As contract negotiations between the City of Saskatoon and its transit workers heat up, the parties are in disagreement about the nature of the central issue, the defined benefit pension plan. The Amalgamated Transit Union Local 615, which represents the transit workers, says the city is proposing a move from a defined benefit pension to […]
The Royal Bank of Canada in enhancing its employee resource groups this year following a comprehensive impact assessment of the program for the first time. The organization’s employee resource groups —including women, aboriginals, people with disabilities, visible minorities, newcomers and lesbian, gay and transgender employees — have been in place for many years in Canada, […]
A Senate bill seeking to ban discrimination on the basis of genetic characteristics that’s moving to the House of Commons next week has significant implications for the life insurance industry as well as group insurance polices and other areas of employment. The Canadian Life and Health Insurance Association opposes the bill, arguing it would violate the principle of equal information. […]
The Ontario Municipal Employees Retirement System is changing its additional voluntary contributions program to allow pension members to keep non-locked-in funds in their voluntary account after they turn 71, so they can continue to earn returns from the OMERS fund. The changes, which were approved on Aug. 31, were introduced in response to member requests […]
As Unifor moves ahead in its contract negotiations with the Detroit Three, the union said part of the conversation will be around the automakers’ pension structure. The Canadian auto union announced on Tuesday it will target General Motors to set the bargaining pattern for the auto industry in Canada, just two weeks before its four-year […]
With the provision of defined benefit pensions on the decline and the subsequent growth in defined contribution plans, Canada’s retirement savings landscape is in a significant state of flux. But one of the underlying implications of the move to defined contribution pensions is the consequent shift of responsibility. While the defined benefit plan member traditionally […]
As the Northern Transportation Co. Ltd. seeks protection from its creditors amid financial difficulties, the Public Service Alliance of Canada and the Union of Canadian Transportation employees have retained a law firm to represent the pension interests of its employee members and retirees as insolvency proceedings move forward. The company, which provides shipping services to […]
A report released by the Office of the Superintendent of Financial Institutions this month projects that the federal government’s plan to cancel the increase in the age of eligibility for old-age security benefits will raise the total program cost by $10.4 billion by 2030. The findings aren’t a surprise, says Aaron Wudrick, federal director of the […]
As consolidation sweeps through the industry, what's next for small players?
Some 28 independent institutional investment firms have exited the industry through amalgamation or shuttered operations since 2012 due to deteriorating earnings performance, poor investment banking revenues and rising costs, according to the Investment Industry Association of Canada. In a letter published recently, Ian Russell, president and chief executive officer of association, wrote that 53 small […]