Last December, the merger between the Royal Ontario Museum (ROM) pension plan and the CAAT Pension Plan received final approval from the Financial Services Commission of Ontario (FSCO). This type of merger is part of the strategy to make the Plan stronger and more secure.
The merger was exceptional in several ways. It was the first merger of its kind under Ontario’s new regulations, which permit the conversion and transfer of assets from a single-employer pension plan in the broader public sector to a jointly-sponsored, multi-employer pension plan. It also allowed us to welcome over 640 active, retired and deferred members into the Plan at one time, as the active ROM pension plan members began contributing to the CAAT Plan effective January 1, 2016.
The merger also established the Plan as an innovative, modern pension plan that is capable of offering to other single-employer pension plans the same measure of security that our members enjoy.
Currently, the CAAT Plan is in discussion with several other single-employer plans from the broader public sector that are interested in our well-governed, jointly-sponsored pension plan model.
We will continue to keep all of our members up-to-date on our initiatives. Subscribe to My Pension NewsLink to get all of your pension news first.