TORONTO, Dec. 3, 2019 /CNW/ - Torstar Corporation announced today that The Financial Services Regulatory Authority of Ontario (FSRA) has consented to the merger of the eight Torstar defined benefit pension plans (the "Torstar Plans") into the Colleges of Applied Arts and Technology Pension Plan (the "CAAT Pension Plan") and the transfer of assets from the Torstar Plans to the CAAT Pension Plan has now been completed.
The transfer of assets was the final stage of the merger process. The liabilities for all past benefits under the Torstar Plans have now been transferred to the CAAT Plan together with the assets of the Torstar Plans, and the CAAT Plan has assumed responsibility for all pension benefit payments to members of the Torstar Plans.
Lorenzo DeMarchi, Executive Vice President & Chief Financial Officer of Torstar, said: "We are very pleased to have received consent from the regulator and believe the completion of this merger marks an important step forward for Torstar and for our registered defined benefit pension plan members".
About Torstar Corporation
Torstar Corporation is a broadly-based media company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Toronto Star, Canada's largest daily newspaper, six regional daily newspapers in Ontario including The Hamilton Spectator, and more than 80 weekly community newspapers in Ontario; flyer distribution services: and digital properties including thestar.com (with local editions in Toronto, Vancouver, Calgary, Edmonton and Halifax), wheels.ca, toronto.com, save.ca, a number of regional online sites and eyeReturn Marketing. It also holds a majority interest in VerticalScope, a North American vertically-focused digital media company.
Torstar's news releases are available on the Internet at www.torstar.com.
SOURCE Torstar Corporation
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