Wells Fargo has agreed to pay US$1 billion to settle a lawsuit filed by its two public sector pension plans that alleged the bank made misleading statements about its compliance with federal regulators after a fake account-opening scandal came to light in 2016. The class action lawsuit was filed on behalf of members of the […]
Large and small, pension plan sponsors are adopting in-house tools, partnering with technology research institutes or relying on investment managers for technological support with asset allocation, risk management and other aspects of investment management. The growing interest coincides with an increasingly complex investment, demographic and regulatory landscape. A 2020 Deloitte report on the importance of […]
There’s something about the Arizona State Retirement System — a US$49.3-billion defined benefit-like hybrid pension plan for the state’s 600,000 current and former public sector workers — that feels downright Canadian. The resemblance is intentional. Canadian Paul Matson, executive director of the AZSRS, drew inspiration from his home country when establishing its approach, particularly in […]
With group retirement plans aimed at helping members avoid risks and achieve their savings goals, defined contribution plan sponsors are uniquely positioned to step up and take a more active role in managing risk, said Christine van Staden, regional vice-president of group customer and national accounts business development at Canada Life, during Benefits Canada‘s 2023 […]
Even though it sounds obvious, maximizing retirement income and making it last for life isn’t what drives most retirees when it comes to making decisions — which is contributing to the challenges around decumulation, said Fred Vettese, an author and pension expert, during Benefits Canada‘s 2023 Defined Contribution Plan Summit. “The hurdles we have to […]
Representatives from six of Canada’s largest public sector pension investment organizations addressed a special parliamentary committee on Monday. The special committee on the Canada–People’s Republic of China Relations called on the British Columbia Investment Management Corp., the Canada Pension Plan Investment Board, the Caisse de dépôt et placement du Québec, the Ontario Teachers’ Pension Plan […]
Vestcor Investment Management Corp., an organization that manages the investment and administration of 11 public sector pension plans in New Brunswick, saw its investment decline 3.63 per cent in 2022. During the year, Vestcor’s assets declined from about $21 billion to $20 billion, according to a press release, which credited the losses to the unusually […]
The Investment Management Corp. of Ontario is entering into a new fund that owns a British fibre optic business. The fund was launched as part of a broader effort to recapitalize the EuNetworks Group, an internet infrastructure and network operator in which the IMCO holds a minority stake. The company, which manages 17 fibre internet […]
Imperial Oil Ltd. shareholders have voted against environmental, social and governance-related proposals backed by the Bâtirente and the British Columbia Investment Management Corp. during the company’s annual general meeting. The Bâtirente’s motion called on Imperial Oil to adopt direct and indirect greenhouse gas emissions reduction targets for 2030. If passed, the proposal would have obliged […]
Canadian defined benefit pension plans generated a median return of 4.23 per cent for the first quarter of 2023, according to the BNY Mellon Canadian asset strategy view universe. Among traditional asset classes, global equities posted the strongest performance, with a quarterly median return of 7.32 per cent, while Canadian fixed income returns were the […]