Working and retired public sector employees from across Canada are calling on the federal government to remove Miranda Hubbs, director of Imperial Oil Ltd., from the board of the Public Sector Pension Investment Board with cause. In a letter sent to Prime Minister Justin Trudeau and his cabinet today, 39 PSP Investments’ members and retirees […]
U.S. state and municipal pension funds are on track to miss investment targets and are unlikely to see meaningful improvements in their unfunded liabilities or funded ratios in 2023, according to a new report by the Equable Institute. The report, which analyzed trends in benefits, cash flows, contributions, funding and investments at 225 of the […]
Vestcor Inc.’s chief executive officer John Sinclair will retire after 20 years with the organization. He’ll stay on as CEO of the provincial investment management, pension and benefits administration organization until a successor is named following a board-led executive search process. “On behalf of the board of directors and the over 150 professionals who work at […]
The union representing employees at Montreal-based Canadian Aviation Electronics Ltd. has ratified a five-year agreement that includes retirement and benefits gains. The new agreement includes an early retirement program that allows employees to retire without penalty at the agreed upon time in the second and fourth year, starting at age 58 and meeting the factor […]
The Quebec Court of Appeal has ruled the province’s Bill 15, which substantially modified municipal sector pension plans, is unconstitutional with respect to retirees but justified for active plan members. The legislation, which was passed in 2014, adopted a cost-sharing formula for plans and plan deficits, established a shared-cost stabilization fund and put an end […]
When Alaska switched its public education employees from two defined benefit pension plans to a 401(k)-style defined contribution plan, more staff left their positions, according to a new report by the National Institute on Retirement Security. The report benchmarks retirement benefit offerings among state-level plans in Alaska and nationwide, analyzing the evolution of public pension […]
Saskatchewan’s Public Employees Benefits Agency is transitioning to a not-for-profit corporation. The PEBA began pursuing the transition in 2021 at the request of the trustees of the two largest pension plans it administers — the Public Employees Pension Plan and the Municipal Employees Pension Plan. The not-for-profit will begin operations on Jan. 1, 2024 under the […]
Wells Fargo has agreed to a pay US$1 billion to settle a lawsuit filed by its two public sector pension plans who alleged the bank made misleading statements about its compliance with federal regulators after a fake account-opening scandal came to light in 2016. The class action lawsuit was filed on behalf of members of […]
There’s something about the Arizona State Retirement System — a US$49.3-billion defined benefit-like hybrid pension plan for the state’s 600,000 current and former public sector workers — that feels downright Canadian. The resemblance is intentional. Canadian Paul Matson, executive director of the AZSRS, drew inspiration from his home country when establishing its approach, particularly in […]
Vestcor Investment Management Corp., an organization that manages the investment and administration of 11 public sector pension plans in New Brunswick, saw its investment decline 3.63 per cent in 2022. During the year, Vestcor’s assets declined from about $21 billion to $20 billion, according to a press release, which credited the losses to the unusually […]