The Supreme Court of Canada says several major public unions are not entitled to a $28-billion pension surplus that the government hived off to help pay down the deficit.
Bell Canada is taking steps to improve the funded status of its DB plan by making a $750-million payment into it.
On Nov. 15, 2012, regulations under Ontario’s Pension Benefits Act (PBA) were filed regarding the use of letters of credit (LC) to cover a portion of an employer’s solvency payments into a DB pension plan. These new regulations modify previously announced changes to the PBA (effective Jan. 1, 2013) that had not yet come into force.
Canada is projected to see a 4% drop in its working-age population over the next eight years, putting additional pressure on underfunded plans, according to new research from Mercer.
A new survey from Mercer has found that more than half of U.K. pension plans due to start automatically enrolling all employees into pension plans are “postponing” when an employee joins the plan.
Illinois voters who cast ballots during Tuesday’s U.S. election rejected a proposed amendment to the state’s constitution meant to curb growing public pension funding challenges.
In Canada, there has been a lot of talk about the current public retirement system and how it should be improved. But how does Canada’s program shape up against others?
The funded status of DB pension plans in Canada, the U.S. and the Netherlands has fallen since December 2011, according to new data from Mercer.
Milliman, Inc., a global consulting and actuarial firm based in Seattle, has released the results of its first Public Pension Funding Study. The study, which offers an aggregate analysis of 100 of the largest public DB pension plans in the U.S., found that these plans’ collective funding deficit is approximately $300 billion more than their self-reported deficit.
The Melbourne Mercer Global Pension Index has given Canada’s retirement savings and income system another B rating this year. The positive impact of increasing the Old Age Security (OAS) retirement age was offset by the continued reduction in pension plan coverage for employees in the private sector. Canada’s overall index value was 69.2.