Business Services Industry
Canada seeing shift to DC pension plans.(International)
Business Insurance, March, 2004 by Gonzalez, Gloria
Byline: GLORIA GONZALEZ Many Canadian employers are moving from defined benefit pension plans to defined contribution plans as they try to hold down plan costs. Last month, Montreal-based Air Canada's new equity investor, Trinity Time Investments, proposed a transition from a defined benefit to a defined contribution plan.
Under its proposal, employees with 60 or more combined years of age and service would have the option of remaining in the current defined benefit plan. All other employees would move to a defined contribution program while keeping their accrued rights under the defined benefit plan. The change would not affect current Air Canada retirees. Many other Canadian companies have either proposed or instituted similar changes for new hires,...
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