toronto, FP Canadian Newspapers and United Way of Greater Toronto are now in the plan, effective Jan. 1. In addition, law firm Wright Henry LLP joined in October 2019, according to a press release.
“As we usher in a new decade, CAAT continues to focus on simplifying pensions for employers and employees and providing more Canadians with secure and predictable income in retirement,” said Derek Dobson, CAAT’s chief executive officer and plan manager.
Along with the Catholic Charities of the Archdiocese of Toronto, 14 of its member agencies are joining the plan, transferring about $35 million in assets to DBplus, pending approval of the Financial Services Regulatory Authority of Ontario.
The vast majority (95 per cent) of the organization’s 307 active, inactive and retired members voted to merge their accrued defined benefit pension with the CAAT plan on Dec. 29, 2019.
Some employees of the the Catholic Charities and its member agencies —which provides social services for children and youth, families and young parents, people with special needs and seniors — are represented by the Ontario Public Sector Employee Union Local 594.
FP Canadian Newspapers — which owns several Manitoba newspapers, including the Winnipeg Free Press, Brandon Sun, the Steinbach Carillon and a commercial printing business — also intends to join the plan, with an overwhelming majority (99 per cent) of the company’s 478 DB plan members voting to merge. Unionized members are represented by Unifor Local 191.
Approximately $55 million in assets will be transferred to DBplus, pending approval from regulators in Ontario and Manitoba.
Of the United Way of Greater Toronto’s 350 DB plan members, 99 per cent voted in favour of merging in November 2019, with unionized members represented by the Canadian Office and Professional Employees Union Local 343. The plan’s assets of about $25 million will be transferred after approval from the FSRA.
“CAAT is currently working with over 40 organizations from across Canada that are exploring joining in 2020 and the feedback that we’ve received has been very positive,” said Dobson. “The newest additions to the CAAT plan mark two notable firsts — the first participating employer from Manitoba and the first employer from the legal community. I am honoured that they have placed their trust in CAAT.”
The companies join other Canadian organizations that have moved to the DBplus plan in the last year, including the University of Saskatchewan and Federated Colleges Non-Academic Pension Plan, Community Living Toronto and the Canadian Press.