As the toxic sheen engulfing the waters off the coast of Louisiana, Alabama and Florida continues to spread, so do fears for the health of the main culprit for the unprecedented disaster—and those who rely on its ability to provide returns. British Petroleum, the largest commercial oil producer by volume, is about as blue-chip a […]
And the award for Canada’s worst workplace goes to ………. the City of Mississauga, Ontario’s transportation and works department! Why the City, you ask? Wouldn’t landing a safe, unionized job for life count as a real touchdown these days? Under normal circumstances, yes. However, when your supervisor has a penchant for beatings, spankings, and lots […]
The fresh volatility that has spooked the markets over the past month has taken its toll on the financial health of Canadian defined benefit (DB) plans, dragging the aggregate funded ratio down to 92% as of May 20 from 99% at the beginning of the month. According to Hewitt Associates, funding ratios recovered somewhat, to […]
In preparation for the possibility of sweeping pension reform legislation, Hewitt Associates has formed a Canadian pension reform team aimed at providing expertise on legislative compliance as well as upcoming changes to both federal and provincial pension legislation in a holistic manner. The team consists of experts from Hewitt’s retirement, legal, research, communication and administration […]
In response to media coverage of jailed serial killer Clifford Olson’s Old Age Security (OAS) payments, the federal government is set to introduce legislation that would halt low-income supplements for all prisoners aged 65 or older. Olson, 70, currently receives $1,100 a month in payments under the OAS and Guaranteed Income Supplement. He is serving […]
In what is becoming a rather disturbing trend, the Caisse de dépôt et placement du Québec has announced the departure of another executive after a lengthy sick leave. Executive vice-president and chief financial officer Ghislain Parent has “departed,” according to a terse press release, which added that the search for his replacement has been under […]
An open letter to Canada’s finance ministers has generated little in the way of response, but at least two politicians have contingency plans should consensus on a national solution to pension reform prove elusive at the upcoming ministers’ meeting in Charlottetown. The letter—signed by the leaders of nine of the largest pension plans in the […]
The migration away from defined benefit (DB) plans among large U.S. companies continues, as plan sponsors seek to shift pension risk to plan members amid a fragile economic recovery, according to Towers Watson. A study by the firm finds that Fortune 100 companies are closing their DB plans in favour of account-based defined contribution (DC) […]
Organizations searching for ways to cut costs typically reach for layoffs and salary freezes as their first tools of choice, but aggressive management techniques can supplement or even replace such disruptive moves, according to research from Greenwich Associates. Greenwich’s Market Pulse of U.S. companies aims to determine the average amount of money saved during the […]
Welcome to BenefitsCanada.com’s first blog! A roundup of news and issues that affect plan sponsors and institutional investors. On the face of it, Federal Finance Minister Jim Flaherty’s proposed Canadian Securities Act, which would usher in a single national securities regulator, sounds well and good. According to the Minister, it would allow Canada to speak […]