The strike by Canadian Union of Public Employees Local 2424 at Carleton University in Ottawa has ended after workers ratified a three-year collective agreement. The union announced the ratification earlier this week via its Twitter account, bringing an end to a strike that began on March 5. Rob Thomas, assistant vice-president of human resources at Carleton, said […]
Stelco Inc’s owner paid $142 million into the company’s pension plans at the end of March, bringing them to a funded status of 85 per cent on a solvency basis. In addition to the $142 million, Stelco’s owner Bedrock Industries Group has injected two previous payments totalling $50 million into the plans since July 1, 2017, […]
Solvency levels for Canadian defined benefit pension plans came down slightly in the first quarter of 2018, according to Aon’s monthly survey. It found, after decade-high levels in the last quarter of 2017, defined benefit plans had a median solvency ratio of 98.7 per cent as of April 1, 2018, falling slightly from 99.2 per cent in the […]
The recent volatility in the equity markets has had only a mild impact on the heath of Canadian pension plans so far this year, according to new numbers from Mercer. On Monday, the firm released its quarterly update on the funded status of Canadian defined benefit plans. The median solvency ratio of Mercer clients was […]
As part of its 2018 budget, the Ontario government unveiled a proposal to make its changes to the pension benefits guarantee fund apply retroactively to plans with a windup date on or after May 19, 2017. “This amendment is intended to apply to pension benefits provided to former Sears Canada employees,” the government noted in its budget on […]
The dispute over pension rights at Carleton University heated up this week as the Canadian Union of Public Employees called on the Financial Services Commission of Ontario to investigate a controversial amendment to the pension plan that dates back 15 years. The amendment, which permitted the elimination of a benefit guarantee feature for all service after July 1, […]
The Ontario Pension Board posted a return of 10.8 per cent in 2017, an increase on its return of 8.1 per cent in 2016. The pension fund’s investment income for the year was $2.5 billion, up from $1.75 billion in 2016. Its net assets were $26.4 billion, an increase from the end of 2016 when they sat at $24.4 […]
When Sears Canada Inc. announced it was going to liquidate its stores in 2017, the chain’s demise was a big concern for pension plan members worried about a big deficit in the company’s defined benefit plan. But also among the parties affected were some of Canada’s largest pension funds, which own more than two dozen […]
Over the past 25 years, Canada’s retirement system has evolved significantly through new funding frameworks and federal and provincial reforms to facilitate innovation in plan design. And with Canadians living and working longer and investment returns predicted to soften, it’s no surprise the pension industry is calling for an update to the Income Tax Act […]
In order to understand how much to save, the starting point should be determining a retirement budget. Not only will such an exercise help employees better plan for the future, it may well give them a greater understanding of and appreciation for their employer-sponsored savings program and improve their financial wellness. More accurate retirement planning Even […]