Finance Minister Diana Whalen says enabling universities to join the Nova Scotia Public Service Superannuation Plan would provide more security and reduce costs for the schools.
Whalen says Acadia University has agreed to transfer 700 members who are in its defined benefit plan to the public service plan by July 1.
She says the university estimates it will save about $3.6 million a year, beginning in 2017, by making the switch.
Steven Wolff, CEO of the Nova Scotia Pension Services Corp., says the benefit of the move would see the reduction or elimination of liabilities in the smaller plans while growing the public service plan.
The public service plan has 16,000 active members and 14,000 retirees.