Dominic D’Alessandro, Manulife’s chief executive officer, plans to step down next May. The 61-year-old has served as CEO since 1994 and oversaw the company’s demutualization as well as its U.S. expansion with the purchase of John Hancock. “The board was aware of the possibility that Dominic could elect to retire at the end of this […]
American workers over the age of 50 without healthcare insurance options are more likely to put off retiring in order to stay covered under their employer’s plan, according to an analysis by Watson Wyatt. Workers who depend upon their company for healthcare coverage and don’t expect to receive post-retirement employee benefits are 16.5 percentage points […]
The market in the United Kingdom for transferring pension plan risk to an insurance company has accelerated sharply over the past six months and is expected to grow rapidly, finds a report by Lane Clark & Peacock. The actuarial consulting firm’s Pension Buyouts 2008 report predicts that the pension buyout market in 2008 will exceed […]
Last month’s stock market rally helped improve the funded status of the typical pension plan in the United States, according to BNY Mellon Asset Management. Assets of the typical moderate risk pension plan increased by 3%, offsetting the 1.5% rise in liabilities. “U.S. stocks finally rallied after five months of negative performance as Fed easing […]
The Canadian Pension & Benefits Institute’s board of directors has chosen David Kapeluck to be the first recipient of its National Volunteer of the Year Award. He has been involved with the organization for nearly two decades in a number of roles, such as chair, program chair, treasurer, and secretary for the CPBI Saskatchewan Regional […]
ING Group is buying benefits servicing business CitiStreet from State Street and Citigroup for US$900 million in cash. The purchase—combined with its own operations—will make ING the second-largest defined contribution manager in the United States based on plan participants, with more than 14 million plan participants and the third-largest DC manager based on $351 billion […]
The potential pension employees can get from their defined contribution plan peaked in 2000 and if economic conditions revert to historical norms, DC pensions could be only half as much, according to a report by Morneau Sobeco. Its Vision report finds that an employee in a DC plan with a total contribution rate of 8%—which […]
Companies offer flexible work arrangements to attract and retain talent, but most don’t have the structure or support in place to maximize the value these programs can provide, finds a survey. The Hewitt Associates survey of 90 American employers finds that just 27% have company-wide, formal written policies and almost the same percentage doesn’t formally […]
Leo de Bever is returning to Canada to become the first chief executive of the Alberta Investment Management Corporation in August. “I am excited by the opportunity to come in at the beginning of a new public investment corporation,” says de Bever. De Bever is currently chief investment officer of Victorian Funds Management Corporation, one […]
Alberta’s decision to eliminate healthcare premiums in its latest budget creates a potential windfall for plan sponsors with employees in that province, according to a Hewitt Research Advisory. “This change creates both an opportunity and a decision for employers who pay all or part of healthcare premiums in that province,” says the advisory. Last week’s […]