As mandatory retirement comes to an end in Ontario tomorrow, 73% of pre-retirees plan to work past 65, says a new survey. “Canadians are healthier and are living longer and many want to continue to work as a result,” says Kris Vikmanis, BMO Financial Group’s head of retirement market. “To boomers, working longer is not […]
Ontario’s integrity commissioner says members of provincial parliament should receive a pension and salary similar to their counterparts in Ottawa. “Salary levels and pension arrangements should be fair to members not just because members deserve it but also because it is in the public interest that that be so,” Coulter Osborne says in a report. […]
Ontario is following the lead of a number of other provinces and territories, and will phase out mandatory retirement on Dec. 12—and employers need to be aware of what it means for them. Companies will not be allowed to fire someone because they are 65. “But there are generally exceptions in place if the employer […]
Proceeds from the underfunded St. Anne-Nackawic pulp mill pension fund will go to all former employees, not just the retirees. A New Brunswick court has ruled that legislation enacted by the province last year to give some funds to all employees who had made a contribution was lawful. Previously, legislation concerning underfunded pension plans dictated […]
A majority of human resources professionals support the new Ontario law to abolish mandatory retirement, according to a new survey. The Human Resources Professionals Association of Ontario survey also says that there was a strong correlation between HR support and managerial support for the new legislation. Seven out of 10 companies surveyed are already prepared […]
Defined benefit(DB)plans are expected to be in surplus in a few years, according to a Bank of Canada report. The December edition of the Financial System Review cites a new study by Mercer conducted for the central bank. The study suggests the solvency ratio will be 109% assuming a low rate of inflation continues. “Of […]
Whirlpool Corp. is keeping the liabilities associated with pension and post-retirement benefit plans for currently retired Hoover employees. It’s part of a deal that the appliance maker reached when it announced the sale of the floor-care business to Techtronic Industries Co. Ltd. for US$107 million in cash. Whirlpool took control of Hoover when it completed […]
A major Canadian pension fund and Morguard Real Estate Investment Trust have agreed to acquire a 600,000 square foot Class A office portfolio in downtown Ottawa. The total acquisition cost is expected to be $210 million and closing of the transaction is scheduled for mid December 2006. Tim Walker, Morguard REIT’s chief financial officer, tells […]
The Quebec government is following Ottawa’s lead and will allow senior couples to split retirement income at the beginning of 2007. It is expected to cost the province $106 million annually. About 370,000 retired couples will each save $286 on average every year. In October, the federal government announced it would allow income splitting at […]
The Ironworkers Ontario Pension Fund is demanding that Research In Motion get independent outsiders to review stock options grants, according to a newspaper report. The fund owns $2 million worth of the BlackBerry-maker’s stock and wants someone other than the audit committee to conduct the investigation. It says the directors on RIM’s board are not […]