The Ontario Teachers’ Pension Plan is partnering with Google parent company Alphabet Inc. and affiliate Sidewalk Labs to launch a new company that invests in North American infrastructure. The spin-out of Sidewalk Labs called Sidewalk Infrastructure Partners, plans to hold, operate and invest in advanced infrastructure for the digital age. “We will bring our infrastructure and […]
Canada’s largest publicly traded companies could have eliminated their defined benefit pension deficits five times over with the value of their shareholder payouts in 2017 alone, according to a new report by the Canadian Centre for Policy Alternatives. “Despite the decline in DB plans, a third of Canada’s biggest companies actually maintain a DB plan of some […]
In its capacity as plan administrator, Morneau Shepell Ltd. purchased several buy-in annuity contracts for the Stelco Inc. pension plan in July. The goals of the transaction are to preserve the favourable financial position of the plan, ensure fair treatment of all members and maximize benefit protection, said Morneau Shepell in a press release. The Canada Life Assurance Co., […]
The Ontario Teachers’ Pension Plan’s chief operating officer of enterprise operations is moving to a new role at the United Nations Joint Staff Pension Fund. Rosemarie McClean will become chief executive officer of the pension fund, effective Jan. 1, 2020. Since joining the Ontario Teachers’ in 1986, McClean has gradually taken on more responsibility, including shaping the plan’s […]
The OPSEU Pension Trust is appointing Peter Lindley as its president and chief executive officer, effective Sept. 16, 2019. “Peter Lindley brings deep experience in investing to this role and the board is pleased to have someone of his expertise and calibre join OPTrust,” said Michael Grimaldi, chair of the OPTrust board of trustees, in a press […]
With Canadians living longer, the country’s pension landscape continuing to evolve and more private sector companies struggling to fund their defined benefit plans, governments across the country are reconsidering their regulations around pension solvency funding requirements. From coast to coast, here’s an update on the latest consultations and amendments. British Columbia In October 2018, the […]
A new report looking at four U.S. states that moved new employees from defined benefit to defined contribution or cash balance pension plans found the changes resulted in higher taxpayer costs and no meaningful improvements to the plans’ funding and liabilities. The report, by the National Institute on Retirement Security, looked at Alaska, Kentucky, Michigan and West Virginia — […]
Winnipeg city administrators are going forward with plans to eliminate police overtime from pensionable income and require that police officers work longer before receiving their pension benefits, according to an email sent to city councillors. According to the CBC, a letter was sent to both the Winnipeg Police Association and the Winnipeg Police Senior Officers’ Association from Mike Ruta, […]
The Oxford comma strikes again. In a case that turned on a dispute over number rounding and comma placement, an Ontario court has dismissed a class action brought against Bell Canada by the company’s retired employees. On Aug. 12, the Ontario Superior Court of Justice certified a proposed class action brought on behalf of 35,000 […]
Compared to the preceding years, 2019 appears to be the year of steady when it comes to progress on hot topics that resonated in the industry in 2017 and 2018. While no single topic has disappeared from the slate, neither have any new ones risen to become topics of urgency among consultants. “Last year, we […]