International Paper has made US$1 billion in voluntary contributions to its pension plan recently, making it about 95% funded. The company added to the plan to address longer-term funding requirements and reduce pension expense. “This puts us in a very strong position going forward and reassures our employees who participate in the pension plan that […]
The recent adoption of Bill 30 by Quebec’s National Assembly will make the province’s pension standards even more unique compared to other pension legislation in Canada, says Jacques Lafrance, principal at Towers Perrin. One of the most unusual amendments is a requirement to treat active members and retired members equally when plan sponsors use surplus […]
Workers at 16 Goodyear plants in Canada and the United States returned to work today following a three-month long strike. U.S. workers approved a three-year contract, which includes plans to close a tire factory and create a US$1 billion healthcare fund for retirees. About 400 employees at four Ontario Goodyear plants ratified a separate contract, […]
Algoma Steel made $85 million in contributions to its pension plans in December to improve the funded position of the plans. The contribution will also generate higher returns on the pension plans’ assets as compared to cash balances. This contribution represents a prepayment of $60 million towards expected 2007 funding requirements and a $25 million […]
Flexible work schedules for employees looks like it puts workers on a very long leash, but it actually puts workers on quite a short leash, says Dr. Ellen MacEachen, a scientist and sociologist at the Institute for Work & Health. She and her colleagues interviewed managers and employees at 30 mid-sized high-tech companies in Ontario […]
Goldman Sachs has created its first infrastructure fund, GS Infrastructure Partners, with more than US$6.5 billion in committed capital. The investment bank has committed about $750 million of the fund’s total capital. Other institutional investors include pension funds, insurance companies and banks. GS Infrastructure Partners will seek investments in traditional infrastructure sectors including transport infrastructure, […]
Goodyear workers in the United States are voting today on a tentative labour agreement reached with the company to end a nearly three-month long strike. The contract covers 12,600 employees at 12 plants in the U.S. Details have not been released, but the tire company has agreed to put US$1 billion into a fund for […]
Canada’s economy will weaken next year forcing the Bank of Canada to reduce interest rates, according to a forecast by Laurentian Bank. The Canadian economy is in the midst of a significant slowdown that is expected to be relatively short-lived. Economic growth will be just 2.3% in 2007, down from a growth rate of 2.8% […]
Nortel Networks has won the approval of two U.S. judges for a US$2.45 billion settlement to resolve lawsuits over accounting fraud. The Ontario Teachers’ Pension Plan Board was the lead plaintiff in one suit. In the other suit, the lead plaintiff was OPTrust, the administrator of the Ontario Public Service Employees Union Pension Plan. Shareholders […]
The Securities and Exchange Commission(SEC)is changing how companies must report the way of granting stock options to executives. The disclosure rules will be similar to the reporting of stock and option awards under Financial Accounting Standards Board rule FAS 123R. Under that rule, the costs of equity awards are spread over the period in which […]