The United Way Greater Toronto is the latest organization to join the Colleges of Applied Arts and Technology’s DBplus plan.
Following a 90-day consent process, an overwhelming majority (99 per cent) of the 350 members of the organization’s defined benefit pension plan voted in favour of the move. Employees will begin contributing to and earning a pension under DBplus on Jan. 1, 2020.
“We are delighted to be joining the CAAT DBplus plan after an enthusiastic endorsement from our members,” said Rahima Mamdani, vice-president of people and culture at the UWGT, in a press release. “This move allows us to improve the pension plan we offer to our employees, helping ensure long-term, sustainable and secure retirement savings.”
Read: CAAT to introduce new DB plan
“We are honoured that United Way of Greater Toronto employees have invested their trust in CAAT and DBplus,” said Derek Dobson, chief executive officer and plan manager at the CAAT pension plan. “CAAT is proud of the contribution DBplus is making by simplifying pensions for employers and providing more Canadians with secure income in retirement.”
The plan’s $25 million in assets will be transferred and its benefits will be replicated under the CAAT’s DBplus, pending approval from the Financial Services Regulatory Authority of Ontario.