multi-employer pension plan – Benefits Canada.com

Can IBM’s retirement benefit account revive the traditional DB pension plan?

lbailey — Tue, 19 Dec 2023 14:00:44 +0000

After closing its defined benefit pension plan nearly two decades ago and replacing it with a less riskier defined contribution plan, International Business Machines Corp. is launching a new retirement benefit account that allows its U.S. employees to have the best of both worlds. Last week, the company ceased its 401(k) matching and one per […]

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Ontario’s guidance for target-benefit MEPPs undermines incentives for plan sponsors: ACPM

bmcgovern — Mon, 30 Oct 2023 13:00:48 +0000

The Ontario Ministry of Finance’s proposed guidance for multi-employer target-benefit pension plans undermines incentives for employers to contribute towards their employees’ retirement savings, including cost certainty, with unduly burdensome regulatory framework, according to the Association of Canadian Pension Management. In an open letter, the ACPM expressed its hesitation about proposed rules restraining trustees’ ability to prudently […]

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Editorial: Weighing the benefits of participation in a multi-employer pension plan

Jennifer Paterson — Fri, 13 Oct 2023 12:59:45 +0000

Whether it’s in the magazine, on the website or at our various defined contribution pension plan events, Benefits Canada is regularly writing about how DC plans are evolving. The pension industry has come a very long way in the last few decades. When my parents began their working lives in the early 1970s, they both had defined […]

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2023 Top 50 DC Plans Report: Unleashing the power of multi-employer pension plans

Jennifer Paterson — Fri, 13 Oct 2023 12:56:31 +0000

Increased volatility, stubborn inflation and erratic interest rates are making for financially uncertain times, where it can be more reassuring to seek safety in shared risk, rather than shouldering financial ambiguity alone. Celebrated for their pooled assets and shared risk, multi-employer pension plans are gaining traction. Tami Dove, director of member experience at the Co-operative […]

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FSRA pension plan administration guidance requires clarity, consistency, says ACPM

Sadie Janes — Thu, 12 Oct 2023 13:00:59 +0000

The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]

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B.C. Municipal Pension Plan appointing Chelsea Kittleson as executive director

bwolfe — Tue, 10 Oct 2023 15:00:14 +0000

The British Columbia Municipal Pension Plan is appointing Chelsea Kittleson as executive director, effective Nov. 15, 2023. She joins the pension plan from the British Columbia Investment Management Corp., where she was director of client relations. In the new role, Kittleson will oversee the office that supports the MPP’s board of trustees and act as […]

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Is the single-employer DB pension plan dead or merely modernizing for the future?

Jennifer Paterson — Thu, 13 Jul 2023 13:00:01 +0000

Predictions of the demise of defined benefit pension plans are premature. The reality is DB is still alive and well in the public sector, with a growing number of multi-employer plans making the promise of financial certainty in retirement provided by DB pensions available to private sector employers of all sizes. What’s under threat is […]

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ACPM urging Ontario to remove burdensome requirements from proposed target-benefit pension framework

lbailey — Thu, 29 Jun 2023 13:00:21 +0000

The Association of Canadian Pension Management is urging the Ontario government to ensure its proposed rules for multi-employer target-benefit pension plans don’t undermine existing incentives that enable employers to create and maintain workplace pension plans. In an open letter, the ACPM said it believes the provision for adverse deviation will overly restrict the ability of MEPP trustees to manage […]

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CAAT remains 124% funded despite 2022 investment losses: annual report

Gideon Scanlon — Thu, 20 Apr 2023 16:00:54 +0000

The College of Arts and Technology pension plan’s assets dropped 2.3 per cent while its funded ratio on a going-concern basis remained at 124 per cent in 2022, according to its annual report. “With CAAT, members don’t have to worry about every market dip and blip,” wrote Derek Dobson (pictured), the multi-employer pension plan’s chief […]

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Does the pension industry have a language problem?

Jennifer Paterson — Fri, 14 Apr 2023 12:55:48 +0000

Defined benefit. Defined contribution. Target benefit. Shared risk. Collective. Multi-employer. Pooled. Canada’s pension and retirement landscape is littered with lingo that can often be confusing for the people who participate in these plans and count on them for their retirement income. As pension plans evolve and the terms describing them expand, does the industry have […]

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