The Canadian Press, London Cross Cultural Learner Centre and Postmedia Network Inc. are among the latest organizations joining the Colleges of Applied Arts and Technology pension plan’s new DBplus plan.
Both CP and Postmedia are merging their previous defined benefit pension plan liabilities and assets into the CAAT. They also received overwhelming support from employees: all of CP’s pension plan members and 99 per cent of Postmedia’s plan members voted in favour of a merger with the CAAT.
CP brings 600 new members to the CAAT plan, while Postmedia brings around 3,400 and CCLC adds 90 members. All three mergers were effective on July 1, 2019.
Read: Postmedia signs agreement to merge pension plans with CAAT
“I am so pleased that members of Postmedia and The Canadian Press defined benefit plans have voted with such overwhelming support to merge with the CAAT pension plan, and together with the CCLC employees, will all benefit from a secure lifetime pension,” says Derek Dobson, chief executive officer at the CAAT, in a press release. “DBplus is an attractive pension option that provides sustainable, secure retirement solutions for employers and employees across all sectors.”
Since DBplus was launched more than a year ago, seven employers have joined, including the Youth Services Bureau of Ottawa, Torstar Corp. and the Shareholder Association for Research and Education.
In the coming months, the CP and Postmedia pension plans will apply to the Financial Services Regulatory Authority for its consent to the transfer of assets to the CAAT plan.
Read: How YBS Ottawa merged its pension plan with a bigger player