The majority of salaried retirees and employees, along with unsecured creditors, voted in favour of Stelco Inc.’s restructuring plan in meetings on Thursday afternoon. Under the plan, Stelco will no longer be responsible for administering the salaried group’s pension plans and other post-employment benefits. The company taking over Stelco, Bedrock Industries Group LLC., will contribute […]
We’re living in a society with a new generation of employees who also happen to be digital natives. Generation-Y and millennials learn, act and understand very differently than the generations that came before them. They take a different look at their careers, the work environment and even retirement. In the age of defined benefit plans, […]
When it comes to addressing the many challenges facing pension and benefits plans, we already know many of the solutions. Taking action on them, however, is often a different matter. As Benefits Canada reported in its annual report on drug plan trends last month, many plan sponsors have reached a crisis point around escalating costs. […]
The pension and benefits industry often talks about flexibility and customization of plans, but how many companies are actually changing their offerings to introduce those elements? ATB Financial is one company that’s taking action on the issue following its pension redesign in recent years. “The most relevant strategic driver for reviewing and redesigning our pension […]
The OPSEU Pension Trust has launched People for Pensions, an online campaign encouraging its plan members to become informed about defined benefit pension plans and how they support the economy. People have shifted from having a mindset of pension envy to one where they yearn for financial security but don’t necessarily see the value of […]
The median solvency ratio of Canadian defined benefit pension plans hit its highest level since before the 2007 financial crisis, according to the latest quarterly pension plan solvency survey by Aon Hewitt. On April 1, 2017, median solvency stood at 96.7 per cent, up nearly two percentage points since the beginning of the year. In […]
Large pension plans in the United States are increasingly looking to Canadian pension funds for ideas and best practices in institutional investing, according to a new report by market researcher Cerulli Associates. According to the report, no model for defined benefit plan investments resonates more with U.S., and even global, institutions than the so-called Canadian […]
More than 200 employees in a defined contribution pension plan at Cape Breton University have joined the Nova Scotia Public Service Superannuation Plan, a defined benefit scheme for public sector workers in that province. The employees who joined the plan included those in management roles, administrative support staff represented by the Canadian Union of Public Employees and a […]
The solvency position of Canadian defined benefit pension plans remained level through the first quarter of 2017, according to Mercer’s latest pension health index. The index, which represents the median solvency ratio of a hypothetical plan, held steady at 102 per cent as of Mar. 30, 2017, and the median solvency ratio of Mercer’s clients’ plans […]
Now is the time for employers to start looking at the Canada Pension Plan enhancements and their potential affects on workplace pension plans, said lawyer Stephanie Kalinowski during an event in Toronto on Wednesday. “Especially for [defined contribution] plans, in particular, it’s really an opportunity to step back and look at your overall plan design.” […]