Note 8: Pension plan
Employees who are certified teachers are required to participate in the Ontario Teachers’ Pension Plan. In 2009, eligible non-teaching employees had the opportunity to join Ontario Municipal Employees Retirement System (OMERS), a defined benefit pension plan similar in characteristics to the Ontario Teachers’ Pension Plan. The College maintains a legacy defined contribution pension plan for those non-teaching employees who chose not to transfer to OMERS. In all three plans, the College matches contributions made by the employees. The College’s annual pension expense amounted to $993,982 (2008 – $938,443).