The Federal Minister of Finance has unveiled new regulations, first announced June 12, which will provide temporary solvency funding relief for federally regulated defined benefit pension plans. Although the funding relief measures are welcomed by sponsors of federally regulated plans, they are relatively modest when compared to approaches taken in some other Canadian jurisdictions because […]
The Régie de l’assurance maladie du Québec (RAMQ) has revised the financial parameters of the basic drug plan to reflect the rising costs of the plan attributable to persons with RAMQ coverage, according to a Mercer statement. The changes are effective July 1, 2009, and will be relevant to Quebec employees and retirees who receive […]
The Supreme Court has dismissed a $350-million bid to launch a class action against CIBC for unpaid after-hours work. In a 37-page decision, Madam Justice Joan Lax of the Ontario Superior Court ruled that the facts surrounding the complaints did not pass the test of being a class action because the complaints were too “individualized.” […]
Northern Trust has created a pensions advisory group to help European pension clients with investment and regulatory issues. “The formation of the retirement solutions practice is in response to client demand, and brings together Northern Trust’s multi-layered investment and pensions experience under one roof,” says Penelope Biggs, EMEA head of institutional business development and chair […]
Confidence in the world economy has improved, with seven out of 10 money mangers believing that the markets will improve in the next 12 months, according to the Merrill Lynch Survey of Fund Managers conducted in May 2009. Average cash holdings have fallen from 4.9% to 4.3%, as portfolio managers moved into equities. And for […]