Maximum pensionable earnings under the Canada Pension Plan are rising from $57,400 to $58,700 for 2020. The increase takes into account the growth in average weekly wages and salaries in Canada, according to a press release. The basic exemption amount, at $3,500, will remain unchanged for 2020. Read: Feds update appeals process for EI, CPP and OAS Meanwhile, […]
Pensions have been imperilled by corporate insolvency before, but three new amendments to federal laws may create stronger protections for employees and retirees. Changes to the Canada Business Corporations Act went into immediate effect after receiving royal assent in June, and amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act take effect today. Further […]
Unifor locals representing VIA Rail Canada Inc. employees have opened bargaining in Montreal as contracts are set to expire for more than 2,000 members. Members identified a number of key issues for contract negotiation, including a strengthened pension plan, according to a press release. The current collective agreements expire on Dec. 31, 2019. Read: Unifor […]
Canada’s defined benefit pension plans posted a median return of 1.6 per cent in 2019’s third quarter, according to Northern Trust Canada’s pension universe. “Despite a backdrop of persistent volatility, fear and uncertainty, Canadian pension plans displayed resilience in the third quarter,” said Arti Sharma, president and chief executive officer of Northern Trust Canada, in a press […]
More plan sponsors are considering eliminating the waiting period for employees to join their pension plan, at least for employee contributions, according to a new report on capital accumulation plans by Sun Life Financial. “It’s much easier for a new employee to adjust their spending to their first take-home pay than to give up money to […]
The Alberta Teachers’ Retirement Fund Board will transfer all of its funds to the Alberta Investment Management Corp., according to the province’s latest budget. The ATRF board, which administers pensions for all teachers in Alberta school jurisdictions and charter schools, said in a press release it was only made aware of the change when the budget was released […]
The Financial Services Regulatory Authority of Ontario is prioritizing pension plan flexibility, reviewing prudential framework and focusing on burden reduction for 2020-21. In its consultation document for its 2020-21 priorities and budget, the FSRA also said new investments in its human capital resources will improve pension relationship management. And, as it announced in July 2019, […]
Diversified pooled fund managers posted a median 1.5 per cent return before fees for the third quarter of 2019, according to Morneau Shepell Ltd.’s latest pension universe. The 1.5 per cent return represented a 0.3 per cent underperformance of its benchmark portfolio, which uses a 55 per cent equities and 45 per cent fixed income split. The […]
According to Goodyear Canada Inc., pension communications don’t have to be boring — and it’s not afraid to use puns to make its employees pay attention. The company’s strategy, encompassing targeted messaging and creatively designed materials, netted it the award for pension communications at Benefits Canada‘s 2019 Workplace Benefits Awards on Oct. 17. Goodyear Canada […]
The Liberal Party of Canada is set to form a minority government after Tuesday’s federal election when it won 157 out of 338 seats. While the party made few health-care and pension promises in its election platform, the win puts a spotlight on the Liberals’ 2019 budget promises. Most notably, following the release of the final expert panel’s […]