Canadian defined benefit pension plan sponsors have an average per-member administration cost of US$165, according to a new report by CEM Benchmarking Inc. The report, which analyzed 80 global DB plans, found the average per-member administration cost was $164 in the Netherlands, but was $105 in the U.S. and $71 in the U.K. It noted […]
An article that examined an Ontario court’s ruling on an employer’s termination clause was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. Ontario court rules employer’s termination clause enforceable due to clear language, entitlements 2. DEI pullback could […]
Administering a pension plan involves the accumulation of large amounts of data in the form of documents, filings, reports, emails and letters. At some point, plan administrators who have amassed all this information will ask themselves, “How long do we need to keep these records?” There’s some guidance from pension legislation, as well as pension […]
The benefits of artificial intelligence go hand in hand with the many risks, but the pension industry’s requirements around fiduciary responsibility and governance, as well as privacy concerns, add an important layer to these considerations. Genevieve Hayman, senior affiliate researcher in research, advocacy and standards, the CFA Institute Many artificial intelligence risks — which include […]
The British Columbia Financial Services Authority is releasing a stand-alone information security guideline for pension plan administrators based in the province. The guideline, which will come into effect on July 1, 2025, aims to help mitigate information security risks and ensure timely reporting of material security incidents, according to a press release. Until then, all […]
More than eight in 10 (84 per cent) U.S.-based employer-sponsored retirement plans have at least one likely Employee Retirement Income Security Act red flag from a regulatory and/or fiduciary perspective, according to a new report by consultancy Abernathy Daley 401k Consultants. The report, which analyzed filings for more than 760,000 plans, found 43 per cent […]
The National Police Federation, which represents 20,000 Royal Canadian Mounted Police officers, has launched a class action claiming the federal government has wrongfully prevented part-time officers from buying back into their pension plan. In a press release, Brian Sauvé, president and chief executive officer at the NPF, said virtually the entire class of part-time officers […]
User personalization and an ease-of-use approach are key in the adoption of artificial intelligence technology tools by pension plan sponsors, according to a new report by the CFA Institute Research & Policy Centre. It found the application of AI has the potential to revolutionize plan sponsors’ administrative duties but will require a collaborative approach that […]
An independent review of the Ontario Municipal Employees’ Retirement System will examine the unique governance structure of the investment organization. The current structure of the investment organization designates two separate entities with different duties and responsibilities, notes Jordan Fremont, a partner in the pensions and benefits group at Stikeman Elliott LLP. The OMERS Sponsors Corporation […]
Amendments to the federal Pension Benefits Standards Act must go beyond reporting transparency and clarify how additional disclosure requirements help monitor the health of Canadian pension plans, said the Pension Investment Association of Canada. In an open letter to Finance Canada, the PIAC said if current data collection processes for federally regulated plans aren’t achieving […]