Pension plan members have super-priority when it comes to normal costs but not to special costs owed to bankrupted plans, the Supreme Court of Newfoundland and Labrador finds in a recent ruling. In the case, Anthony Capital Corporation (Re), between the trustees of the defunct Anthony Capital Corp.’s executive pension plan and representatives for the […]
The government of Newfoundland and Labrador is amending funding rules for the province’s multi-employer pension plans. The amendments include a permanent exemption from solvency funding requirements for MEPPs, retroactive to Dec. 31, 2020, when the previous temporary exemption ended. In addition, going-concern unfunded liabilities must now be funded over 10 years instead of the previous […]
At the end of March 2020, Newfoundland and Labrador had $4.89 billion in unfunded pension liabilities, including unfunded liability and promissory notes, according to a report released last week by the premier’s economic recovery team. Added to the province’s $3.29 billion in unfunded liability related to employee benefits, this results in financial exposure of $8.18 […]
At the beginning of September, Provident10, which oversees the administration and asset management for Newfoundland and Labrador’s Public Service Pension Plan, welcomed a new chief investment officer, Michel Malo. With $6.6 billion in invested assets as of year-end 2018, Provident10 is a fairly new entity. In December 2014, the province’s government and its five largest […]
How a derivatives overlay helped Newfoundland and Labrador