North American markets tumbled Tuesday after the Shanghai composite index declined about 9%. The S&P/TSX composite index closed down at 13,040, a loss of 364 points—the biggest drop in almost three years. The Dow Jones Industrial Average fell 416 points to finish at 12,216. That decline was the largest since Sept. 17, 2001, which was […]
The Canada Pension Plan Investment Board(CPPIB)has committed US$500 million to the U.S. commercial real estate market in a deal with TIAA-CREF. “Our investment significantly increases our exposure in the U.S. real estate market which supports our focus of diversifying the overall CPP Investment Board portfolio by product type and geography,” says Graeme Eadie, senior vice-president […]
FedEx plans to make changes to its retirement plans due to recently adopted and proposed changes in accounting rules, the Pension Protection Act, and shifting demographic trends. Under the new program, most eligible employees who participate in a pension plan will begin accruing benefits under a cash balance formula effective June 1, 2008. Any benefits […]
The Office of Superintendent of Financial Institutions(OSFI)says the increasing complexity of the work and a litigious environment for pensions demands greater skill on the part of its staff. In its Plan and Priorities 2007-2010, the organization states it has started to address both the staff and systems issues, but work in these areas is not […]
The New Brunswick Court of Appeal has upheld a decision to give the proceeds from the underfunded St. Anne-Nackawic pulp mill pension fund to all former employees. Previously, only retirees over the age of 55 were allowed access to the plan. However, the provincial government changed the legislation under the Pension Benefits Act in 2005, […]
An Owen Sound, Ontario dentist’s practice will be monitored for three years after submitting false/misleading billings and claims to insurers seeking reimbursement of about $300,000. The Royal College of Dental Surgeons of Ontario’s discipline committee says Dr. Ross Chiaramonte charged excessive/unreasonable fees, charged for incomplete treatment, charged for treatment not performed, charged excessive amounts for […]
OMERS had a 16.4% return on its investments in 2006—the fourth consecutive year of double-digit returns. Net investment income for 2006 was $6.5 billion, compared with $5.5 billion in 2005. The fair market value of net assets increased 15.9% to $47.6 billion from $41.1 billion in the previous year. The strong 2006 returns were due […]
High levels of work-related stress can impact employees’ home relationships and lead to a higher absenteeism rate, according to Shepell-fgi. Its report, entitled ’Til Stress Do Us Part, reveals that some employee groups may experience relationship problems more than others. More people in their 30s(23%)reported marital/relationship issues than people in other age groups and more […]
The funded status of a typical U.S. defined benefit pension plan improved by 2.4 percentage points in January 2007. It continues a trend that began in the fourth quarter of 2002 fourth quarter, according to Mellon Financial. “U.S. equities were quite strong in January, helping to drive up the value of assets in most pension […]
Employees tend to focus on individual RRSP contributions this time of year, but many of them neglect group RRSP contributions, according to Sun Life Financial. Of the nearly 500,000 Sun Life members eligible for employer-sponsored RRSP programs, only 230,000 take advantage of them. “There are also many Canadians who don’t take advantage of their employer’s […]