An increase in the protection limit for defined benefit pension plan members’ assets invested in annuities is making it easier for plan sponsors to de-risk, says Mary Kate Archibald, a principal at Eckler Ltd. Assuris, the not-for-profit organization that protects a portion of retirement benefits from annuities in the event of an insurer’s insolvency, now covers up to $5,000 […]
The Association of Canadian Pension Management’s top priority in 2023 is convincing Canada’s senate to amend or block the passage of Bill C-228, according to Ric Marrero, the association’s president and chief executive officer. “Our first priority is to keep monitoring Bill C-228, which is now in the senate. Our members think it would cause […]
An article on the potential impacts of a pension super-priority bill was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Pension super-priority bill passes in House of Commons 2. Ontario municipality establishing six-week indoor mask requirement for city employees 3. CIBC supporting employee health with wellness […]
A report from the Chicago Police Department Pension Board Accountability Group is accusing the management of the Policemen’s Annuity and Benefit Fund of Chicago of providing little transparency to plan members and mismanaging funds. The pension board accountability group hired forensic auditor Christopher Tobe to conduct an audit. The report accuses the defined benefit plan’s board […]
The Canadian Federation of Pensioners is calling for amendments to federal insolvency laws to protect members of defined benefit pensions if the employer is insolvent. The federation, which represents 23 retiree groups with a total of about 300,000 members, renewed its call for legislative changes after the federal budget failed to mention the issue on […]
The federal government is consulting on potential solvency funding relief options for 2021 and measures to further strengthen the framework for federally regulated pension plans. About seven per cent of private pension plans in Canada are federally regulated, such as those in industries like banking, telecommunications and inter-provincial transportation, noted a press release from the […]
The union representing 400 Dominion Diamond Mines employees is attempting to guarantee that the company honours its multi-million dollar pension shortfall as it goes through a court-ordered creditor protection process. If the shortfall isn’t prioritized, the Union of Northern Workers said it’s concerned that active members and pensioners would all face reduced pensions. “How much […]
Quebec’s closed the door on the idea of forming a pension benefits guarantee fund to protect members in retirement plans sponsored by employers that have declared bankruptcy. Finance Minister Éric Girard said Tuesday that no such measure would be included in the provincial budget set to be released March 10, reported Radio-Canada. In explanation, Girard […]
Pensions have been imperilled by corporate insolvency before, but three new amendments to federal laws may create stronger protections for employees and retirees. Changes to the Canada Business Corporations Act went into immediate effect after receiving royal assent in June, and amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act take effect today. Further […]
The Association of Canadian Pension Management has mixed feelings about the federal government’s proposed methods for enhancing retirement security in the wake of the high-profile Sears Canada Inc. bankruptcy last year. During an ACPM webinar last week, Todd Saulnier, the chair of ACPM’s national policy committee and a principal at Mercer, said some of the federal government’s options […]