U.K. pension plans could see an easing of their liabilities, based on the latest longevity data from the country’s Institute and Faculty of Actuaries in its continuous mortality investigation (CMI). The report showed both men and women’s longevity, as of age 65, has decreased by about six months compared to 2017. Indeed, the 2018 version of […]
The Office of the Superintendent of Financial Institutions’ office of the chief actuary has appointed Assia Billig as chief actuary, effective April 15, 2019. She will succeed Jean-Claude Ménard, who will retire in mid-April after 20 years as chief actuary. Billig has worked in the office of the chief actuary for more than a decade, specializing in actuarial […]
While there are nuances, I consider a target-benefit plan to be one that determines benefits to members on a defined benefit basis while setting out employer contributions on a defined contribution basis. To allow for that mix, target-benefit plans permit benefit reductions when contributions fall short. My goal is to share what I consider an […]
Conduent Inc. is selling its consulting business formerly known as Buck Consultants. This week, the company announced a deal with a private equity investment firm, H.I.G. Capital, to sell its Canada- and Britain-based human resources consulting and outsourcing businesses. The deal also includes Conduent’s U.S.-based human resources consulting and actuarial business. The business, formerly known […]
GroupHEALTH Benefit Solutions has appointed Gary Walters as senior vice-president of underwriting. In the new role, Walters will be based out of GroupHEALTH’s Barrie, Ont. office, and will oversee underwriting projects for all of GroupHEALTH’s companies across Canada, which also include offices in Vancouver, Surrey, B.C., Edmonton and Etobicoke, Ont. Read: GroupHEALTH partners with GMS Insurance […]
The Canadian Institute of Actuaries has published a new mortality improvement scale as part of an effort to better reflect Canadians’ increased longevity and harmonize actuarial work in the pension and life insurance industries. The organization put together a task force to look into mortality improvement last year and, following a consultation process, issued a report in September. The report provided […]
Malcolm Hamilton's history of DB mistakes and why targeted benefit plans are a solution.