The British Columbia Municipal Pension Plan’s new Municipal Retiree Benefit Trust is joining the B.C. Investment Management Corp. The MRBT, which has $100 million in assets under management, is an employee life and health trust that provides group benefits to the MPP’s retirees and their spouses/dependants. It was recently created following a program review and redesign. […]
Almost two-thirds (62 per cent) of U.S. defined benefit plan sponsors are seeking to exit their plans, while 33 per cent are looking to achieve self-sufficiency and just five per cent are planning to keep their plans open, according to a survey by State Street Corp. Among DB plan sponsors eyeing an exit, the survey […]
ArcelorMittal Long Products Canada is renewing three collective agreements with its employees, including improvements to the defined benefit pension plan, disability benefits and life insurance. The new six-year agreements were ratified by 800 unionized employees. For the DB plan, the agreements include a total $9 increase in the monthly pension credit, so at the end […]
Community Living York South is joining the Colleges of Applied Arts and Technology pension plan’s DBplus. “After much research and consultation, we felt it was the right move for our organization at this time,” said Steven Klein, acting executive director of the non-profit organization serving the southern part of York Region, in a press release. […]
Canadian Forest Products Ltd.’s new financial wellness program may have originated as the brainchild of its defined contribution pension plan committee, but it’s just as applicable to its defined benefit plan members — and the organization chose to roll it out for all employees. When you have broad financial wellness topics, it’s fine, but when […]
The governor of the U.S. Virgin Islands is refinancing more than US$800 million worth of bonds following numerous attempts to save a public pension system that officials say faces collapse. Gov. Albert Bryan Jr. signed the bill on Wednesday and says the savings from improved interest rates will help stabilize the pension system for at least 30 years. […]
The OPSEU Pension Trust is allowing its plan members to earn full pension service if they temporarily reduce their working hours. The changes were made to support members who participate in flexible working arrangements so they can maximize their pension. Members who enter into a temporary part-time work arrangement on or after Feb. 1, 2022 […]
St. Stanislaus – St. Casimir’s Polish Parishes Credit Union Ltd. is the latest employer to join the Colleges of Applied Arts and Technology pension plan’s DBplus. “Joining DBplus reduced the financial risks, operational costs and administrative challenges of managing a pension plan,” said Tomasz Falfus, human resources manager for the credit union, in a press […]
The National Association of Federal Retirees and the United Way Centraide North East Ontario/Nord-est de l’Ontario are the latest employers to join the Colleges of Applied Arts and Technology pension plan’s DBplus. The National Association of Federal Retirees, which represents nearly 18,000 members from a variety of pension plans, joined DBplus as of Oct. 22. “It […]
The Association of Canadian Pension Management is once again calling on the Ontario government to modernize the Employment Standards Act and the Pension Benefits Act to allow for automatic enrolment and escalation features in capital accumulation plans. In a letter sent to the ministry of labour on Nov. 30, 2021, the ACPM noted the changes […]