Defined benefit pension plan sponsors in the U.S. are facing increasing costs when de-risking through annuity buyouts, according to a new report by consulting firm Milliman Inc. It found the estimated cost to transfer risk to an insurer increased in February to 99.7 per cent of a plan’s total liabilities, up from 99.3 per cent […]
After reaching a near 40-year high over the past year, headline inflation started to cool in the final months of 2022 following a series of aggressive interest rate hikes by the Bank of Canada. According to Statistics Canada, the consumer price index was up 6.3 per cent year over year in December, down from a […]
As the coronavirus pandemic enters its fourth year, it’s perhaps unsurprising that the health crisis has taken its toll on employee mental health. Scotiabank saw a notable rise in claims for mental-health drugs in 2022, says Ayman Alvi, the bank’s vice-president of global pension and benefits, noting the increased use of these medications aligns with […]
The Ontario Teachers’ Pension Plan is reporting a total fund net return of four per cent for 2022, driven by strong returns from private equity and inflation-sensitive asset classes. The pension fund exceeded its benchmark of 2.3 per cent, according to a press release announcing its annual results. Its inflation-sensitive asset portfolio — including commodities […]
The OPSEU Pension Trust finished 2022 with net assets of $24.642 billion, down 2.2 per cent from the previous year, according to its latest annual results. “The most important thing is the funded status, which is at 100 per cent,” says Peter Lindley, president and chief executive officer of the OPTrust. “I think it’s quite […]
Just over half (52 per cent) of Canadian women say they feel financially confident about retiring at their target age, compared to 68 per cent of men, according to a new survey by the Bank of Montreal. The survey, which polled more than 3,400 Canadian adults, found almost three-quarters (73 per cent) of women said […]
Nearly three-quarters (70 per cent) of U.S. employees say financial stress negatively impacts their work performance, according to a new survey by YouGov and YuLife Insurance Agency Inc. The survey, which polled more than 1,200 workers, found a third (32 per cent) of all respondents and 42 per cent of employees aged 18 to 35 said financial […]
It’s important for employers to maintain workplace benefits during a challenging economic environment in order to provide stability for employees, says Avinash Maniram, group and health-care consultant at PBI Actuarial Consultants Ltd. “During challenging economic times, employees and their families are already facing a lot of uncertainty with [the] rising costs of bills and everything […]
The union representing employees at Burnaby Public Library in Burnaby, B.C. has ratified a three-year collective agreement that includes improvements to flexible working arrangements. Members voted 91 per cent in favour of ratifying the new agreement, which includes a nine-day fortnight arrangement — consisting of a five-day workweek followed by a four-day workweek — to […]
Bâtirente’s diversified funds lost between 5.7 per cent and 8.6 per cent in 2022 as a result of tumultuous conditions in the global economy, according to its latest results. “Global inflation reached a 40-year high due to several factors, such as the war in Ukraine, the persisting [coronavirus] pandemic, the world’s supply chain failures and […]