Declining yields of Treasury bonds were the main reason for a 0.9% decline in the funded status of a typical U.S. pension plan in August, according to BNY Mellon Asset Management. The declining yields led to a 2% increase in the typical plan’s liabilities, versus a 1.1% increase in the assets of a typical moderate […]
The Office of the Chief Actuary(OCA)has announced the establishment of a panel of actuaries to review the 23rd actuarial report on the Canada Pension Plan(CPP). Produced every three years, the actuarial report on the CPP is considered by the federal and provincial ministers of Finance when reviewing and making recommendations on the CPP. The external […]
The shortage of labour in Alberta has caused salary increases in Calgary to far exceed those in the rest of the country, according to Hewitt Associates. Its 29th annual Canada Salary Increase Survey reveals that employees experienced an average increase of 5.3% in 2007, only slightly higher than the 5.2% increase employers projected a year […]
Nolan et al—representing certain members and former members of the Kerry(Canada)Inc. pension plan—have sought permission to appeal to the Supreme Court of Canada. Christine Tabbert, a partner with Fasken Martineau who also represented Kerry in the Ontario Court of Appeal case, says their response is due in early October. With some appeals courts, there is […]
Jim Leech, senior vice-president, Teachers’ Private Capital, will be the new president and CEO of the Ontario Teachers’ Pension Plan, effective December 1, 2007. He will succeed Claude Lamoureux, who plans to retire later this year. The board’s decision to appoint Leech was unanimous, says chair Eileen Mercier. “The board’s human resources and compensation committee […]
The CPP Investment Board intends to submit a proposal to acquire a significant minority stake in Auckland International Airport Limited(AIAL). The board would limit its stake to not more than 49% and any desire by Manukau City Council and Auckland City Council to maintain their proportionate stakes in AIAL would be fully accommodated. The CPPIB […]
Standish Mellon Asset Management has created a product solutions group to develop liability driven investment (LDI) solutions for pension funds. It will utilize four members of the BNY Mellon Pension Services group, which includes two actuaries. The group has created a liability index and other tools that help pension plans monitor the impact of volatility […]
State Street Trust Company Canada has appointed 20-year veteran Stephen Smit as its new president and head of investment servicing and investment research and trading. He replaces Jean-François Courville, who joined MFC Global Investment Management last month. Smit will be responsible for the development and execution of key strategies for the investor services and global […]
The implosion of the subprime mortgage market in the United States and the subsequent drop in global equity markets last month left many pension funds wondering about the long-term implications for their funding status. Stock markets around the world took a beating and a panic sent investors running for the doors. By Aug. 20, […]
Businesses should start putting limits on the culture of having to be in constant contact with the office, says Rod Phillips, CEO of Shepell•fgi. “More and more people say their electronic devices are stressing them out,” he says. “Rather than a good tool to keep in touch in case of emergency, for many people they […]