A typical U.S. pension plan’s funded status improved by 10.9 percentage points in 2006, according to Mellon Financial Corporation. “Interest rates finished the year higher, reducing the value of liabilities for the typical plan,” says Peter Austin, executive director of Mellon pension services. “At the same time, rising equity markets contributed to higher assets at […]
The Pension Benefit Guarantee Corp.(PBGC)has officially become the trustee of Delta Air Lines’ pilots’ pension plan. It has taken over the responsibility for paying pension benefits to more than 13,000 active and retired pilots. The pension plan is underfunded by about US$3 billion, with $1.7 billion in assets to cover more than $4.7 billion in […]
The Association of Canadian Pension Management(ACPM)has a new executive director, Bryan Hocking. He has worked in both the non-profit and business sectors, most recently as CEO of The Canadian Kennel Club. “With a solid background in business administration and finance, and a successful track record of leadership in both large and small organizations,” says ACPM […]
Power Financial has confirmed it is in talks with Marsh & McLellan about purchasing its Putnam Investments unit. In a statement released last night, the company said: “At this time, no agreement has been reached by the participants in the process.” It released the statement as a result of recent media speculation and following discussion […]
The top company to work for in Canada is Winnipeg-based Wellington West Capital, according to Hewitt Associates’ annual ranking of the 50 best employers. EllisDon Corporation, Edward Jones Canada, Bennett Jones LLP and PCL Constructors were also in the top five. The study highlighted the positive impact of high employee engagement and Hewitt says these […]
The S&P/TSX Composite Index will have another year of double-digit returns in 2007, says a report by CIBC World Markets. Despite a sluggish Canadian economy, continued strong demand for energy, gold and base metals will push the index up to 14,250 by the end of the year. “The growing wedge between TSX performance and Canada’s […]
The value of retirement savings of 4.6 million Canadian workers with trusteed pension plans slipped in the second quarter of last year, ending seven consecutive quarters of gains, according to Statistics Canada. The market value of assets was $819 billion, a decline of 2% from Q1. It was due to a weaker performance of Canadian […]
Bob Nardelli, who resigned as Home Depot’s CEO yesterday, is entitled to receive US$32 million dollars in retirement benefits. He will also get a cash severance payment of $20 million, the acceleration of unvested deferred stock awards and options valued at $84 million, vested deferred shares of $44 million, earned bonuses and long-term incentive awards […]
Starting next month, Ontario employers with workers earning the minimum wage will have to increase their pay. The Ontario government is raising the minimum wage to $8.00/hour, a 25-cent increase. It is the final increase in a four-year initiative that began Feb. 1, 2004, at which time the government decided to increase the minimum wage […]
Canadian pension funds will continue to try to fulfill their real estate mandates in 2007 and are increasingly looking abroad, according to a report. Morguard Investments Limited’s 2007 Economic Outlook and Market Fundamentals says most of their portfolios are heavily weighted domestically and they are trying to diversify. Five of the largest pension plans, the […]