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2021 Top 100 Pension Funds: DB plans shining bright amid pandemic clouds benefitscanada.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benefitscanada.com Daily Mail and Mail on Sunday newspapers.
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The funded position for an average Canadian defined benefit pension plan improved slightly during May, with a solvency of 108.2 per cent, according to a new report by LifeWorks Inc. (formerly Morneau Shepell Ltd.)
On an accounting basis, it found expenses for the average pension plan had dropped precipitously since the beginning of 2021, at 73.6 per cent. And asset returns for an average plan were slightly above one per cent in May and year to date.
A dip in real returns for bonds for the month implied an increased expectation of inflation in the long term, noted the report. Indeed, real return bond yields dropped 0.19 per cent, while Government of Canada dipped by just 0.05 percent during the period.
Alison MacAlpine
The average defined benefit pension plan saw its funded position continue to improve in April on a solvency and accounting basis, according to a new report by Morneau Shepell Ltd.
During the month, bond yields and credit spreads stabilized, although long-term bond yields increased slightly, negatively affecting long-term fixed income returns. Global equities performed well, rising 2.4 per cent as measured by Morneau Shepell’s world index.
Against this backdrop, the Canadian Institute of Actuaries released new guidance on solvency valuation assumptions in early May, with annuity purchase discount rate guidance that shrank the spread relative to Government of Canada bonds by 20 basis points.