Pension funding ratios in the United States fell 11% during the first quarter, according to UBS Global Asset Management. Its U.S. Pension Fund Fitness Tracker finds that the typical pension fund ended the quarter with a funding ratio of approximately 90%, down from about 101% at the start of the year. The decrease was mostly […]
As the popularity of wellness programs grows, employees see value in healthy activities, but don’t stay committed to them, according to a new survey. The Guardian Life Insurance Company of America survey finds that nearly half of employees who have participated in a wellness program admit that their commitment trails off after just a few […]
Many U.S. pension plan sponsors believe they are well positioned to weather the current volatility in global markets, according to a study. Greenwich Associates’ 2008 U.S. Investment Management Research Study reveals that a growing number of corporate and pension plan sponsors are adopting a new portfolio management model in whole or in part. The first […]
Great-West Lifeco has completed the sale of its American healthcare business to Philadelphia-based Cigna Corporation. The company has received gross consideration of US$1.5 billion in cash and is retaining an estimated $750 million representing the amount of equity invested in the healthcare business at close. Great-West has been pursuing a strategy to expand its financial […]
Despite earning a 4.5% annual rate of return last year and beating the benchmark, the Ontario Teachers’ Pension Plan says it has a $12.7 billion shortfall between the plan’s assets and liabilities. “This highlights the continuing challenge of managing a mature plan,” says president and CEO Jim Leech. “Put simply, a declining portion of the […]
Co-operators Life Insurance Company has launched a new platform for drug, dental and extended health claims adjudication. It includes the capability to provide online dental claims submission and a fully integrated Co-operators pay direct drug card and pharmacy benefit management capabilities. The company has been accepting claims from new group benefits clients through this system […]
Double the number of pension plans in the United Kingdom are preparing for buyout within the next 10 years than they were a year ago, according to delegates at a recent seminar. Some 62% of delegates at a Watson Wyatt seminar said they were planning to buy out their pension liabilities with an insurer during […]
Starting next year, new employees at 3M will get a 401(k) savings plan instead of the traditional defined benefit plan. The St. Paul, Minn.-based company will contribute 3% of pay to a retirement account and provide a dollar-for-dollar match on employee contributions of up to 6% of pay. The new plan will be portable, which […]
The Canada Pension Plan Investment Board’s chair, Gail Cook-Bennett, is slated to become the chair of Manulife’s board of directors later this year, according to the company’s proxy circular. It is anticipated that subject to her re-election at the insurance company’s 2008 annual meeting, she will be appointed chair of the board after her existing […]
Growth rates for retirement assets began slowing worldwide last year, according to a study by Watson Wyatt. The 2008 Global Pensions Asset Study finds that the estimated growth rate for retirement assets was only 2% last year in the 11 countries—including Canada—with the largest workplace retirement systems. This was a significant drop from the 10.5% […]