FASB issued an Exposure Draft regarding the Disclosure of Certain Loss Contingencies which may be of interest to non-insurer corporations with asbestos liabilities.
Towers Watson discusses insurance industry implications and estimates net commercial insured losses between $4 billion and $6 billion.
As we exit the recession, and organizations begin to accept the reality of a tightening labour market, companies are focusing on an integrated approach that looks at how talent management programs can support business strategy.
The Towers Watson seventh annual Survey on Pension Risk provides essential insights into defined benefit (DB) plan sponsors’ actions for dealing with short-term challenges as well as future strategies for improving the long-term sustainability of the Canadian retirement system.
North America posted nearly 50% increases for both domestic and cross-border deals in the second quarter and, for the first time, cross-border deals outperformed domestic deals.
Client Advisories provide Towers Watson's analysis and commentary on important developments and breaking issues affecting the design and administration of employee benefit and compensation programs.
The Financial Services Commission of Ontario (FSCO) has issued Policy A300-200, Management and Retention of Pension Plan Records by the Administrator (Policy) together with a Sample Retention Schedule for Pension Plan Records (Sample Schedule).
A comparative analysis of asbestos disclosures from annual reports on Form 10-K submitted by public corporations that are known to have been named in asbestos personal injury litigation
The Quebec government has announced its intention to increase the premium rates for the Quebec Parental Insurance Plan (QPIP) by 6.25 percent effective January 1, 2011.
This white paper takes a closer look at M&A success factors and the specific steps companies need to take in order to address the key people issues.
Standard & Poor’s (S&P) recently announced that the enterprise risk management (ERM) practices of nonfinancial companies will not be rated based on their implementation of a particular ERM framework or process.
Managing consultant Barry Franklin discusses the top line findings of a 2010 survey Towers Watson flash survey of risk managers and finance executives.
The Global Alternatives Survey aims to track the movements of alternative assets managed on behalf of pension funds by the world’s largest alternative investment managers and to produce authoritative rankings.
Roiled by the global economic crisis and faced with
powerful imperatives to manage costs, productivity
and a host of talent management issues, a growing
number of multinationals are taking steps to stem
long-term costs and drive performance by supporting
employee health and well-being.
On June 25, 2010, the Federal Minister of Finance (Finance) released Regulations Amending Certain Regulations Made Under the Pension Benefits Standards Act, 1985 (Regulations), which revise the permanent funding rules for federally regulated defined benefit (DB) pension plans and also change the rules for pension fund investments applicable to many DB plans.
On June 7, 2010 , the Ontario Minister of Health and Long Term Care issued its final changes to the Regulations under the Drug Interchangeability and Dispensing Fee Act (Reg. 935) and the Ontario Drug Benefit Act (O. Reg. 201/96) (collectively, the Regulations).
The Régie de l'assurance maladie du Québec (RAMQ) has announced the annual changes to the financial parameters under the Public Prescription Drug Insurance Plan. Effective July 1, 2010, the maximum annual premium for most insured persons will rise to $600 from $585 in the previous year.
Executive compensation governance activity continues to flourish in Canada.
A Towers Watson survey of 110 major Canadian employers, released in April, indicates that about 52% view the current pension funding crisis as something that will be a long-term feature of the landscape rather than a temporary state of affairs.
Ontario Bill 236, the Pension Benefits Amendment Act, 2010, received Royal Assent on May 18, 2010.
The 2010 Quebec Budget, which was tabled by the Minister of Finance on March 31, 2010, introduces several new taxes on employees and on financial institutions.
When it comes to adding value to an organization, employees cover the full spectrum. Some possess critical skills, others hold pivotal roles and still others are more productive than their counterparts. Here are some tips for organizations interested in boosting productivity through workforce planning.
This survey explored how companies are determining, managing, monitoring, funding and allocating capital in light of the popularity of economic capital methodologies, ongoing regulatory changes, rating agency requirements and economic turmoil.
The enclosed update addresses how defined benefit pension plans in a number of countries (Brazil, Canada, Euro-zone, Japan, the U.K., and the U.S.) were impacted by capital market changes during the first quarter of 2010
The March 4, 2010 Federal Budget (2010 Federal Budget) introduced a proposal that will affect the taxation of Tandem Stock Appreciation Rights (SARs).
On May 3, 2010, the Federal Minister of Finance (Finance) released Regulations Amending Certain Regulations Made Under the Pension Benefits Standards Act, 1985 (Proposed Regulations), which revise the permanent funding rules for federally regulated defined benefit (DB) pension plans and also include some changes to the rules for pension fund investments applicable to many DB plans.
In a further step in the evolution of the accounting for retirement benefits, the International Accounting Standards Board (IASB) has issued its long-awaited Exposure Draft (ED) of proposed changes to IAS 19, Employee Benefits.
A vast majority of Canadian employers are taking substantive steps to mitigate the effects of the ongoing funding crisis facing their defined benefit (DB) pension plans, according to a new survey from Towers Watson, a global professional services company. The majority of employers surveyed believe the pension funding crisis is likely to continue beyond the next few years.
On Thursday, April 8, as part of recent attempts to gain control over the generic drug market, the Ontario Minister of Health and Long Term Care proposed changes to Ontario’s regulatory system for interchangeable drugs and the Ontario Drug Benefit Plan.
Manitoba has announced that it is finalizing the long-awaited reform of its pension legislation and regulations. The majority of provisions in the Pension Benefits Amendment Act (Act) of 2005 and Pension Benefits Regulation (Regulations) will be effective May 31, 2010, although some changes took effect March 31, 2010 and will require immediate action on the part of plan administrators.
In December 2009, Canada’s Accounting Standards Board (AcSB) approved and released the final accounting standards for Canadian private enterprises, as found in the Canadian Institute of Chartered Accountants Handbook (CICA Handbook) Part II.
Towers Watson research shows that, as economic uncertainty continues, companies need to focus on cost management yet ensure that their plans provide competitive reward opportunities and support key business goals.
A comparative analysis of asbestos disclosures from annual reports on Form 10-K submitted by public corporations that are known to have been named in asbestos personal injury litigation
This Bulletin article provides a broad overview of the pricing methodology used on VA living benefit riders, with particular focus on the Guaranteed Minimum Withdrawal Benefit (“GMWB”) feature.
On March 30, 2010, Quebec Finance Minister Raymond Bachand tabled his 2010-2011 Provincial Budget. The Budget is designed to continue the government’s efforts to support the economy announced in the 2009-2010 budget, and proposes measures to reduce the government’s deficit over the next few years, while also taking into account the impact of an aging population.
The 2010 Federal Budget was tabled by the Canadian Minister of Finance on March 4, 2010. Although the Budget primarily continued the federal government’s stress on economic stimulus from the 2009 budget, it also included measures relating to Employment Insurance (EI), stock-based compensation rules and information regarding upcoming consultations on Canada’s retirement system.
Towers Watson’s 29th Annual Canadian Survey of Economic Expectations provides forecasts from Canada’s leading business economists, strategists and portfolio managers on 24 Canadian economic and financial indicators, as well as projections for pension investment strategies.
On March 25, 2010, Ontario Minister of Finance Dwight Duncan tabled the 2010 Ontario Budget (Budget), Open Ontario: Ontario’s Plan for Jobs and Growth.
The British Columbia Minister of Finance has released a consultation paper seeking public input “on ways to strengthen the pension system and expand pension coverage for the majority of workers currently without occupational pension plans.” This consultation is the latest development in a federal-provincial review of Canada’s pension system and will be of interest to employers across Canada.
In today’s transaction environment, companies are struggling to balance the need for talent, with the need to control costs and achieve other business objectives. Even those companies with strong balance may not succeed in building their talent portfolio to the extent desired without fully integrating their acquisition strategy into their overall talent agenda. This article discusses how companies can best shape their talent agenda in an M&A.
The Honourable Jim Flaherty, Minister of Finance, tabled his fifth budget on Thursday, March 4, 2010. The primary focus of the Budget is continuation of economic stimulus measures that were the centerpiece of the 2009 budget, although there are also measures affecting Employment Insurance (EI) and stock-based compensation rules.
Even in a soft economy, many renewable energy companies are engaged in a difficult war for talent. This paper provides a current snapshot of the industry's workforce challenge along with key findings of recent Towers Watson research on the industry.
Towers Watson research reconfirms that when organizations address people and culture issues early, strategically and with discipline, they improve their chances of achieving a more successful merger or acquisition deal.
Reliably measuring and benchmarking an organization’s safety culture leads to improved business performance. Towers Watson can help.
With M&A activity again on the upswing, organizations need to understand the value of early involvement in all people-related aspects of an acquisition. Based on research and interviews with senior Canadian Finance executives, this study brings fresh insight and perspectives from successful dealmakers on their experiences in addressing key “people issues” in M&A transactions.
As a result of an Ontario Court of Appeal (OCA) ruling, partial wind-ups may now be ordered in Ontario when a significant proportion of a subset of members of a pension plan is terminated. This ruling results from a case brought before the OCA involving Hydro One, which elected not to declare a partial wind-up regarding 79 terminations it had made following a restructuring.
A recovering global economy brought mildly positive fourth quarter portfolio returns and strong full-year returns, well into double digits in most regions. Corporate bond yields generally increased
during the fourth quarter, but still ended the year well below year-end 2008 levels in most regions.
Employee well-being shouldn’t be driven by the economy; it should be an integral part of an organization’s culture, reflected in its benefit design, training and development policies, its employees’ ability to create work/life balance and in the way managers are expected to interact with and manage employees.
While many companies did whatever it took to survive during the recession – reducing head count, freezing salaries, suspending contributions to retirement plans, eliminating
training programmes – a number of organisations weathered the crisis particularly well, demonstrating resilience and maintaining consistently above-average performance.
This article, part of our ongoing series on embedding ERM in insurance, analyzes the capital management function’s roles and responsibilities, including collaboration with the risk management function.
The findings of the fifth in a series of pulse surveys conducted in 2009, which assessed HR's role in achieving M&A success and the specific skill sets that enable HR to contribute most effectively during a merger or acquisition.
This is a study of the 13 largest pension markets in the world and accounts for more than 85% of global pension assets. The countries included are Australia, Canada, Brazil, France, Germany, Hong Kong, Ireland, Japan, Netherlands, South Africa, Switzerland, the U.K. and the U.S..
A Towers Watson survey conducted in early January found that employers’ predictions for 2010 are mixed but guardedly optimistic. A majority of organizations are renewing their focus on growth and planning judicious hiring, while more than one-third will continue to make targeted workforce reductions.
This Advisory discusses the January 11, 2010, Ontario Court of Appeal (OCA) decision in Hydro One v. Ontario (Financial Services Commission. The OCA unanimously dismissed the employer’s appeal from a Divisional Court decision and upheld a partial wind-up order issued by the Financial Services Tribunal (Tribunal).
Towers Perrin and Watson Wyatt have come together as Towers Watson, a global company that shares a common set of values and a singular focus: our clients.
Companies that communicate with courage, innovation and discipline, especially during times of economic challenge and change, are more effective at engaging employees and achieving desired business results. Our research has consistently found the firms that communicate effectively with employees are also the best financial performers.
The 2009/2010 Staying@Work report details current trends and best practices in companys' health and productivity programs, including employer efforts to improve employee health, combat presenteeism and reduce lost time from work.
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