pension benefits – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Fri, 22 Nov 2024 22:16:07 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 How are Canadian DB pension plan sponsors making use of surplus funds amid positive funded status environment? https://www.benefitscanada.com/pensions/defined-benefit-pensions/how-are-canadian-db-pension-plan-sponsors-making-use-of-surplus-funds-amid-positive-funded-status-environment/ Thu, 26 Sep 2024 15:00:26 +0000 https://www.benefitscanada.com/?p=160541 With many Canadian defined benefit pension plans in a strong funded position, plan sponsors, particularly those with unionized workforces, are increasingly discussing the use of surplus funds, says Gavin Benjamin, a partner in the retirement and benefits solutions practice at Telus Health. The funded position of a typical Canadian defined benefit pension plan rose on […]

The post How are Canadian DB pension plan sponsors making use of surplus funds amid positive funded status environment? appeared first on Benefits Canada.com.

]]> IBM transferring US$6 billion in pension liabilities via group annuity buyout https://www.benefitscanada.com/pensions/defined-benefit-pensions/ibm-transferring-us6-billion-in-pension-liabilities-via-group-annuity-buyout/ Fri, 13 Sep 2024 19:00:27 +0000 https://www.benefitscanada.com/?p=160172 International Business Machines Corp. is transferring roughly US$6 billion in defined benefit pension obligations through a group annuity buyout. Prudential Financial Inc. will assume responsibility for making retirement benefit payments to roughly 32,000 retirees and their beneficiaries beginning Jan. 1, 2025. Read: IBM entering US$16BN pension risk transfer The transaction marks the second pension risk […]

The post IBM transferring US$6 billion in pension liabilities via group annuity buyout appeared first on Benefits Canada.com.

]]> How plan sponsors can support employees going through a divorce https://www.benefitscanada.com/archives_/benefits-canada-archive/how-plan-sponsors-can-support-employees-going-through-a-divorce/ Fri, 13 Sep 2024 12:54:42 +0000 https://www.benefitscanada.com/?p=159773 Going through a divorce can be an extremely stressful and emotional experience and, unsurprisingly, the impacts can spill into the workplace. “[Employees may be] at work but waiting for that text from the lawyer — they’re distracted on what they’re going to do next in the proceedings,” says Brent Dul, executive vice-president at Randstad Canada. […]

The post How plan sponsors can support employees going through a divorce appeared first on Benefits Canada.com.

]]> Ontario’s target-benefit framework too prescriptive, could lead to increased plan costs: ACPM https://www.benefitscanada.com/pensions/governance-law/ontarios-target-benefit-framework-too-prescriptive-could-lead-to-increased-plan-costs-acpm/ Wed, 28 Aug 2024 19:00:38 +0000 https://www.benefitscanada.com/?p=159557 Ontario’s proposed regulatory framework for target-benefit pension plans includes requirements that are more prescriptive than other jurisdictions and could result in additional costs and reduced benefits for plan members, said the Association of Canadian Pension Management. In an open letter, the ACPM noted the inclusion of policies — such as those determining funding and benefits, […]

The post Ontario’s target-benefit framework too prescriptive, could lead to increased plan costs: ACPM appeared first on Benefits Canada.com.

]]> Ontario court rules employer not obligated to preserve past service benefits https://www.benefitscanada.com/pensions/defined-benefit-pensions/ontario-court-rules-employer-not-obligated-to-preserve-past-service-benefits/ Mon, 15 Jul 2024 13:00:30 +0000 https://www.benefitscanada.com/?p=158054 Ontario’s small claims court has ruled that an employer’s letter, which described the benefits coverage that would exist following a divestment as ‘comparable’ to prior levels of coverage, didn’t create a contractual obligation to preserve past service benefits. “The decision makes a clear distinction between an informational announcement or other general information that is not […]

The post Ontario court rules employer not obligated to preserve past service benefits appeared first on Benefits Canada.com.

]]> Ontario court sides with IBM in pension benefits rectification case https://www.benefitscanada.com/pensions/governance-law/ontario-court-sides-with-ibm-in-pension-benefits-rectification-case/ Wed, 24 Apr 2024 13:00:25 +0000 https://www.benefitscanada.com/?p=154599 An Ontario Superior Court ruling that allowed IBM Canada Ltd. to retrospectively rectify drafting errors that created unintended additional pension benefits for employees on disability leave augurs well for plan sponsors seeking similar relief going forward. “The case clarifies that there is a specific test for rectification of pension plans and other unilateral instruments, which […]

The post Ontario court sides with IBM in pension benefits rectification case appeared first on Benefits Canada.com.

]]> OPB working with employers to receive salary information of employees impacted by Bill 124 https://www.benefitscanada.com/pensions/defined-benefit-pensions/opb-adjusting-salary-information-of-public-sector-workers-impacted-by-bill-124/ Tue, 12 Mar 2024 19:00:27 +0000 https://www.benefitscanada.com/?p=152943 The Ontario Pension Board is working closely with employers to receive updated salary information from public sector workers that may have been impacted by the decision of Ontario’s government to repeal Bill 124. In a communication to members, the investment organization said the changes could include “additional pension contributions for any retroactive wage adjustments.” Read: Ontario […]

The post OPB working with employers to receive salary information of employees impacted by Bill 124 appeared first on Benefits Canada.com.

]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pension-and-investment-stories-of-the-week-73/ Fri, 23 Feb 2024 14:00:27 +0000 https://www.benefitscanada.com/?p=152277 An article on how the Ontario Municipal Employees Retirement System has contributed to the province’s gross domestic product was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the week: 1. OMERS pension benefits accounted for 9.3% of Ontario retirement income in 2023: report […]

The post Top 5 HR, benefits, pension and investment stories of the week appeared first on Benefits Canada.com.

]]> Converting DB pension plans to DC plans impacts cash flow, increases costs: report https://www.benefitscanada.com/pensions/defined-benefit-pensions/converting-db-pension-plans-to-dc-plans-impacts-cash-flow-increases-costs-report/ Wed, 13 Dec 2023 20:00:55 +0000 https://www.benefitscanada.com/?p=148774 U.S. public sector defined benefit pension plans that have switched to a defined contribution model have experienced negative cash flows and increased costs and employee turnover, according to a new report by the National Institute on Retirement Security. The report analyzed five public sector pension plans including those in Alaska, Michigan and West Virginia. It […]

The post Converting DB pension plans to DC plans impacts cash flow, increases costs: report appeared first on Benefits Canada.com.

]]> FSRA’s proposed rule could increase fairness in division of pension benefits during marriage breakdown: expert https://www.benefitscanada.com/pensions/governance-law/fsras-proposed-rule-could-increase-fairness-in-division-of-pension-benefits-during-marriage-breakdown-expert/ Fri, 08 Dec 2023 14:00:55 +0000 https://www.benefitscanada.com/?p=148525 The Financial Services Regulatory Authority of Ontario’s proposed family rule could allow for pension benefits to be divided more fairly in the event of a marriage breakdown, says Louis Duranleau, a senior principal of pensions at Normandin Beaudry. “When there’s an agreement between the spouses to share the retiree’s pension before it’s effectively divided in […]

The post FSRA’s proposed rule could increase fairness in division of pension benefits during marriage breakdown: expert appeared first on Benefits Canada.com.

]]>