The Colleges of Applied Arts and Technology pension plan’s funded status has grown to 118 per cent, up from 113 per cent last year.

According to its actuarial valuation at Jan. 1, 2018, the plan reached a funding reserve of $2.3 billion and is allocating this surplus to strengthen its benefit and contribution stability as a cushion against unpredictable market downturns or liability growth.

The current surplus represents the strongest position for the plan since it became jointly governed 22 years ago, noted Derek Dobson, chief executive officer and plan manager at CAAT, in a news release. “Long-term projections show the plan’s financial health should remain resilient into the future providing benefit security and contribution stability to our members and employers.”

Read: Youth Services Bureau pension members vote to join CAAT plan

The plan is also on track to grow, with plan members from the Youth Service Bureau of Ottawa voting to join as of Jan. 1, 2018.

“The CAAT plan is open and ready for growth in membership where it is beneficial. This includes workplaces with single-employer defined benefit pension plans, defined contribution plans and those without a pension plan, including those in the private and not-for-profit sectors,” said Dobson, noting CAAT is currently in discussion with several other employee groups and organizations.

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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