Notes to Financial Statements

Note 8: Pension plan

(in thousands of dollars)

Employees who are certified teachers are required to participate in the Ontario Teachers’ Pension Plan. In 2009, eligible non-teacher employees had the opportunity to join Ontario Municipal Employees Retirement System (OMERS), a defined benefit pension plan with similar characteristics to the Ontario Teachers’ Pension Plan. The College maintains a legacy defined contribution pension plan for those non-teacher 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 $1,095 (2010 - $1,013).