Lawyers Financial has inked a deal with the Colleges of Applied Arts and Technology pension plan to offer law firms the chance to join the CAAT’s DBplus. The organization, which is a brand of the Canadian Bar Insurance Association, started looking into pension options for the legal community back in 2016. Over the past few years, a task […]
The Ontario Municipal Employees Retirement System has appointed Michael Graham as its new global head of private equity. Graham will replace Mark Redman, who has decided to leave the pension fund, effective March 31, 2020. Since Redman joined the OMERS in 2009 to establish its European private equity business, private equity has grown as a component of the pension […]
Unionized workers at Saint John Airport are joining the Colleges of Applied Arts and Technology pension plan’s DBplus. According to the Public Service Alliance of Canada, the New Brunswick-based airport workers were previously in a defined contribution plan, but returning to a DB plan was a “core demand” for the 25-member bargaining unit. “The message we’re sending […]
While the Pension Investment Association of Canada is applauding proposed changes to Manitoba’s Pension Benefits Act that would allow for in-plan solvency reserve accounts for defined benefit pension plans, it’s calling on the province to make further reforms. In a letter to Manitoba’s Finance Minister Scott Fielding, the PIAC said the suggested amendments, which were introduced in November […]
Quebec’s closed the door on the idea of forming a pension benefits guarantee fund to protect members in retirement plans sponsored by employers that have declared bankruptcy. Finance Minister Éric Girard said Tuesday that no such measure would be included in the provincial budget set to be released March 10, reported Radio-Canada. In explanation, Girard […]
Western Forest Products and the United Steelworkers union have reached a tentative collective agreement after more than seven months of tensions over pensions and long-term disability benefits. About 3,000 of the Vancouver-based lumber company’s employees walked off the job on July 1, 2019. In November, the company dropped it’s proposal to implement pension plan alternatives to which the union […]
Canadian defined benefit pension plans posted an average return of 14 per cent in 2019, according to RBC Investor and Treasury Services’ universe. The double-digit returns were the second highest for DB plans in the past decade, bolstered by a surge in equity markets both domestically and around the world. “Over the past 10 years, […]
Should I stay or should I go? That’s the question employees are asking regarding their retirement, but they’re getting mixed answers from their employers. In a survey by MetLife Inc., half (55 per cent) of U.S. employers said they’d prefer older workers to retire to make room for the advancement of younger employees. The other 45 […]
West Fraser Timber Co. Ltd. isn’t annuitizing multiple defined benefit plans to get out of the pension business. In fact, the British Columbia-based integrated wood products company is committed to DB. “We believe we get tremendous value out of our DB plans around recruitment and definitely around retention of our employees,” says Elaine Jensen, the […]
Canadian defined benefit pension plans posted a return of 14 per cent in 2019, according to the RBC Investor and Treasury Services’ universe. These double-digit returns were the second highest for DB plans in the past decade, bolstered by a surge in equity markets both domestically and around the world. “Over the past 10 years, […]