Unveiling the Mystery: How an AI Legalese Decoder Can Help Identify Canadian Financial Institutions Offering DB Pension Plans
- November 12, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder: Your Solution for DB Pension Plan Information
Inquiry at a Big 5 Bank for DB Pension Plan Information
Hello,
I am reaching out to inquire about the availability of Defined Benefit (DB) pension plans within the financial services and investment sector, particularly at big 5 banks. Currently employed at a big 5 bank and in my 30s, I have been informed that these banks no longer offer DB pension plans. As a result, I am seeking information on financial services and investment companies or organizations with a banking or investment arm that do offer DB pension plans.
As I continue my search, I am interested in hearing from individuals who are aware of such organizations or have heard of them offering DB pension plans. Any input is greatly appreciated.
Thank you in advance for your assistance.
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****** just grabbed a
Bank of Canada
All the large banks disclosure in their annual reports if their DB plans are open or closed. For example if you look at the CIBC annual report for 2022 on page 173 they disclose that all of the Canadian pension plans are defined benefit pension plans.
>CIBCÔÇÖs Canadian pension plans represent approximately 91% of our consolidated defined benefit obligation. All of our Canadian pension plans are defined benefit plans, the most significant of which is our principal Canadian pension plan (the CIBC Pension Plan), which encompasses approximately 67,000 active, deferred, and retired members.
You can go through all the banks one by one to try to figure out which ones have DB pensions plans. Off the top of my head, I believe that CIBC and National Bank still offer DB pensions. TD may, I can’t recall. I know that BMO, RBC, and Scotia all went DC a while back.
Pretty sure CIBC is the last DB-man standing
Did CIBC stop? If so, it would have been in the last 1-2 years.
Several of the big pension plans do. OTPP employee pensions are in OPB, I think HOOPP employees are in the HOOPP plan and I think OMERS also has a DB pension. I am pretty sure that IMCO would also be in OPB.
Government jobs mostly.
Banks and Insurance Companies only do defined contribution. Any old timers still around had their DBs grandfathered in.
I worked for a bank mid 2000s and they only gave me DC.
Intact and Desjardins still do
Desjardins does
May be it is just me, but I like DC pension over DB pension. With DC pension, you dont lose your investment if you croak early. You can pass it on to whoever you want. DB pension is dependent on you or atbleast your spouse living long enough. I dont think you get to pass it on to your kids.
I believe Manulife still does for certain positions… copied from one of their posting: “We also offer eligible employees various retirement savings plans (including pension and a global share ownership plan with employer matching contributions)”
EDC and other regional or provincial developmental entities are probably your best bet.
Not an answer, but my company changed from db to DC pension. Lots of people who are still under the DB feel trapped there because of the pension.