Pension coverage in the public sector is high, with the vast majority of public sector employees covered by a defined benefit pension plan. However, the story is very different in the private sector as pension coverage is much lower and is trending downwards. Only 22 per cent of private sector employees participated in a registered […]
Despite a recommendation made by the four Atlantic provinces in 2016, a review of the Atlantic Lottery Corp.’s underfunded defined benefit pension plan has yet to be completed, according to a new report by the region’s auditors general. According to the report, the pension plan has swallowed up $87 million in potential profit in order […]
A ruling by the Supreme Court of British Columbia on the B.C. Credit Union Employers’ Pension Plan’s normal retirement date was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. B.C. court upholds pension plan’s decision to increase retirement age 2. Ontario NDP platform includes dental […]
The Supreme Court of British Columbia has upheld the B.C. Credit Union Employers’ Pension Plan’s decision to increase its normal retirement date to age 65 from age 62. The 2016 decision — which was made by trustees to maintain the plan’s financial viability — was being challenged by a group of plan members who alleged […]
Last week’s federal budget proposed more borrowing flexibility for registered defined benefit plans. The proposal would replace the historical 90-day term limit on short-term borrowing with restrictions based on plan assets: additional borrowed money can’t exceed the lesser of 20 per cent of the plan’s assets and the amount by which 125 per cent of […]
Canadian pension plans are the most transparent in the world, according to a new report by Top1000funds.com and CEM Benchmarking Inc. The report, which uses data from public disclosures of pension plans in 15 countries, also ranked the five largest pension plans in each country in terms of the transparency of performance, costs and responsible […]
Jesus had a fractious relationship with the financial sector of his day. For those who work at the intersection of religion and finance, the reverberations of his courtyard scuffle with a group of moneylenders remain the source of controversy. Fortunately for Derek Hurst, manager of the Pension Plan of the United Church of Canada, he […]
The Ontario Municipal Employees Retirement System Sponsors Corp. is appointing Laurie Hutchinson as its new chief executive officer, effective April 18, 2022. In the new role, Hutchinson will be responsible for providing executive leadership and direction to the employees of the OMERS Sponsors Corp. and helping the board deliver on its key responsibilities, including determining […]
The federal government’s 2022 budget, which set out $56 billion in new spending on Thursday, has a few offerings that could impact employers and employees. Dental-care program, pharmacare The budget confirmed the government’s commitment to rolling out a national dental-care program, which was announced in March, by specifying a $5.3-billion investment in its implementation. It also […]
Changes to the calculation of commuted pension values in Canada are making it more challenging for defined benefit pension plan members to determine an optimal day to quit their job and receive the maximum payout, says one actuary. Peter Gorham, an actuary at JDM Actuarial Expert Services Inc., says while he used to point plan […]