Three lawsuits were filed in December by the parties seeking the best possible outcome for former Sears Canada Inc. employees with regard to the funding deficit of their defined benefit pension plan. Collectively, the suits were filed by the monitor in the Sears Companies’ Creditors Arrangement Act proceedings; the Hon. Douglas Cunningham, the litigation trustee appointed by the CCAA court; […]
The largest corporate pension plans in the United States experienced a slight drop in their funded status at the end of 2018 due to the sharp decline in equities, according to an analysis by Willis Towers Watson. The study, which looked at the defined benefit pension plans of 389 Fortune 1000 companies, found their pension assets […]
While 2018 ushered in a number of significant changes to Ontario’s pension legislation, including a major revamping of the funding rules for defined benefit plans, additional pending changes are afoot for 2019. Other provinces, such as British Columbia, Manitoba and Nova Scotia, are also reviewing solvency funding requirements for plans registered in their respective jurisdictions. […]
Readers were focused on the Canada Pension Plan and old-age security in 2018, with the top three most read stories tackling those topics. Benefits Canada rounds up the industry’s favourite pension and retirement stories of the year: 1. New CPP, OAS benefit amounts take effect for 2018 2. Increase to OAS benefits takes effect July 1 3. Why aren’t Canada’s public […]
The market value of assets held by Canadian trusteed pension funds grew 0.6 per cent between the first and second quarters of 2018, according to data from Statistics Canada. Investments in real estate saw the largest increase in the second quarter, up 2.5 per cent to $186.7 billion, and investments in mortgages saw the largest decline, down 13.9 per […]
The federal government is launching national consultations on enhancing the retirement security of Canadians, including potential actions on pension regulations and bankruptcy and insolvency laws. Previously announced in the 2018 budget and reiterated on Wednesday in the fall economic statement, the consultation includes measures to help ensure employers maintain well-funded pension plans, better aligning corporate decision-making with […]
For the first time since the Financial Services Commission of Ontario began monitoring defined benefit pension solvency in 2009, the province’s DB plans posted a median solvency ratio above 100 per cent in the third quarter of 2018. As of Sept. 30, the solvency ratio reached 101 per cent, up from 97 per cent the previous quarter. […]
Ontario’s Premier Doug Ford is pledging his support for Ontario steelworkers and their pensions in the wake of the United States’ government’s 25 per cent tariff on Canadian steel. In an announcement last week to Algoma Steel Inc. employees in Sault Ste. Marie, Ont., Ford said the provincial government would be helping in the form of regulatory relief from […]
Pension managers’ pooled funds posted meagre returns in the third quarter of 2018, according to Morneau Shepell Ltd.’s performance universe. Markets were less synchronized during the latter half of 2018, leading to more mixed results than earlier in the year, noted the report, which showed a median return of 0.4 per cent before management fees. However, this […]
The government of British Columbia is kicking off a conversation on reforming the province’s solvency funding rules in an effort to encourage private sector companies to continue to offer defined benefit pension plans. The consultation, which is open to the public, look to discuss a number of technical reforms that could improve predictability for plan sponsors and enable […]