The Ontario Municipal Employees Retirement System is changing its additional voluntary contributions program to allow pension members to keep non-locked-in funds in their voluntary account after they turn 71, so they can continue to earn returns from the OMERS fund. The changes, which were approved on Aug. 31, were introduced in response to member requests […]
As Unifor moves ahead in its contract negotiations with the Detroit Three, the union said part of the conversation will be around the automakers’ pension structure. The Canadian auto union announced on Tuesday it will target General Motors to set the bargaining pattern for the auto industry in Canada, just two weeks before its four-year […]
With the provision of defined benefit pensions on the decline and the subsequent growth in defined contribution plans, Canada’s retirement savings landscape is in a significant state of flux. But one of the underlying implications of the move to defined contribution pensions is the consequent shift of responsibility. While the defined benefit plan member traditionally […]
As the Northern Transportation Co. Ltd. seeks protection from its creditors amid financial difficulties, the Public Service Alliance of Canada and the Union of Canadian Transportation employees have retained a law firm to represent the pension interests of its employee members and retirees as insolvency proceedings move forward. The company, which provides shipping services to […]
A report released by the Office of the Superintendent of Financial Institutions this month projects that the federal government’s plan to cancel the increase in the age of eligibility for old-age security benefits will raise the total program cost by $10.4 billion by 2030. The findings aren’t a surprise, says Aaron Wudrick, federal director of the […]
As consolidation sweeps through the industry, what's next for small players?
Some 28 independent institutional investment firms have exited the industry through amalgamation or shuttered operations since 2012 due to deteriorating earnings performance, poor investment banking revenues and rising costs, according to the Investment Industry Association of Canada. In a letter published recently, Ian Russell, president and chief executive officer of association, wrote that 53 small […]
New workers who are members of the Canadian Postmasters and Assistants Association (CPAA) will be joining a defined contribution pension plan after a labour arbitrator ruled in the company’s favour. The arbitration decision comes as the Canada Post continues to negotiate with a separate group of workers — who are members of the Canadian Union of […]
The Caisse de dépôt et placement du Québec generated a two per cent return in the first half of the year ended June 30, 2016, its strongest half-year return since 2010. “This is a reasonable return,” Michael Sabia, the pension fund’s president and chief executive officer, said in a conference call on Friday morning. “This being […]
More than 1,000 employee and retiree members of Co-op Atlantic’s defined benefit pension plan are to share $7.25 million following a New Brunswick judge’s approval of a plan that signals the final steps of the creditor protection process. The outcome is the “best of a bad situation,” says Ron Pink, a labour and employment lawyer […]