Not exact matches
Chriss pegs growth in the contingent work force to structural changes in employment over the past decades, including a decline in enrollment in defined -
benefit pension plans and growth in the average duration
of unemployment.
After a multi-year round
of negotiations between the federal and provincial governments, a deal was reached to increase contributions still further, limit
benefits, and accumulate a surplus to be invested in what is now the $ 280 billion Canada
Pension Plan Investment Board.
The CPPIB, one
of the world's largest
pension funds, invests money not needed by the Canada Pension Plan to pay benefits for some 18 million current and retired contri
pension funds, invests money not needed by the Canada
Pension Plan to pay benefits for some 18 million current and retired contri
Pension Plan to pay
benefits for some 18 million current and retired contributors.
To do this,
pension experts like Ambachtsheer and Greg Hurst, a principal with retirement
benefits administrator Morneau Sobeco, recommend creating a new kind
of multi-employer
pension plan into which every working Canadian would be automatically enrolled, though they could opt out or alter the standard contribution rates.
An earlier version
of this article referred to defined -
benefit pension plans maintained by several companies including Weyerhaeuser Canada.
The Canadian Labour Congress conducted a campaign through the fall
of 2009, calling for contributions to and
benefits from the Canada
Pension Plan to be doubled.
Pierlot wrote a paper for the CD Howe Institute in 2011 showing that a person with a salary
of $ 75,000 at the end
of a 35 - year career would accumulate more than $ 1.4 million in savings through a defined -
benefit plan (wherein the pensioner is paid a set income based on past earnings and years of service, mostly confined to the public sector these days) compared to $ 674,711 for someone with no pension but a maxed - out Registered Retirement Savings P
plan (wherein the pensioner is paid a set income based on past earnings and years
of service, mostly confined to the public sector these days) compared to $ 674,711 for someone with no
pension but a maxed - out Registered Retirement Savings
PlanPlan.
Twelve
of the 30 Best Workplaces, or 40 %, offer a defined -
benefit pension — an increasingly rare retirement
plan offered by only 18 %
of private employers surveyed by the Labor Department.
Such risks, uncertainties and other factors include, without limitation: (1) the effect
of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels
of end market demand in construction and in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the impact
of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization
of the anticipated
benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities for growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level
of other investing activities and uses
of cash, including in connection with the proposed acquisition
of Rockwell; (7) delays and disruption in delivery
of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended
benefits of organizational changes; (11) the anticipated
benefits of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13)
pension plan assumptions and future contributions; (14) the impact
of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect
of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect
of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition
of conditions that could adversely affect the combined company or the expected
benefits of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21) risks relating to the value
of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
With so many U.S. corporations racing to the bottom — moving manufacturing to foreign countries for cheap labor and no environmental responsibility, taking advantage
of the H1 - B Visa program to bring cheap workers in, lowering
benefits and eliminating
pension plans — it's refreshing to learn that some companies are taking the exact opposite approach.
The CPPIB, one
of Canada's biggest
pension funds, invests money not currently needed by the Canada Pension Plan to pay be
pension funds, invests money not currently needed by the Canada
Pension Plan to pay be
Pension Plan to pay
benefits.
Financial institutions such as Nomura Securities Co, SBI Securities Co, the Bank
of Tokyo - Mitsubishi UFJ, and Sumitomo Mitsui Banking Corp now offer private
pension plans and could
benefit from a significant expansion in this market.
Torstar is investigating a merger
of its
pension plan assets with a multi-employer
plan called CAAT, which would take over the obligation for paying past accrued
benefits and future
pension benefits of Torstar employees.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital markets conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations
of the Company or its customers and suppliers; (2) the Company's credit ratings and its cost
of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance
of new product offerings; (6) the availability and cost
of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact
of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation
of a global enterprise resource
planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial market risks that may affect the Company's funding obligations under defined
benefit pension and postretirement
plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
Trapani and Shindler have also discarded their old
pension plan entirely since the «defined
benefit plan» was set up to provide payouts only to employees who stayed until age 60, which just didn't meet the needs
of the company's somewhat transient work force.
A simple warning to all companies that provide employees with some type
of pension plan or health, welfare, or fringe
benefits: don't mess up federal reporting requirements or you'll face hefty late - filing penalties.
The OECP report also noted that a number
of stakeholders had recommended increased
benefits under the Canada
Pension Plan.
While only 11 %
of employees in Canada's private sector belong to a defined
benefit pension plan, 43
of the top 100 CEOs have a define
benefit pension plan worth an average
of $ 1.39 million a year.
• 35 %
of retirees have less than $ 1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined
benefits plans such as traditional
pensions; 53 % have less than $ 25,000.
In the 23rd Actuarial Report on the Canada
Pension Plan (OCA, 2007), the Office
of the Chief Actuary (OCA) certified that, in spite
of the substantial increase in CPP
benefit payments that would result from the retirement
of the baby boom generation, the current legislated contribution rate
of 9.9 per cent for employers and employees combined would be more than enough to pay for
benefits through 2075.
And
benefits aren't bad either: 401 (k) matching up to 7 %
of salary, 12 weeks
of maternity leave, and
pension plans.
Both
of our jobs currently have defined
benefit pension plans in place, both
of which we are vested in — I don't put a dollar figure on those but figure those will provide 3k to 4k in retirement income when we retire, depending upon when we retire and then when we choose to draw it.
He
plans to make a $ 681 million payment to the state's
pension funds, which will cover the costs
of benefits earned by active employees during the year.
In addition to the Canada
Pension Plan Account, there was a Canada
Pension Plan Investment Fund that would take the surplus that accumulated over and above administration costs and the amount
of money required to pay immediate
benefits (i.e. three months» worth) and invest it in provincial and federal securities.
In short, because they pool longevity risk, can offer a well - diversified portfolio with longer - term investments, and are professionally managed, public
pension funds deliver the same level
of benefits as DC
plans at only 46 percent
of the cost.15 Any funds invested with the state
pension fund would be kept in a separate investment pool from public sector funds.
(a) Schedule 2.7 (a)
of the Disclosure Schedule contains a list setting forth each employee
benefit plan, program, policy or arrangement (including any «employee benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
plan, program, policy or arrangement (including any «employee
benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
plan» as defined in Section 3 (3)
of the Employee Retirement Income Security Act
of 1974, as amended («ERISA»)(«ERISA
Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
Plan»)-RRB-, including, without limitation, employee
pension benefit plans, as defined in Section 3 (2)
of ERISA, multi-employer
plans, as defined in Section 3 (37)
of ERISA, employee welfare
benefit plans, as defined in Section 3 (1)
of ERISA, deferred compensation
plans, stock option
plans, bonus
plans, stock purchase
plans, fringe
benefit plans, life, hospitalization, disability and other insurance
plans, severance or termination pay
plans and policies, sick pay
plans and vacation
plans or arrangements, whether or not an ERISA
Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
Plan (including any funding mechanism therefore now in effect or required in the future as a result
of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant
of the Company (collectively, the «Company Employees») has any present or future right to
benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligation.
A cash balance
plan is an already - existing type
of defined
benefit pension plan that incorporates some features
of a defined contribution
plan.
In 1978, when the law authorizing the creation
of the 401 (k) was passed, employers commonly attracted and retained talent by offering a secure retirement through a
pension (a type
of a defined
benefit plan).
We provide information about the
benefits under these plans in the Pension Benefits table and Non-Qualified Deferred Compensation table and related narratives beginning on page 79 of this proxy st
benefits under these
plans in the
Pension Benefits table and Non-Qualified Deferred Compensation table and related narratives beginning on page 79 of this proxy st
Benefits table and Non-Qualified Deferred Compensation table and related narratives beginning on page 79
of this proxy statement.
I thought I was set for retirement with
pension plan benefits kicking in after 30 years
of service.
Total compensation per employee consists
of many different elements, including not only negotiated / imposed wage settlements, bracket creep (employees moving up within their pay range), composition
of employment (professional vs clerical), pay equity,
pension and other future employee benefit costs driven in part by market conditions, Canada and Quebec Pension Plan contributions (which increase by the annual increase in the industrial wage), among
pension and other future employee
benefit costs driven in part by market conditions, Canada and Quebec
Pension Plan contributions (which increase by the annual increase in the industrial wage), among
Pension Plan contributions (which increase by the annual increase in the industrial wage), among others.
Saunders, the president
of the Vancouver and District Labour Council, says that Canadian workers and their
pensions are more exposed to risk during market trouble because
of the successful campaign over the past decades to move from defined
benefit pensions, which guarantee a certain monthly amount when you retire, to defined contribution
plans, promoted by market enthusiasts.
My sense is that it is still mainly defined
benefit pension plans that are interested in hedge funds and private equity, which are the focus
of the Intel case.
«Twenty years ago,» said Saunders, «60 per cent
of Canadian private
pension plans were defined
benefit.
Today, the pool
of savings necessary to generate a given level
of income needs to be higher than in the past, a situation compounded by the decline in defined
benefit pension plans.
Instead
of giving you what we promised, the defined
benefit pension, we'll turn it into a defined contribution
plan.
All individuals over the age
of 18 who work inside
of Canada are eligible to contribute toward and receive
benefits from the Canadian
Pension Plan (CPP).
The problem is that the state - mandated
pension plans for school - district employees are defined
benefit plans, which means the amount
of future
benefits is guaranteed and has to be funded by the taxpayers and / or investment income.
We are an independent organization that pays defined
benefit pensions and invests
plan assets on behalf
of 323,000 active and retired members.
The «All
Plan Universe» currently tracks the performance and asset allocation
of over $ 650 billion in assets under management across Canadian defined
benefit (DB)
pension plans, and is a widely - recognized performance benchmark indicator.
The days
of a defined
benefit pension plan are a thing
of the past for most workers and we are responsible for the amount we save for retirement and how we invest that money.
TORONTO, May 15, 2017 - Building on a strong 2016 annual return
of 6.8 per cent, Canadian defined
benefit pension plans upheld the positive growth trend with Q1 2017 returns
of 2.9 per cent, according to the $ 650 billion RBC Investor & Treasury Services All
Plan Universe, the industry's most comprehensive universe
of Canadian
pension plans.
In the six - month period
of fiscal 2018, the company incurred gains
of $ 14 million in Other expenses / (income)($ 10 million after tax, or $.03 per share) associated with mark - to - market adjustments for defined
benefit pension and postretirement
plans.
For the year ended July 30, 2017, the company incurred gains
of $ 178 million in Other expenses / (income)($ 116 million after tax, or $.38 per share) associated with mark - to - market adjustments for defined
benefit pension and postretirement
plans.
Defined
benefit pension plan (DB
plan): A retirement
plan that guarantees a specified retirement payment beginning at a certain age and after a specified period
of service.
«These findings raise serious questions about the policy needs for future pensionless cohorts, such as the adequacy
of benefits from Old Age Security, the Guaranteed Income Supplement, and the Quebec and Canada
pension plans,» the report states.
2017.05.15 Canadian
pension returns post four consecutive quarters
of gains: RBC Investor & Treasury Services Building on a strong 2016 annual return
of 6.8 per cent, Canadian defined
benefit pension plans upheld the positive growth trend with Q1 2017 returns
of 2.9 per cent...
«The panoply
of public policies offering «voluntary» options for saving - such as RRSPs, TFSAs, group RPPs, and the most recent Pool Registration
Pension Plans - have demonstrated their inadequacy to address the shortcomings in declining workplace
pensions and a Canada
Pension Plan with limited
benefits,» the study concludes.
Building on a strong 2016 annual return
of 6.8 per cent, Canadian defined
benefit pension plans upheld the positive growth trend with Q1 2017 returns
of 2.9 per cent...
Canadian retirees can receive government support through the Old Age Security (OAS)
pensions as well as through the Canada
Pension Plan (CPP), yet 48 %
of those surveyed did not know with a high degree
of confidence how much
of their current income will be replaced by their CPP or OAS
benefits.