There are three options for structuring a pension plan conversion, according to a presentation in Toronto earlier this morning. At the Recent Developments in Pension and Employee Benefits Law seminar hosted by Blakes, Jeremy Forgie and Deron Waldock—both of whom are partners at the firm—explained the three most frequently used options: new hires only, voluntary […]
Surplus rights and deficit obligations are probably the biggest issues challenging the private pension regime, according to Aon’s submission to the Ontario Expert Commission on Pensions. “We submit that, unless there are specific negotiated terms between sponsor and members defining the use of surplus, then the rights to surplus should be given in proportion to […]
The Caisse de dépôt et placement du Québec has sold most of its holdings in a number of U.S. banks and brokerages. The sales were announced in a regulatory filing with the Securities and Exchange Commission. By the end of September, the Caisse had sold all of its 313,868 shares of Bank of America and […]
Seamark Asset Management has chosen RBC Dexia as its investor services provider. RBC Dexia will provide a full range of investor services including custody, fund administration, recordkeeping, foreign exchange and securities lending for that company’s newly launched family of mutual funds. “After conducting a comprehensive assessment of the capabilities and offerings of the various investor […]
The Ontario Teachers’ Pension Plan has agreed to invest $35 million in Railpower Technologies Corp. “We chose to invest in Railpower because of its market potential,” says Brian Gibson, senior cice-president, public equities at Teachers’. “We expect that increasingly stringent environmental regulations in North America and globally will open up new markets for Railpower’s current […]
Most employers offering retirement plans now do so through defined contribution(DC)or hybrid approaches, according to a report. Mercer’s Introduction to Benefit Plans Around the World: A Guide for Multinational Employers reports that an aging population, market volatility, and increased governance and accounting requirements are hastening the move to DC and hybrid plans. “While DC and […]
The CPP Fund grew to $121.3 billion for the quarter ended Sept. 30, 2007, an increase of $0.8 billion from $120.5 billion at the end of the previous quarter. The $800 million growth for the quarter was primarily due to inflows of CPP contributions not needed to pay current pension benefits, while investment earnings of […]
General Electric will increase its pension benefit payments to more than 130,000 eligible U.S. retirees effective next month. The increase will be paid to qualifying participants for as long as they live. Increase amounts are base on each pensioner’s year of retirement and length of GE pension service. Many of those retired before 1993 will […]
With continuing pressure to control healthcare costs, more companies plan to offer financial incentives to reward workers who adopt healthy lifestyles, according to a new survey. The Staying@Work survey, conducted by Watson Wyatt and the National Business Group on Health, finds that 46% of employers surveyed currently offer financial incentives to encourage workers to monitor […]
The Ontario Superior Court of Justice has approved the settlement between the Trustees of Ironworkers Ontario Pension Fund and Research In Motion. It declared that the settlement is fair and reasonable and in the interests of RIM’s shareholders. The Canadian Press reports that under the agreement, Research In Motion’s co-CEOs Jim Balsillie and Mike Lazaridis […]