The Ontario Pension Board is appointing Darwin Bozek as president and chief pension officer, effective Feb. 1, 2024. He joins the OPB from the Alberta Pensions Services Corp., where he was president and chief executive officer. He’ll transition into the role of president and CEO under the mentorship of current CEO Mark Fuller, who’ll step down […]
Ahead of Giving Tuesday, nearly two-thirds (61 per cent) of U.S. employers say they’ve seen an increase in employee volunteer activities this year, according to a new survey by the Association of Corporate Citizenship Professionals. However, despite this increase, the survey also found corporate social responsibility professionals have struggled to get participation levels back to a pre-pandemic […]
The average projected solvency ratio for Ontario defined benefit pension plans increased slightly to 117 per cent in the third quarter of 2023, with more than three-quarters of plans projected to be fully funded, according to a new report by the Financial Services Regulatory Authority of Ontario. While the percentage of DB plans projected to have […]
An article on the federal government’s 2023 fall economic statement was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Feds consider end of ‘30% rule’ for pensions, propose EI adoption benefit: fall economic statement 2. Former federal finance minister defends ‘sustainably successful’ CPP amid Alberta pension […]
The estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process increased from 101.1 per cent of a plan’s accounting liabilities in September to 101.9 per cent of those liabilities in October, according to Milliman Inc.’s latest pension buyout index. The index uses the FTSE above median AA curve and annuity […]
In its 2023 fall economic statement, the federal government said it will consider removing the rule that restricts Canadian pension funds from holding more than 30 per cent of the voting shares of most corporations. The move is part of an effort “to create an environment that encourages and identifies more opportunities for investments in […]
The Caisse de dépôt et placement du Québec is investing $200 million in a Swedish company developing and manufacturing lithium-ion batteries for electric vehicles. The new funding, via convertible debt, will help finance the development of a planned multi-billion dollar EV battery plant in Quebec. In August, the Canada Pension Plan Investment Board, the Investment Management […]
The Canadian pension assets under management of the country’s top 40 investment managers increased by 7.7 percentage points over the previous year, from nearly $989 million at June 30, 2022 to more than $1 billion at June 30, 2023, according to the latest report by the Canadian Institutional Investment Network. The CIIN, which is a […]
The average U.S. 401(k) balance decreased to $107,700 in the third quarter of 2023, down four per cent from Q2, but up by 11 per cent from a year ago, according to a new report by Fidelity Investments. Reflecting a combination of employee and employer 401(k) contributions, the total savings rate for the third quarter […]
While three-quarters (76 per cent) of U.S. employers say they provide coverage of glucagon-like peptide-1 drugs for diabetes management, about a quarter (27 per cent) provide coverage of these drugs for weight loss, according to a new survey by the International Foundation of Employee Benefit Plans. The survey, which polled more than 200 U.S. benefits […]