Bernard Madoff was convinced that Securities and Exchange Commission (SEC) investigators were on to his Ponzi scheme in 2006 and was “astonished” to learn that they overlooked key evidence that he himself had given them. An SEC report by Inspector General H. David Kotz explains how Madoff provided investigators with his account number at Depository […]
The ramifications of the recent Supreme Court decision regarding Elaine Nolan et al. v. Kerry (Canada) Inc., (known as the Kerry case) was the subject of a Benefits Canada webinar—The Kerry Decision: What does it mean for plan sponsors?—on Thursday. Panelists Kathryn Bush, a partner with Blake, Cassels & Graydon LLP, and Marcel Theroux, a […]
National single-employer pension plans are at a very fragile juncture, and the current patchwork of pension legislation discourages organizations from providing pension coverage in multiple jurisdictions. However, a recent report has tabled several possible solutions to the legislative snarl. According to the C.D. Howe Institute’s The Pension Tangle: Achieving Greater Uniformity of Pension Legislation and […]
New data from auditing firm Deloitte suggests U.S. employers have serious concerns about their employees’ comprehension of 401 (k) fund options and preparations for retirement. The 2009 401(k) Benchmarking Survey of more than 600 plan sponsors conducted by Deloitte, the International Foundation of Employee Benefit Plans (IFEBP) and the International Society of Certified Employee Benefit […]
The first voices of what is sure to be a torrent of discussion on the Supreme Court of Canada’s ruling on Elaine Nolan et al. v. Kerry (Canada) Inc. et al—better known as the Kerry case—suggest that the decision is a good one for plan sponsors in that it justifies the actions many have taken […]
If data from a recent DBRS study are correct, the uproar over private sector defined benefit (DB) plans in the wake of plunging equity markets is a tempest in a teapot. In fact, solvency levels are better now than they were in 2002. The DBRS review of 70 DB plans at Canada’s largest private sector […]
Corporations and financial institutions around the world strongly support the idea of financial regulation reform proposed by the U.S. and European governments. However, they are divided on proposals that would create a government entity to regulate systemic risk, according to a recent survey. Greenwich Associates’ Market Pulse survey of 458 large corporations and financial institutions […]
Despite the recent lift in equity markets, the financial crisis has plunged FTSE 100 companies U.K. pension plan into a £96 billion deficit, more than double the estimate from a year ago, according to the latest Accounting for Pensions report from Lane Clark & Peacock LLP (LCP). The deficit is the largest recorded shortfall recorded […]
Manitoba has released proposed amendments to the Pension Benefits Regulations that result from changes made to the Pension Benefits Act in 2005 through Bill 10, according to a Mercer Communiqué. Under the proposed regulations, employer-sponsored pension plans that have 50 or more members must be administered by a pension committee. The plan must set out […]
If you don’t understand it, don’t buy it. It seems intuitive enough, but the International Organization of Securities Commissions’ (IOSCO) latest guidelines for investment managers and regulatory bodies lists this sage advice among the top items in its latest report, IOSCO Good Practices in Relation to Investment Managers’ Due Diligence When Investing in Structured Finance […]