Former RCMP commissioner Giuliano Zaccardelli should have acted more swiftly over the mishandling of the Mounties’ pension fund, according to a report released by the Standing Committee on Public Accounts. In order to address the serious wrongdoing that occurred during the outsourcing of the administration of the RCMP’s pension and insurance plans, the committee’s report […]
Law firms Roy Elliott Kim O’Connor LLP and Sack Goldblatt Mitchell LLP are launching a second unpaid overtime class action suit, this time against Scotiabank. The action covers thousands of current and former non-management, non-unionized employees of Scotiabank who are or were personal bankers or other front-line customer service employees(limited to personal bankers, commercial bankers […]
The Caisse de dépôt et placement du Québec considers the proposed merger between the Toronto Stock Exchange and the Montreal Exchange “interesting” and supports a proposal for a public hearing on the deal. “As a shareholder, we want to know whether the proposed merger is ultimately viable, given the emergence of many competitive platforms in […]
Canadians are more confident the Canada Pension Plan will be there for them when they retire than they did a decade ago as a result of reforms taken a decade ago, said the Right Honourable Paul Martin on Monday. Speaking in Toronto at the C.D. Howe Institute’s policy conference, The Canada Pension Plan Reforms Ten […]
Morguard Financial Corporation has chosen CIBC Mellon Global Securities Services Company to provide fund administration, unitholder recordkeeping, global custody, and foreign exchange services for its new pooled funds. “We are pleased to offer clients access to our real estate investment expertise in a pooled fund structure,” says Charles Dillingham, vice president and portfolio manager, Morguard […]
The Ontario Teachers’ Pension Plan plans to acquire a $40 million interest in Altus Group Income Fund. “We believe this proposed investment by Teachers’ reflects a confidence in Altus’s well earned industry reputation for best-in-class service,” says Gary Yeoman, chief executive officer of Altus. “With Teachers’ strategic participation, Altus would enjoy a strengthened capacity to […]
Alaska has filed a lawsuit, which seeks US$1.8 billion in damages from Mercer, the former actuary for the state’s Public Employees’ Retirement System(PERS)and Teachers’ Retirement System(TRS)pension plans. The lawsuit alleges that Mercer made “mistakes in calculating the pension plans’ expected liabilities, including mistaken actuarial assumptions and methods about future healthcare costs, and basic mathematical and […]
Plunging global equity markets combined with declining yields of long-term Treasury bonds drove down the funded status of a typical U.S. pension plan by 7% in November, according to BNY Mellon Asset Management. The funded status of the typical plan now has deteriorated by 2.7% for the year to date. Assets of a moderate-risk pension […]
The Ontario Expert Commission on Pensions(OECP)expects to finish its report on time, said the commission’s director of research on Wednesday. Speaking at the Association of Canadian Pension Management’s seminar in Toronto this morning, Robert L. Brown said the report would be ready by the summer of 2008 and added that summer isn’t over until September […]
Pension funds, endowments and foundations expect to dedicate an even larger slice of their total investment portfolio to private equity, hedge funds and real estate, according to a report. The 2007-2008 Russell Investments Survey on Alternative Investing finds that as a percentage of total fund assets, institutional investors in North America, Europe, Japan and Australia […]