Pension funding ratios in the United States fell 11% during the first quarter, according to UBS Global Asset Management. Its U.S. Pension Fund Fitness Tracker finds that the typical pension fund ended the quarter with a funding ratio of approximately 90%, down from about 101% at the start of the year. The decrease was mostly […]
As the popularity of wellness programs grows, employees see value in healthy activities, but don’t stay committed to them, according to a new survey. The Guardian Life Insurance Company of America survey finds that nearly half of employees who have participated in a wellness program admit that their commitment trails off after just a few […]
Many U.S. pension plan sponsors believe they are well positioned to weather the current volatility in global markets, according to a study. Greenwich Associates’ 2008 U.S. Investment Management Research Study reveals that a growing number of corporate and pension plan sponsors are adopting a new portfolio management model in whole or in part. The first […]
Despite earning a 4.5% annual rate of return last year and beating the benchmark, the Ontario Teachers’ Pension Plan says it has a $12.7 billion shortfall between the plan’s assets and liabilities. “This highlights the continuing challenge of managing a mature plan,” says president and CEO Jim Leech. “Put simply, a declining portion of the […]
Great-West Lifeco has completed the sale of its American healthcare business to Philadelphia-based Cigna Corporation. The company has received gross consideration of US$1.5 billion in cash and is retaining an estimated $750 million representing the amount of equity invested in the healthcare business at close. Great-West has been pursuing a strategy to expand its financial […]
Co-operators Life Insurance Company has launched a new platform for drug, dental and extended health claims adjudication. It includes the capability to provide online dental claims submission and a fully integrated Co-operators pay direct drug card and pharmacy benefit management capabilities. The company has been accepting claims from new group benefits clients through this system […]
Double the number of pension plans in the United Kingdom are preparing for buyout within the next 10 years than they were a year ago, according to delegates at a recent seminar. Some 62% of delegates at a Watson Wyatt seminar said they were planning to buy out their pension liabilities with an insurer during […]
Starting next year, new employees at 3M will get a 401(k) savings plan instead of the traditional defined benefit plan. The St. Paul, Minn.-based company will contribute 3% of pay to a retirement account and provide a dollar-for-dollar match on employee contributions of up to 6% of pay. The new plan will be portable, which […]
The Canada Pension Plan Investment Board’s chair, Gail Cook-Bennett, is slated to become the chair of Manulife’s board of directors later this year, according to the company’s proxy circular. It is anticipated that subject to her re-election at the insurance company’s 2008 annual meeting, she will be appointed chair of the board after her existing […]
The Canadian Radio-television and Telecommunications Commission (CRTC) has approved, subject to certain conditions, the purchase of BCE by a group led by the Ontario Teachers’ Pension Plan. “The application under review proposed to privatize the country’s largest communications company and included significant foreign interest,” says Konrad von Finckenstein, the CRTC’s chairman. “Consistent with previous decisions, […]