Canadians living longer • B.C. rail sued over pension surplus • Saskatchewan govt.’s $3.9 billion pension gap • What plan directors need to know • Ontario pension Web site
Canadians living longer
Ottawa — If people are living longer, they may need to work longer. So Statistics Canada’s report that life spans are increasing could be good news for employers hoping staff will delay full retirement. On the other hand longer life spans mean more pension and post-retirement benefits paid out. Women born in 2001 can expect to live 82.2 years, while the average for men is 77.1 years.
B.C. rail sued over pension surplus
Vancouver — A class action suit has been launched against B.C. Rail over the distribution of a pension plan surplus. The suit, on behalf of about 900 pensioners, alleges B.C. Rail breached its fiduciary duty when the company and active plan members took contribution holidays due to the plan’s surplus, while pensioners received no equivalent benefit.
Saskatchewan govt.’s $3.9 billion pension gap
Regina — Saskatchewan teacher and government employee pension plans administered by the province have an unfunded liability of $3.9 billion and the shortfall is growing, the provincial auditor reports. The government will soon face a payout crunch that could last until 2025, the auditor warned.
What plan directors need to know
Toronto — The Canadian Institute of Chartered Accountants has a new booklet to help pension plan directors understand their role. 20 Questions Directors Should Ask About Their Role in Pension Governance explains roles and responsibilities, different plan designs, funding and financial reporting, fund investments and risk assessments. The cost is $10.
Ontario pension Web site
Toronto — The Financial Services Commission of Ontario has created a new Web site, Pension Web Link, for information and details on most pension plans. Plan members and the general public can access information on specific plans (not including personal member info) by accessing the pension section of the commission site at www.fsco.gov.on.ca.
Ottawa — If people are living longer, they may need to work longer. So Statistics Canada’s report that life spans are increasing could be good news for employers hoping staff will delay full retirement. On the other hand longer life spans mean more pension and post-retirement benefits paid out. Women born in 2001 can expect to live 82.2 years, while the average for men is 77.1 years.
B.C. rail sued over pension surplus
Vancouver — A class action suit has been launched against B.C. Rail over the distribution of a pension plan surplus. The suit, on behalf of about 900 pensioners, alleges B.C. Rail breached its fiduciary duty when the company and active plan members took contribution holidays due to the plan’s surplus, while pensioners received no equivalent benefit.
Saskatchewan govt.’s $3.9 billion pension gap
Regina — Saskatchewan teacher and government employee pension plans administered by the province have an unfunded liability of $3.9 billion and the shortfall is growing, the provincial auditor reports. The government will soon face a payout crunch that could last until 2025, the auditor warned.
What plan directors need to know
Toronto — The Canadian Institute of Chartered Accountants has a new booklet to help pension plan directors understand their role. 20 Questions Directors Should Ask About Their Role in Pension Governance explains roles and responsibilities, different plan designs, funding and financial reporting, fund investments and risk assessments. The cost is $10.
Ontario pension Web site
Toronto — The Financial Services Commission of Ontario has created a new Web site, Pension Web Link, for information and details on most pension plans. Plan members and the general public can access information on specific plans (not including personal member info) by accessing the pension section of the commission site at www.fsco.gov.on.ca.
