Takeaways from the forum
- The defined benefit pension is definitely going away.
- JW was unaware that Sarnia Research is closing
- Pretty well everyone sees no opportunity for a career at IOL anymore
5 replies (most recent on top)
JW is clueless. No surprise he has no idea. Man hasn’t had an idea his whole career.
They will phase it out for new employees and freeze the growth for participants. It just won't be worth as much.
Someone mentioned in the other post that Sunlife had said its going away for new hires...so that's Step 1 right there....
@aj No the pension fund is separate from the company!
As of Dec 31, 2024 the pension fund has $8.5 billion in assets and is overfunded meaning it has enough assets to meet all future obligations based on the value at that point in time.
The company funds the pension but even in the event the company went bankrupt tomorrow that $8.5 billion in assets cannot be taken away as it is owned by the plan members (i.e. current and former employees)
Source: Note 4 of Imperial’s yearly 10-K SEC filing which has 4-5 pages talking about the pension. Feel free to Google it if your interested in learning more
Curiosity question. I left IOL few years ago, and I didn’t pull my pension out. I am expecting to get it from age 65.
Is my pension at risk now??