A report from Nova Scotia’s auditor general is once again highlighting the “troubling” state of the Nova Scotia teachers’ pension plan, which is 78.4 per cent funded and has a $1.4 billion deficit. The province is responsible for half of that figure. Auditor general Michael Pickup warned there is no formal plan on how to deal with […]
The Canadian Alliance of Nuclear Workers is calling on the federal government to allow employees to remain members of the public service defined benefit pension plan. While several nuclear facilities were formerly crown corporations, they underwent a transition to become government-owned, contractor-operated entities beginning in 2014. As a part of the change, employees at Canadian Nuclear Laboratories […]
While the Canadian Life and Health Insurance Association generally supports the Canadian Association of Pension Supervisory Authorities’ proposed guideline on defined contribution pension plans, certain areas require further clarification. “We recognize that some service providers may require substantial lead time to enhance administrative systems to incorporate functionality, such as capturing and reporting indirect fees, that may not currently exist,” […]
The Canada Mortgage and Housing Corp. is having déjà vu. After closing its defined benefit plan to new members in 2013 and introducing a defined contribution component, the organization is now reversing course completely, closing its DC plan at the end of 2017 and re-opening its DB plan to all employees on Jan. 1, 2018. […]
As Air Canada seeks approval from the Office of the Superintendent of Financial Institutions to form its own life insurance company, bringing it one step closer to the annuities market, will this move become a trend for large organizations with looming pension payouts? In an email to Benefits Canada, a spokesperson from the airline said the move is […]
The Weyerhaeuser Co. is putting in action a number of steps to reduce its U.S. defined benefit pension liabilities while maintaining the plan’s current funded status. First, the Seattle-based timberland company will offer select plan members the opportunity to take an immediate lump-sum distribution, which will be paid from plan assets during the fourth quarter of […]
Three years ago, the Alberta Pensions Services Corp. was facing a bitter fact. Though one of our key corporate goals is to begin paying benefits within 30 days of plan members completing their retirement application, we were reaching this goal for barely one of every four retirees. This was a significant issue. APS administers the […]
While Canadians’ increasing longevity has been a growing issue for pension plans and providers alike, its effect on quality of living can vary significantly across income brackets, according to new research by the C.D. Howe Institute. Since 1965, both men and women in Canada have been living longer after the age of 50, the report noted. Men […]
T. Rowe Price Group Inc. has appointed Lauren Bloom as head of defined contribution sales and intermediaries in Canada. Based out of Toronto, Bloom will lead sales and services for the company’s Canadian defined contribution and intermediary channels, promoting its investment offerings. Prior to this position, Bloom held a number of roles at CI Investments Inc., including vice-president […]
The New Brunswick Public Service Pension Plan is providing a full cost of living adjustment to its almost 38,000 members for the sixth straight year. The 1.88 per cent adjustment, which is based on Canada’s consumer price index, is the highest its ever handed out, according to a news release. The adjustment is applied to […]