The IWA–Forest Industry pension plan and long-term disability plan are appointing Mark Guiton as chief executive officer. Guiton (pictured left), who has been the organizations’ general counsel since 2017, is replacing outgoing CEO Derrick Johnstone. Prior to joining the IWA, he was director of legal services for the British Columbia Safety Authority for more than nine years. […]
Reassuring frustrated blue-collar voters, U.S. President Joe Biden on Wednesday visited Ohio iron workers to highlight federal action to shore up troubled pension funding for millions now on the job or retired — and to make his political case that he’s been a champion for workers in the White House. Biden’s speech at a Cleveland […]
As the move away from traditional defined benefit plans continues and intensifies, Canada’s multi-employer pension plans are providing employers with another retirement savings option for their employees. And despite facing a number of challenges, from industries in decline to legislative obstacles, MEPPs continue to attract plan sponsors from across the country. Read: Canadian MEPPs facing challenges […]
In its 2022 budget on Thursday, the Ontario government said it’s implementing a permanent target-benefit pension plan framework in 2023. The budget noted specified Ontario multi-employer pension plans, which provide these types of benefits, have been operating under temporary regulations that will expire in 2024 unless replaced by a permanent framework. “A permanent target-benefit framework […]
A new multi-employer pension plan is being created for Canadian incorporated physicians. The Medicus Pension Plan, developed by MD Financial Management Inc. and Scotiabank, will provide physicians with predictable lifetime retirement income based on personal earnings and years of service with their medical corporation, while pooling investments, longevity and economic risks among all plan participants, […]
An article on British Columbia’s paramedics and their need for enhanced mental-health benefits was the most read story over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. B.C. paramedics seeking enhanced mental-health benefits 2. Canadian pension plans overcoming legislation, governance challenges: webinar 3. Ontario’s DB pension plans should take steps […]
The government of Newfoundland and Labrador is amending funding rules for the province’s multi-employer pension plans. The amendments include a permanent exemption from solvency funding requirements for MEPPs, retroactive to Dec. 31, 2020, when the previous temporary exemption ended. In addition, going-concern unfunded liabilities must now be funded over 10 years instead of the previous […]
The Financial Services Regulatory Authority of Ontario is releasing final interpretation guidance to support the role and responsibilities of pension plan administrators. The guidance, an updated and consolidated version of four previous documents, said the administrator’s role includes responsibility for implementing processes to ensure pension plan risks — such as investment, funding, operational and legal — […]
Two unions representing nearly 1,000 employees of Sanofi Canada are joining the Colleges of Applied Arts and Technology’s DBplus pension plan. Both Unifor Local 1701 and the International Union of Operating Engineers Local 772 will join the plan effective April 1, according to a press release, which noted the company is joining the multi-employer plan […]
Whether it’s battling the challenges of plan maturity, increasing longevity, the changing nature of work or difficult financial markets, these so-called golden handcuffs are looking pretty dented in some cases. But the 10 years following the great financial crisis wasn’t all bad. Many public pension plans, as well as affiliated administrators and investment managers, have […]