Reassuring frustrated blue-collar voters, U.S. President Joe Biden on Wednesday visited Ohio iron workers to highlight federal action to shore up troubled pension funding for millions now on the job or retired — and to make his political case that he’s been a champion for workers in the White House. Biden’s speech at a Cleveland […]
The Nova Scotia Public Service Superannuation Plan generated net returns of 5.56 per cent during its latest fiscal year, which ended on March 31, 2022. According to its annual report, the PSSP, a defined benefit pension plan for 41,000 current and former public sector employees in Nova Scotia, saw the value of its assets rise […]
The average Canadian defined benefit pension plan saw improvements in its solvency position in May, according to LifeWorks Inc.’s latest monthly report. An investment portfolio designed to mimic that of a typical pension saw its assets decline by 0.4 per cent over the month. Despite this, the solvency index, which provides an indication of changes […]
The importance of risk management isn’t new for the majority of defined benefit pension plan sponsors and administrators. The impact of long-term interest rates, market volatility, changing demographics and increasing longevity, inflation concerns, geopolitical events and other large economic, environmental and social factors are all contributing to the need to manage the financial risks associated […]
The economic impact of the pandemic has been unevenly distributed across various industries, with travel and transportation among the hardest-hit sectors. However, while travel restrictions and subsequent employee layoffs in these industries made headlines throughout 2020 and 2021, the pension plans provided by these employers have largely weathered any economic fallout. The impact on air […]
The average Ontario defined benefit pension plan is in the best funded position since December 2009, according to the Financial Services Regulatory Authority of Ontario’s latest quarterly solvency report. It found 81 per cent DB plans had a solvency ratio greater than 100 per cent at the end of 2021, compared to 67 per cent […]
Manitoba is amending its pension regulatory system in order to strengthen the province’s pension regulatory and solvency framework. The changes, which took effect on Dec. 20, 2021, establish new rules for the funding of private sector defined benefit pension plans, including reducing the solvency deficiency threshold at which special payments must be made from 100 […]
The largest defined benefit pension plans in the U.S. saw average funded status improve by eight per cent in 2021, according to a new report by Willis Towers Watson. It found the country’s largest DB pension plans saw their average funded statuses reach 96 per cent last year, higher than at any point since 2007. […]
The average Canadian defined benefit pension plan saw its funding position deteriorate slightly on both a solvency and accounting basis in November, according to a new report by LifeWorks Inc. According to the report, the index covering the estimated average DB plan saw its solvency ratio dip, from 111.5 per cent to 110.8 per cent. […]
Air Canada and unions representing more than 20,000 employees are reaching an agreement that will wind down a shared pension trust to the benefit of retired workers who are part of the company’s defined benefit plans. The airline was granted relief from pension solvency funding when facing insolvency in 2009. As part of the arrangement, […]