Colin Ripsman has joined the institutional portfolio manager team at Phillips, Hager & North as a vice-president. Based in the Toronto office, he will have responsibilities in the areas of DC thought leadership and product development and will also have relationship management responsibilities. Before joining PH&N, Ripsman worked at Fidelity for approximately one year and […]
A majority of Canadian and U.S. firms provide retirement or financial planning education to their employees, according to a survey by the International Foundation of Employee Benefit Plans. “In response to the growing need for personal financial planning, over two-thirds of organizations we surveyed offer retirement or financial planning initiatives,” says Pat Krajnak, director of […]
The chief executive of the California Public Employees’ Retirement System plans to leave and the announcement comes just days after the chief investment officer announced his departure. “I have reached a decision to retire from public service,” says CEO Fred Buenrostro. He downplayed media reports that said he had problems with the board of directors. […]
The investor group led by the Ontario Teachers’ Pension Plan and BCE have received more time from the Canadian Radio-television and Telecommunications Commission to file documents related to the proposed privatization. They now have until May 12 to file the documents—an extension of about two weeks. “We continue to work with BCE to meet all […]
Target-date funds will be the most prevalent default investment for defined contribution retirement plan participants in the United States, according to a survey by investment management firm PIMCO. The PIMCO 2008 Defined Contribution Consulting Support and Trends Survey also finds that 90% of investment consultants believe plan sponsors should consider creating their own custom strategies […]
Holders of third-party asset-backed commercial paper (ABCP) overwhelmingly approved a restructuring plan in a vote on Friday. Approximately 96% of the noteholders voted in favour of the plan to swap the ABCP for new longer-term notes. Only a majority was needed. And noteholders with $28.8 billion worth of paper—more than 90%—approved the plan. A two-thirds […]
The Ontario Superior Court of Justice has ruled that the third-party asset-backed commercial paper (ABCP) noteholder vote can go ahead on Friday. Justice Colin Campbell rejected arguments asking that the vote be delayed until further information was made available. “To postpone the vote…would signal the failure of the plan,” he says. “A failure of the […]
Whirlpool has suspended 39 workers for smoking after they said they were non-smokers on their health insurance forms, thus avoiding having to pay US$500 more in annual premiums. The production workers were seen smoking or using chewing tobacco on company property. They could lose their jobs for lying. Employees at the Evansville, Ind. plant who […]
The Canadian Commercial Workers Industry Pension Plan has settled its class-action shareholder lawsuit against the pharmaceutical maker Biovail. Under the terms of the settlement agreement, the parties have agreed that the sole source of compensation for the plaintiffs will be the settlement amount previously agreed to in the proposed settlement of the parallel U.S. securities […]
The Co-Operators Group has completed its purchase of investment management firm Addenda Capital for $306.5 million. The completion follows the approval of the amalgamation by the shareholders of Addenda at a special shareholders meeting last week. The common shares of Addenda are being delisted from the Toronto Stock Exchange at the close of business on […]