The Ontario Teachers Insurance Plan and its group of companies are the latest employers to join the Colleges of Applied Arts and Technology’s DBplus pension plan.

Effective Sept. 7, 685 full-time employees — including 639 from Ontario, 23 from Alberta and 23 from Quebec — joined DBplus on a go-forward basis. In addition, all part-time and contract employees will have the option to join the plan.

With the change, the employees move from a defined contribution into a defined benefit pension. Members will be able to transfer their DC balances to purchase the additional pension with DBplus.

Read: Canadian law firms to join CAAT’s DBPlus pension plan

Since the plan was introduced in 2018 and launched in 2019, more than 15,000 members from more than 30 employers have joined. The CAAT now has members across Canada from nine industries and 14 different labour unions.

“OTIP and the OTIP group of companies are delighted to join CAAT and offer our employees the security of a defined benefit pension plan,” said Vic Medland, chief executive officer of the OTIP, in a press release. “Being able to provide enhanced value for our hard-working and dedicated staff, while maintaining the same fixed costs for the organization made DBplus the best choice for us.”

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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