More than 50 workers are on strike at Timberland Equipment Ltd. in Woodstock, Ont., after the company and the union failed to reach an agreement regarding pension plans. According to a press release from the United Steelworkers, most workers are long-time employees who have a defined benefit pension plan, while a smaller group of more […]
The Nova Scotia Public Service Superannuation Plan generated net returns of 5.56 per cent during its latest fiscal year, which ended on March 31, 2022. According to its annual report, the PSSP, a defined benefit pension plan for 41,000 current and former public sector employees in Nova Scotia, saw the value of its assets rise […]
Higher long-term bond yields driven by rising interest rates are lowering the cost of annuity purchases for defined benefit pension plans, says Mary Kate Archibald, a principal at Eckler Ltd. Since January, the cost of an annuity purchase has decreased by between 10 and 15 per cent, as long-term bond yields increased from 1.7 to […]
An Ontario Superior Court judge awarding $210,000 in costs against the Financial Services Regulatory Authority of Ontario was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Ontario court awards $210K in costs against FSRA in Brewers Retail pension case 2. Transition to low carbon economy […]
An Ontario Superior Court judge is awarding Brewers Retail Inc. $210,000 in costs against the Financial Services Regulatory Authority of Ontario. Justice Ed Morgan’s award followed his criticism of the regulator for defying a decision of its predecessor, the Financial Services Commission of Ontario. One veteran pensions litigator — speaking on condition of anonymity as […]
Diversity, equity and inclusion initiatives aren’t a new concept for employers — just ask any human resources professional. However, in a changing world marked by growing calls for social justice, many plan sponsors are extending these initiatives beyond workplace conduct and employee benefits into retirement planning, merging diversity with their pension plans’ designs and communications […]
Culture risk management can be enhanced within existing risk management frameworks, says the Canadian Institute of Actuaries, adding it doesn’t see a need for a separate guideline from the Office of the Superintendent of Financial Institutions. In an open letter responding to the OSFI’s consultation, the CIA said it wants a better understanding of any […]
The union representing Pacific Western Transit Canada workers in Pemberton, Squamish and Whistler, B.C., has ratified a five-year collective agreement that will see members move to the Colleges of Applied Arts and Technology pension plan’s DBplus. Members will contribute three per cent to the plan with an equivalent employer match, says Gavin Davies, a national […]
Stelco Inc. is de-risking one of its defined benefit pension plans with a $1.3 billion annuity buy-in. The deal, which covers more than 7,000 United Steelworkers members and beneficiaries employed at the company’s Hamilton, Ont.-based plant, was completed in May with Brookfield Annuity Co. and Sun Life Financial Inc. Read: Stelco workers, retirees learn fate […]
The Association of Canadian Pension Management is providing feedback on the Accounting Standards Board’s proposed amendments to the Chartered Professional Accountants of Canada’s handbook, including changes to sections covering defined benefit pension plan obligations and amalgamations. In an open letter responding to the board’s proposal, Ric Marrero, chief executive officer of the ACPM, said when […]