Pension and benefit briefs

$16.5 billion pension shortfall • Maritime Life takes over Liberty Health • Canada Life investors approve takeover deal • B.C. protects partners of workers killed on the job • Benefits now 30 per cent of compensation in the U.S. • The ultimate perk every American CEO can now afford • It pays to be fit • Paperwork sucking up health care dollars • Government Web site lauded
By
|CHRR, Guide to Pensions & Benefits|Last Updated: 06/04/2003

$16.5 billion pension shortfall

Toronto

— Canada’s largest publicly traded companies have a combined $16.5 billion shortfall in pension plans, according to a market study conducted by The National Post. More than 70 per cent of Canada’s 60 biggest companies by market value have pension deficits, with nine of them exceeding $500 million each. Nortel Networks, Bombardier, Alcan and Imperial Oil account for more than half of the $16.5 billion. Leo de Bever, of the Ontario Teachers’ Pension Plan, said the country’s pension funds haven’t been this bad since the 1970s and he expects it to have a serious drag on corporate earnings as more money will have to be pumped in to cover the shortfalls.

Maritime Life takes over Liberty Health

Halifax