Ryder Systems is redesigning its retirement program for certain pension-eligible employees beginning in 2008. It will freeze its pension plan for current employees who do not meet certain grandfathering criteria and will provide them with an enhance 401(k)savings plan. About 9,400 of the company’s more than 27,000 employees will be affected. Ryder says the changes […]
Continental Airlines has contributed US$71 million to its pension plans—significantly exceeding the minimum funding requirements. “This is another step that demonstrates our commitment to meeting our pension obligations,” says the airline’s chairman and CEO Larry Kellner. Last year, Continental contributed $246 million to its pensions. Since the beginning of 2002, the airline has contributed nearly […]
Sun Life Financial is buying Genworth Financial’s U.S. group benefits business for US$650 million. The business provides group life, disability, medical stop loss and dental insurance to approximately 32,000 organizations and serves 2.9 million plan participants. “This acquisition solidifies Sun Life’s top 10 position in the U.S. Group business,” says Sun Life CEO Donald A. […]
Pension plans will continue investing in alternative assets and governments will slowly shift some of the financial burden of healthcare to employers, according to a forecast by Watson Wyatt. In its top workplace trends for 2007, the consulting firm expects a number of trends to arise regarding pensions, health and wellness, and executive compensation. Here […]
Many employers mistakenly believe that salaried employees are not entitled to overtime pay, says a Hicks Morley newsletter. However, Ontario workers that are not exempted from the Employment Standards Act, 2000 overtime requirement are entitled to receive overtime pay for all hours worked over 44 hours in a week, regardless of how they are paid. […]
Patrick G. Crowley, ATI Technologies’ former chief financial officer, is now the CFO of the Ontario Municipal Employees Retirement System(OMERS). Advanced Micro Devices acquired the graphics chip maker last year. He was formerly the executive vice-president and chief financial officer at Canada Life and stayed on for about a year following the acquisition by Great-West […]
In order to succeed in attracting, retaining and motivating a multi-generational workforce, employers have to make adjustments to their human resources strategies, especially to meet younger workers’ needs, according to a study. Hewitt Associates’ 2007 Best Employers in Canada research reveals that older employees are usually more engaged in their work than younger ones. The […]
Canadian investment managers predict moderate returns in 2007, according to a survey. Mercer Investment Consulting’s 2007 Canadian Fearless Forecast survey reveals that mangers expect equity returns of 7% to 9%. U.S. and international markets are forecast to deliver the highest returns, with Japan and the U.K. forecast to be among the top performing countries. Equity […]
The Bank of Canada says hiring intentions remain virtually unchanged from its last survey and high relative to the historical average. Its winter Business Outlook Survey also found that hiring intentions are more robust in the services sector than in the goods-producing sector. When asked what their firm’s level of employment is expected to be […]
British Airways has reached an agreement with its four main unions to reduce its $4.8 billion(£2.1 billion)pension deficit. The carrier will make a one-time contribution of $1.8 billion and annual contributions of about $638 million for the next decade. “We have come a long way with our staff, trustees and trade unions on this issue,” […]