Across the country, public pension plans are releasing statements to assure members that their defined benefit pensions are secure and that they’re taking measures to protect the health and safety of their own staff. The Colleges of Applied Arts and Technology pension plan said it regularly tests operations and will continue to make pension payments. […]
Air Canada’s domestic registered defined pension plans are expected to maintain a “significant pension solvency surplus,” according to a press release. On Monday, the Montreal-headquartered airline withdrew its previously announced first quarter and full year 2020 guidance, as well as its full year 2021 guidance. The ongoing coronavirus crisis means Air Canada “is facing a […]
Once again, we’re experiencing volatile markets. During these times, it’s common to hear the following statements: It isn’t time to panic. This has happened before. Make sure the pension plan’s asset mix is correct. While these messages may be good advice for individual investors, defined contribution plan sponsors should be considering how to help their employees. Here are […]
The gross income replacement levels for a typical capital accumulation plan have decreased by more than 10 per cent during the past 11-year bull market, according to a report by Eckler Ltd. After the financial crisis in late 2008 the economy rebounded, but more than a decade of strong stock returns weren’t enough to markedly improve the amount of income […]
Unionized workers at Saint John Airport are joining the Colleges of Applied Arts and Technology pension plan’s DBplus. According to the Public Service Alliance of Canada, the New Brunswick-based airport workers were previously in a defined contribution plan, but returning to a DB plan was a “core demand” for the 25-member bargaining unit. “The message we’re sending […]
Ontario’s Workplace Safety and Insurance Board is converting its defined benefit pension plan to a jointly sponsored model, making it the first single-employer plan in Canada to make the change. The Financial Services Regulatory Authority of Ontario approved the move on Dec. 5, 2019, and the conversion is expected to take place on July 1, 2020. […]
The City of Toronto has completed the transfer of its Metropolitan Toronto Pension Plan to the Ontario Municipal Employees Retirement System. The Metro plan was the last of the City’s four defined benefit plans to move to OMERS, following the Corporation of the City of York Employee Pension Plan, the Metropolitan Toronto Police Benefit Fund […]
Life expectancy at age 65 has marginally increased for Canadian men while remaining stable for Canadian women, according to new data from Statistics Canada. It found life expectancy for Canadian men at age 65 increased to 19.4 years in 2018, up from 19.3 in 2017. In comparison, for Canadian women at age 65, life expectancy […]
Coquitlam, B.C.’s School District #43 has appointed CWB Trust Services as custodian and trustee for its non-teaching staff’s defined benefit pension plan. “As we conducted our review, we were pleased by the flexible service model and single integrated reporting platform,” said Chris Nicolls, chief financial officer and secretary-treasurer for the school district, in a press release. […]
Unifor is calling out the Federated Co-operatives Ltd. for delaying bargaining after hitting an impasse in a pension dispute. Currently, the Co-op employees’ defined benefit pension is fully funded by the employer. The conflict started in mid-December when the Co-op proposed that employees begin paying 11 per cent of contributions, among other concessions. Unifor members have been blockading […]