The merger of Torstar Corp.’s defined benefit pension plans into the Colleges of Applied Arts and Technology pension plan’s DBPlus has crossed the first hurdle with the Financial Services Regulatory Authority of Ontario.
The FRSA has issued notices of an intended decision for the merger. By issuing these notices, it’s indicating an intention to consent to the plan mergers following a standard 30-day period to facilitate any requests to the financial services tribunal.
After the 30-day waiting period, and once final consent has been obtained from the FSRA, the final steps of the merger will go ahead, with the transfer of assets expected to be completed by the end of this year.
Torstar’s plans are the latest in a number of DB plans joining the CAAT’s plan, which was launched in April 2018 to organizations in the broader public, private and not-for-profit sectors across Canada.
In September 2018, members of Torstar’s eight DB pension plans agreed to the merger.