The Canadian Union of Public Employees Local 1975 is calling for an immediate meeting with the University of Saskatchewan’s board of governors to a find a resolution to the bargaining unrest on campus, which includes issues around the pension plan. The university is proposing to eliminate the current defined benefit plan and replace it with a defined contribution […]
Portable non-employer retirement benefits could be a useful tool in addressing the underperformance of the U.S. retirement system as a whole, according to a new report by Common Wealth and the Aspen Institute Financial Security Program. These programs, which would be tied to employment but not to a specific employer, could be sponsored by a number […]
When the Canada Pension Plan enhancement took effect on Jan. 1, 2019, did you feel the pinch in your first paycheque of the year? The answer is probably no. In the first stage of enhancement, employee and employer contribution rates will rise from 4.95 per cent each to 5.95 per cent each, for a total […]
While defined contribution plans can currently pay variable benefits to members at retirement in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec and Nova Scotia, the Ontario government is moving forward with legislation to allow the option. But are DC plan sponsors actually interested? Michael Dodd, director of pensions, treasury and shareholder services at the Co-operators Group […]
Defined benefit pension plans aren’t just better for Canadian workers, but for the country’s economy in general, according to a new study by the Canadian Public Pension Leadership Council. Statistics Canada data from 2018 showed 37.5 per cent of Canadian workers have some type of pension or retirement savings plan through their workplace, and 25.2 per cent […]
British Columbia’s College Pension Plan board of trustees selection panel has appointed Bita Jenab as its director of research and analysis for the college and public service pension plans. Jenab has more than 30 years of consulting experience and extensive experience as a consulting actuary working with jointly sponsored pension boards. She will provide the board with strategic […]
Postmedia Network Inc. has entered an agreement to merge its pension plans with the Colleges of Applied Arts and Technology pension plan. The merger of the Postmedia plans will be effective July 1, 2019, subject to approvals by the CAAT’s board of trustees and sponsors’ committee, as well as approval from Postmedia’s plan members and the Financial Services […]
The introduction of more flexible annuity options for capital accumulation plans and reform to prescription drug coverage are among the recommendations by the Canadian Life and Health Insurance Association for the 2019 federal budget. In a letter to the Ministry of Finance, the CLHIA highlighted the increasing need for Canadian retirees to convert some or all of […]
The union representing 1,900 non-academic workers at the University of Saskatchewan is raising objections to a proposal the school has tabled to eliminate its defined benefit pension plan replace it with a defined contribution or target-benefit plan. In December, the Canadian Union of Public Employees’ bargaining committee proposed a jointly sponsored DB plan as a compromise, said […]
In the fourth industrial revolution, technology is changing at a fast pace with a rolling effect on various industries. It’s also changing how people work, spend their money and save, said Jean-Philippe Provost, senior partner and wealth business leader at Mercer Canada. At the consultancy’s annual retirement outlook event on Thursday, Provost walked through current practices in the Canadian […]