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Defined-benefit pension plans—How much cash is enough?
By John Deinum and Winston Woo
Recent attention to pension issues provides a window of opportunity for policy makers to take decisive actions to implement stable, orderly and sustainable funding measures for defined-benefit pension plans.
According to CFO Insights (published by Deloitte), availability of cash is one of the top concerns for every CFO. While the financial crisis may be abating, reducing costs and increasing cash flow remain top priorities in 2010. The challenge to balance strategic or operational investments against short-term management of cash is critical. panies that offer defined-benefit (DB) plans, the challenge is magnified since potentially significant pension contributions may limit pany’s ability to make business investments that foster growth. As a result, pension benefits could be at risk because a viable DB plan requires a viable sponsor.
Canada’s retirement e system ranks fourth in the world, according to the Melbourne Mercer Global Pension Index. The study points out that Canada’s system could be improved by increasing the level of coverage of employees in occupational pension schemes. It states: “The prevalence of private pension plans in Canada continues to decrease for employees working in the private sector.” To increase pension coverage, plans must be affordable and funding methodo