The University Pension Plan posted 9.1 per cent losses in 2022, according to its annual report. During the year, the jointly sponsored defined benefit pension plan’s assets declined from $11.8 billion to $10.8 billion. The plan finished the year with a solvency ratio of 103.3 per cent, down from 111 per cent at the end […]
Saskatchewan’s Public Employees Benefits Agency is transitioning to a not-for-profit corporation. The PEBA began pursuing the transition in 2021 at the request of the trustees of the two largest pension plans it administers — the Public Employees Pension Plan and the Municipal Employees Pension Plan. The not-for-profit will begin operations on Jan. 1, 2024 under the […]
While individual pension plans have been around since 1991, they aren’t being widely used by the people they’re designed to help and remain poorly understood by the traditional pension sector, says Jean-Pierre Laporte, chief executive officer of Integris Pension Management Corp. “There’s no published statistics, but the last number I heard from a [Canada Revenue […]
The largest administrator of private defined benefit and defined contribution pension plans in the U.K. is revealing details about a cyber attack that compromised the personal information of 470,000 of its members. In a press release, the £82.2-billion Universities Superannuation Scheme said its members’ data was held by external servers that were infiltrated by cyber […]
There’s something about the Arizona State Retirement System — a US$49.3-billion defined benefit-like hybrid pension plan for the state’s 600,000 current and former public sector workers — that feels downright Canadian. The resemblance is intentional. Canadian Paul Matson, executive director of the AZSRS, drew inspiration from his home country when establishing its approach, particularly in […]
An article on two upcoming executive departures at the Ontario Pension Board 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 Pension Board preparing for departure of two top executives 2. Communication, education key to smooth transition to biosimilars: expert 3. 71% of Canadian employees […]
Custodial and maintenance workers at Toronto Metropolitan University represented by the Canadian Union of Public Employees are striking after university administration failed to address the rising cost of living and issues with increased employee contributions to the defined benefit pension plan during negotiations. In 2021, the university unilaterally imposed an increase in pension contributions on […]
Speaking at the Ontario Municipal Employees’ Retirement System’s annual general meeting on Tuesday, Blake Hutcheson, its chief executive officer, discussed the OMERS’ recent annual results, as well as its long-term growth expectations. “We think that, by 2030, we’ll be worth roughly $200 billion, up from a little more than $125 billion today.” The live event, […]
The union representing around 150 employees at West Fraser Timber in Fort Frances, Ont. has ratified a four-year collective agreement that includes multiple benefits gains. The new contract, which is retroactive to Aug. 1, 2022, includes a new maternity leave top-up program that provides new mothers with additional financial support. During the first eight weeks […]
RSA U.K. Pension Trustees, a subsidiary of Intact Financial Corp., is de-risking roughly £6.5 billion in U.K. defined benefit pension liabilities with an annuity buy-in. The deal, which will be completed with Pension Insurance Corp., will transfer all remaining economic and demographic risks associated with the Royal Insurance Group Pension Scheme and the Sal Pension Scheme, […]