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, […]
The union representing 750 mining workers at Mosaic Potash Esterhazy Ltd. in Esterhazy, Sask. has ratified a four-year collective agreement that includes pension and benefits gains. The agreement includes a .25 per cent increase in employer contributions to the company’s defined contribution pension plan, while members of the defined benefit pension plan will receive a monthly increase […]
Carefor Health & Community Services has joined the Healthcare of Ontario Pension Plan. The Ottawa-based health-care and community support charity previously sponsored its own defined benefit pension plan, which has now merged with the HOOPP. More than 620 employers participate in the HOOPP, which typically adds 20 to 25 new employers every year. Read: HOOPP approves […]
The majority (81 per cent) of U.S. public sector employees worry whether they’ll have enough money to last them through retirement, according to a new survey by MissionSquare Research Institute. The annual survey, conducted alongside the International Public Management Association for Human Resources and the National Association of State Personnel Executives, also found just 41 per […]
The Ontario Municipal Employees’ Retirement System is appointing Ralph Berg as its chief investment officer, effective April 1, 2023. “[Berg] is a proven investor and a seasoned executive,” said Blake Hutcheson, the pension fund’s president and chief executive officer, in a press release. “The board and I have the deepest confidence that he will continue […]
Employees of the City of Whitehorse represented by the Yukon Employees’ Union and N.W.T.-based Collège nordique francophone are joining the Colleges of Applied Arts and Technology pension plan’s DBplus arrangement. The two employers are among a number of organizations that have recently joined the CAAT’s plan, including the Canadian Coalition for Good Governance, the Saskatchewan College […]
The Canadian Institute of Actuaries is urging the federal government to reconsider its cessation of real return bond issuances, citing the potential financial impacts to defined benefit pension plans. “We request not only that the decision to cease issuing real return bonds be reconsidered, but also that the annual issuance of real return bonds be […]
Workplace pension plans alone aren’t providing adequate retirement income for U.S. government employees, according to a new report by the National Institute on Retirement Security and Aon. It found U.S. state and local employees in a typical public defined benefit pension plan need to save roughly four to six per cent of their salary on their […]
The OPSEU Pension Trust is supporting employees’ and plan members’ financial literacy with its defined benefit pension education program and extensive member communications. “We run a program called People for Pensions, an education program focused on articulating the value of defined benefit pensions and not just the benefit they provide to people who have them, […]
The Canadian Institute of Actuaries is supporting several of the Alberta government’s proposed legislative and policy updates for private sector pension laws, including the move towards a going-concern plus regime for defined benefit plans and the introduction of automatic features in defined contribution plans. In its response to the consultation draft, the CIA cited the benefits […]