The chief executive officer of the Halifax Regional Municipality Pension Plan is retiring, effective October 2017. Terri Troy has led the plan since 2006, and through her tenure, she doubled the plan’s assets from $921 million to $1.8 billion today. She has also saved the plan $28 million in operating expenses during her 11 years on the […]
The Royal Canadian Mounted Police pension plan doesn’t discriminate against women, a federal judge has ruled. Allison Pilgrim, Joanne Fraser and Colleen Fox all joined the RCMP in the 1980s. When job-sharing became available in 1997, they each took advantage of the program to care for their young children. But they didn’t realize that job-sharing officers couldn’t buy […]
The sale of Stelco Inc. to Bedrock Industries Group LLC can proceed, Ontario Superior Court Justice Herman Wilton-Siegel ruled this morning in Toronto. At the hearing, U.S. Steel, salaried employees, the province and the court-appointed monitor supported the new plan. “You can’t always get what you want, but it’s good enough,” said James Harnum, counsel for Stelco’s […]
Stelco Inc. employees in Nanticoke and Hamilton have voted in favour of a new collective agreement proposed by potential buyer Bedrock Industries Group LLC. Nanticoke employees, who are part of United Steelworkers Local 8782 and work across two plants, voted 86 per cent and 89 per cent in favour of the new agreement on Friday, […]
Stelco Inc. employees in Nanticoke and Hamilton, Ont., are voting today and Tuesday on whether to accept a new collective agreement proposed by potential buyer Bedrock Industries Group LLC, CBC has reported. Ontario Superior Court Justice Herman Wilton-Siegel won’t sign off on the purchase until the agreements are in place, according to the Globe and Mail. Creditors […]
Alongside the Ontario government’s announcement earlier this month regarding a new funding framework for defined benefit pension plans in the province, it also said it would require plan administrators to establish written governance and funding policies. This move is one of a number of proposed measures designed to protect benefit security for members of defined […]
Put off by what they see as exorbitant pay for Mylan executives, some big pension funds are attempting to block the re-election of a number of board members, including chairman and former chief executive officer Robert Coury, who received $100 million last year. The New York City and New York State comptrollers both signed a […]
Modern defined benefit pension plans provide the retirement income security Canadians want with the stable and predictable costs that employers desire. And, with recent changes, these modern plans are becoming a real and valuable option to a wide variety of sponsors. Looking to the past, employers offering a workplace pension plan chose between two basic […]
While Ontario’s proposed solvency changes for defined benefit pension plans may help plan sponsors with funding obligations, they may put plan members in a more precarious position, says Michael Mazzuca, a partner in the pension and employee benefits group at Koskie Minsky LLP in Toronto. “There’s obviously a suggestion that, in addition to the emphasis on going […]
Ninety per cent of Canadians would be willing to contribute more to a pension to ensure they have a predictable income at retirement, according to research by the Canadian Public Pension Leadership Council. The survey, which polled 1,000 Canadians to understand their attitudes toward retirement income, asked participants to specifically quantify the maximum amount they […]