In its 2024 budget on Tuesday, the Ontario government reiterated its support for a provincial infrastructure bank to leverage public sector pension investments. The bank, renamed the Building Ontario Fund, was announced in the province’s 2023 fall economic statement and will support the development of new long‐term care homes, energy infrastructure, affordable housing, municipal and […]
Three of Canada’s largest pension plans are among the top 10 pension funds that generated the largest compound annualized returns between 2013 and 2022, according to a report by data platform Global SWF. The report, which measured the compound annual growth rate of pension funds’ single-year investment returns between fiscal 2013 and fiscal 2022, found […]
Legislation that mandates the transfer of five New Brunswick public sector defined benefit pension plans to a shared-risk model goes into effect today. The Pension Plan Sustainability and Transfer Act, which received royal assent in December, will impact more than 7,800 active members enrolled in five plans serving school board and nursing home employees and […]
U.S. public sector defined benefit pension plans that have switched to a defined contribution model have experienced negative cash flows and increased costs and employee turnover, according to a new report by the National Institute on Retirement Security. The report analyzed five public sector pension plans including those in Alaska, Michigan and West Virginia. It […]
An article on how Ontario’s proposed pay transparency legislation will impact employers was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. How Ontario pay transparency legislation will impact employers 2. Expert panel: How interest rates impact DB pension plans 3. How employers can shift younger workers’ ‘soft saving’ […]
The New Brunswick government introduced legislation Wednesday to transfer five of its public sector defined benefit pension plans to shared-risk plans, saying the move will ensure the sustainability of plans that have become unaffordable. “They were not designed to have cases where [employees] might work the same amount of years that [they are] retired,” said […]
The Canadian Public Pension Leadership Council is appointing Karen McKeown, director of board operations at the B.C. Pension Corp., as co-chair. McKeown will share responsibilities with Alison McKay, chief executive officer of the Saskatchewan Healthcare Employees Pension Plan, and succeeds Derek Dobson, CEO and plan manager at the Colleges of Applied Arts and Technology pension […]
The Ontario government’s new investment organization could incentivize institutional investors to take a closer look at infrastructure opportunities in the province, says Iftikhar Ahmed, a wealth solutions partner at Aon. “We work with a large number of pension plans and other institutional investors who would be keen to participate in infrastructure development in the province.” […]
An article on Fidelity Canada’s win in the Future of work strategy category at Benefits Canada‘s 2023 Workplace Benefits Awards was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Fidelity Canada wins award for focusing on flexibility amid return-to-office rollout 2. CPP maximum pensionable earnings increasing to $68,500 […]
The Ontario government is launching an infrastructure bank that will leverage investments by public sector pension plans and other Canadian institutional investors. In its fall economic statement on Thursday, the province said it will provide $3 billion in initial funding to the Ontario Infrastructure Bank, which will support the development of new long‐term care homes, […]