ACE INA Life Insurance has launched the SPECTRUM Group Critical Illness Insurance Plan, which features unique benefits such as second event coverage and coverage for loss of independence. Second event coverage allows an insured to be eligible for a second event covered under the plan while loss of independence provides a daily benefit if the […]
Consumer-driven health(CDH)plans are growing in popularity in the United States, according to a survey. The study conducted by Aon and the International Society of Certified Employee Benefit Specialists found that 37% of employers offer a CDH plan, up from 28% last year and 22% in 2005. A CDH plan is a combination of employer contributions […]
DBRS has updated its rating criteria for asset-backed commercial paper(ABCP)and has adopted a global liquidity standard. The credit rating agency says the new standard “removes any requirement for a market disruption as a condition precedent to funding.” The market for non-bank ABCP nearly collapsed last month in the wake of a global credit crunch. DBRS […]
The simplified name “Mercer” will now be the new brand identification for Mercer Human Resource Consulting. Mercer is recognized as a HR consulting firm, with expertise in human capital management, retirement, compensation and health and benefits, says chair and CEO M. Michele Burns. “The fact is, however, that Mercer provides a much broader array of […]
A committee chaired by Imasco’s former chairman and CEO, lawyer Purdy Crawford, has been formed to oversee the proposed structuring process of the third-party asset-backed commercial paper(ABCP). The committee includes investors who were signatories to the so-called “Montreal Proposal”, plus other significant holders. “Our investor committee will be looking to implement a solution that addresses […]
Countrywide Financial employees participating in its 401(k)plan have filed a class-action lawsuit against the company, its CEO and those responsible for overseeing the employees’ retirement plan. The suit, filed by Seattle-based law firm Hagens Berman Sobol Shapiro, alleges that while CEO Angelo Mozilo and the insider-appointed benefits committee members had a fiduciary responsibility to warn […]
Financial executives expect hiring in finance and accounting to accelerate during the fourth quarter, says a survey by Robert Half International. Nineteen percent of chief financial officers surveyed said they plan to add full-time employees and 5% expect staff reductions. The net 14% increase is up 10 points from the third-quarter projection. “Continued business growth […]
Canadian employers expect a favorable hiring climate for the fourth quarter of 2007, according to a survey. The Manpower Employment Outlook Survey reveals that 25% of employers plan to increase their payrolls in the next three months, 9% expect cutbacks, 64% expect no changes and 2% are unsure. “Employers are telling us that over the […]
The California Public Employees’ Retirement System(CalPERS)plans to allocate up to US$2.5 billion in a pilot infrastructure program. The infrastructure program will take advantage of major investment opportunities in the construction of roads, bridges, airports, utilities, water systems and other projects. Over the next five years, the United States will need to spend an estimated $1.6 […]
With defined contribution(DC)plans now being the primary retirement-savings vehicle for American workers, Prudential Retirement has released a report with proposals to energize DC programs. The report, entitled Defined Contribution Plans: 12 Practical Recommendations to Help Encourage Better Outcomes, is both a call to action and a plan for action, says Jim Mallozzi, senior vice-president, Prudential […]