Montreal police officers have voted in favour of a new contract that puts an end to a long-running dispute over pension reforms. The city’s police union, the Montreal Police Brotherhood, says 95.3 per cent of officers who voted approved the new agreement, which is retroactive to Jan. 1, 2015, and extends until Dec. 31, 2021. […]
The Canada Pension Plan fund’s net assets increased to $326.5 billion at the end of the first quarter of fiscal 2018, compared to $316.7 billion at the end of fiscal 2017. The $9.8-billion rise in assets for the quarter ended June 30, 2017, consisted of $5.7 billion in net income after all Canada Pension Plan […]
Unifor members from Northstar Aerospace’s Milton, Ont., operations are occupying the plant and halting production in a dispute over a 24 per cent shortfall in staff pensions. The takeover of the plant began before dawn this morning, with workers and their supporters maintaining a picket line. The Illinois-based company is planning to close the Milton location in […]
The Canadian Life and Health Insurance Association is recommending a number of ways the federal government can help ensure Canadians’ retirement income security in its submission for the 2018 federal budget. With more Canadians moving into capital accumulation plans, people need to have better options available to help secure their retirement, wrote the organization, noting there’s […]
The federal government’s difficulties with its problem-plagued Phoenix pay system are now affecting pension plan members who won’t be receiving their pension and insurance benefits statements this year due to potential inaccuracies with the information. And while much of the attention on Phoenix has focused on employees not getting paid on time, it has also been causing problems for […]
Workers about to lose their jobs at Northstar Aerospace’s operations in Milton, Ont., are now facing the prospect of a 25 per cent cut to their pensions. After returning from the holiday break last year, workers “were given the notice that they were going to actually close the plant,” says Cammie Peirce, a national representative in […]
Despite strong funding positions, plan sponsors are taking a proactive approach when it comes to managing pension investments and risk, according to Aon Hewitt. Its latest pension risk survey, which covers 124 pension plans across the country, found plan sponsors are adapting their funding and investment strategies in response to new pension regulations. “Plan sponsors […]
Former Sears Canada Inc. employees who opt to take the commuted value of their defined benefit pension are facing an immediate 19 per cent reduction in their entitlements. According to an update to former employees from their legal counsel, Koskie Minsky LLP, the reduction is a result of the underfunding in the Sears pension plan. As […]
Diversified pooled pension fund managers posted a median return of 0.7 per cent before management fees for the second quarter of 2017 and a median year-to-date return of 3.6 per cent, according to a new report by Morneau Shepell Ltd. The quarterly report, which covers about 324 pooled funds that have a market value of […]
Assets in registered pension plans were $1.7 trillion in 2015, a three per cent increase from 2014, according to new figures published by Statistics Canada. Larger pension plans with at least 30,000 members held more than half (55.2 per cent) of the assets. Of those larger plans, 32 account for half of all pension plan […]