Approximately 500 members of the St. John Ambulance pension plan are joining the Colleges of Applied Arts and Technology pension plan’s DBplus arrangement.
The not-for-profit organization’s pension plan is comprised of an ongoing defined contribution plan and a defined benefit plan that was closed at the end of 2014, according to a press release. The release noted under DBplus, matching contribution rates typically range from five per cent to nine per cent and, once established at joining, are fixed.
“Joining [DBPlus] will allow us to offer our valued employees a durable lifetime pension,” said Jerry Rankin, chief executive officer at the national office of St. John Ambulance, in the release. “It also means we’re able to move pensions to those with pension expertise so we can concentrate on what we do best — namely, improve people’s health, safety and quality of life.”