Ontario’s defined benefit pension plans had a median solvency ratio of 94 per cent at the end of 2018, according to the Financial Services Commission of Ontario’s latest report. The median ratio represents a decline from the previous quarter, which sat at 101 per cent as of Sept. 30, 2018. More than half (53.9 per cent) […]
Faculty associations at three Ontario universities, as well as certain affiliated unions, have passed a preliminary vote to convert their various existing pension arrangements into a jointly sponsored pension plan. The University of Toronto Faculty Association, the University of Guelph Faculty Association, Queen’s University Faculty Association, United Steelworkers Local 1998, United Steelworkers Local 4120 and United […]
Based on the five options put forward in British Columbia’s consultation on reforming pension solvency rules, the option to replace the current requirements with enhanced going-concern funding requirements is the favoured course of action, according to the Association of Canadian Pension Management. In its letter to the B.C. government in response to the consultation, which […]
Many defined benefit plans’ funded statuses are in relatively good territory, but with an uncertain investment atmosphere on the horizon, is now a good time for plans to consider taking risk off the table by purchasing an annuity? And for plans looking to de-risk in the future, what considerations are there from an investment perspective? […]
The Corporation of the City of York Employee Pension Plan officially transferred the management of its assets and liabilities to the Ontario Municipal Employees Retirement System plan last week, as part of a broader initiative to transfer four pre-OMERS plans from the City of Toronto to OMERS. The City of York plan was closed to […]
Any modifications to federal pension legislation should encourage plan sponsors to continue offering defined benefit pension plans, while helping them fulfil their pension promises to plan members, according to the Canadian Institute of Actuaries. “Fulfilling pension promises is especially important for those plan members who can least afford the risk of benefit reductions, such as those with […]
Three lawsuits were filed in December by the parties seeking the best possible outcome for former Sears Canada Inc. employees with regard to the funding deficit of their defined benefit pension plan. Collectively, the suits were filed by the monitor in the Sears Companies’ Creditors Arrangement Act proceedings; the Hon. Douglas Cunningham, the litigation trustee appointed by the CCAA court; […]
The largest corporate pension plans in the United States experienced a slight drop in their funded status at the end of 2018 due to the sharp decline in equities, according to an analysis by Willis Towers Watson. The study, which looked at the defined benefit pension plans of 389 Fortune 1000 companies, found their pension assets […]
While 2018 ushered in a number of significant changes to Ontario’s pension legislation, including a major revamping of the funding rules for defined benefit plans, additional pending changes are afoot for 2019. Other provinces, such as British Columbia, Manitoba and Nova Scotia, are also reviewing solvency funding requirements for plans registered in their respective jurisdictions. […]
Readers were focused on the Canada Pension Plan and old-age security in 2018, with the top three most read stories tackling those topics. Benefits Canada rounds up the industry’s favourite pension and retirement stories of the year: 1. New CPP, OAS benefit amounts take effect for 2018 2. Increase to OAS benefits takes effect July 1 3. Why aren’t Canada’s public […]