The prolonged coronavirus pandemic’s effect on working Canadians’ financial well-being persists, with the stress taking a toll on their savings and their productivity in the workplace, according to a new survey by LifeWorks Inc. Although Canadian workers’ financial well-being score for April is negative 2.2, a slight improvement from February’s negative 2.8, the survey found […]
Aon is selling its U.S. retirement business to Aquiline Capital Partners and its retiree health exchange business to Alight Solutions for a total of US$1.4 billion. The sales are intended to address questions raised by the U.S. Department of Justice ahead of the pending merger of Aon and Willis Towers Watson, according to a press […]
The Association of Canadian Pension Management is urging parliamentarians to vote down the final version of a new bankruptcy and insolvency bill. If passed, Bill C-253, also titled the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans and group insurance plans), would force super priority on Canadian pension plan members in […]
Morneau Shepell Ltd. is rebranding under the name LifeWorks Inc. The company announced its intention to rebrand in March, which was subsequently approved by its shareholders following a vote at the company’s annual meeting on May 14. Read: Morneau Shepell rebranding as LifeWorks “By connecting the two words — life and work — the purpose of our organization is made […]
Canadian employers are making ongoing changes to their pension and benefits offerings as the coronavirus pandemic drags on, according to a new survey by the International Foundation of Employee Benefit Plans. The survey found almost one in five (18 per cent) employers offering prescription drug coverage have extended the time allowed under prior authorization periods, […]
The New Brunswick government is expanding the use of biosimilars for certain chronic conditions in its public drug plans. Approximately 3,000 beneficiaries of the province’s drug plans who are living with diseases such as inflammatory arthritis, inflammatory bowel disease, diabetes and psoriasis will have until Nov. 30 to switch from a biologic to the biosimilar […]
Private drug plan spending increased 5.4 per cent, according to Express Scripts Canada’s annual drug trends report. While up to a one per cent increase in private drug plan spending was anticipated, similar to the 0.6 per cent increase between 2018 to 2019; the report showed a decrease in the percentage of members who claimed, […]
The Financial Services Regulatory Authority of Ontario is issuing leading practices for the province’s defined benefit multi-employer pension plans, in the areas of governance, risk management and communication. In the area of governance, these practices include establishing a comprehensive orientation policy to onboard new trustees to ensure they begin their term prepared to carry out their duty. […]
The Caisse de dépôt et placement du Québec is appointing a new board of directors for the CDPQ Infra, its subsidiary that serves as principal contractor for major infrastructure projects. Charles Emond, president and chief executive officer at the Caisse, has been appointed chair of the board, while Jean-Marc Arbaud, who was recently appointed president […]
The market value of assets held by Canadian employer pension plans increased to $2.12 trillion in the third quarter of 2020, according to a new report by Statistics Canada. It found while private sector assets saw a year-over-year increase of 4.6 per cent to $654.3 billion, public sector assets nearly reached $1.47 trillion. Stocks posted the largest increase at […]