Workplaces represented by the Ontario Public Service Employees Union are among the latest employers to join the OPSEU Pension Trust’s defined benefit plan, OPTrust Select. “This isn’t just a victory for the new members of OPTrust Select, it’s a victory for nearly a million workers across Ontario who don’t yet have the security of a […]
Pension plan members are buffeted from all sides by information on retirement options — some reliable, some not — especially now that the coronavirus pandemic is playing into the conversation. “People are scared,” said Peter Shena, executive vice-president and chief pension officer at the Ontario Pension Board, during a webinar hosted by Common Wealth last week. […]
In seeking to better serve its plan members, the Ontario Teachers’ Pension Plan has been on a journey to change its strategic thinking to access a more meaningful picture of who its members are and what challenges they have in using the plan as it stands. That journey starts by asking what a member is […]
Canada’s pension regulations have been designed to govern defined benefit plans and are a bad fit for target-benefit and multi-employer pension plans, according to a new report by the C.D. Howe Institute. The report, authored by Barry Gros, a retired actuary and chair of the University of British Columbia staff pension plan, argued that the […]
The Alberta New Democratic Party’s labour and immigration critic is attempting to reverse the provincial government’s plan to transfer teachers’ pensions to the Alberta Investment Management Corp. Christina Gray, an NDP member of the legislative assembly for Edmonton-Mill Woods, introduced Bill 203, called the Pension Protection Act, on Monday. The legislation, if passed, would undo […]
Global Montreal employees have overwhelmingly rejected a final offer from their employer Corus Entertainment to renew their collective agreement, over concerns around their pay, benefits and pension plan. According to a release from the Canadian Union of Public Employees, nearly 90 per cent of members from Local 4502 participated in the electronic vote, with 91 per […]
Employers that act as pension plan administrators have statutory fiduciary duties that are defined by the plan documents and by governing pension legislation. While those duties continue to apply during the coronavirus pandemic and the resulting market volatility, they require even more careful navigation, as cash flow and internal corporate resources may be strained. Pension regulators across […]
The Association of Canadian Pension Management’s Alberta regional council is highlighting the need for “made-in-Alberta” measures focused on pension plan sponsors, administrators and members due to the financial impact of the coronavirus pandemic. In a submission to the provincial government, the council listed recommendations around pension contributions and funding, commuted values, plan administration, defined contribution […]
The Financial Services Regulatory Authority of Ontario has issued new guidance on transferring commuted values and purchasing annuities when a pension plan’s transfer ratio has declined since the most recently filed valuation report by 10 per cent and is now below 0.9. If the defined benefit plan’s transfer ratio is less than 1.0 the plan […]
The Winnipeg Public Service is recommending the reversal of amendments to the City of Winnipeg’s police pension bylaw. The amendments, which took effect April 1, 2020, were the subject of a grievance filed by the Winnipeg Police Association and the Winnipeg Police Senior Officer’s Association in November 2019 after the City of Winnipeg attempted to make alterations […]