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TORONTO, Jan 15 (Reuters) - The Quebec government is takingthe unprecedented move of guaranteeing benefits to pensionersand workers of companies whose plans go bankrupt, the Globe andMail newspaper reported on Thursday. Bonds The move comes as the global financial crisis jeopardizesthe future of private pension plans at many companies. A handful of those pension plans could become insolventthis year if the companies declare bankruptcy, QuebecEmployment Minister Sam Hamad said on Wednesday, according tothe report. The newspaper said that under a bill presented yesterday,the Quebec Pension Plan (QPP) will take over the management ofinsolvent pension plans and guarantee retirement income forfive years to those who are entitled. If this proves successful, the measure could be extendedbeyond the five years and perhaps become permanent, the articlesaid, citing a senior government official. It added that Celine Dion tickets thefund could also Celine Dion ticket be transferred to an insurance company. All opposition parties and Quebec's major business andlabour leaders support the bill which is expected to be adoptedon Thursday and will be retroactive to Dec 31, 2008, thearticle said.
It said the legislation gives the QPP tickets for Katy Perry the authority toimprove benefits to workers if needed, and if the targetedpension plans have insufficient assets to cover U2 ticket benefits, thegovernment will pay the U2 tickets required sums to make them solvent. Quebec companies will have 10 years rather than five U2 yearsto replenish shortfalls in their pension plans, the reportsaid, noting that the market value of the assets of Quebec'sprivate pension plans is now 70 per cent of their totalsolvency liabilities, or what they need to pay out inbenefits. The article said this Katy Perry tickets represents a C$22-billion ($17.6billion) shortfall to bring solvency levels up to 100 per cent,and many cash-strapped companies face serious problems inmeeting their pension contribution obligations ($1C$1.2472) (Reporting by Jeffrey Hodgson) Bonds. Best Market Solution Awarded to Lexmark at IDC Financial Technology InsightSummitLEXINGTON, Ky., Jan. 15 /PRNewswire-FirstCall/ Financial Insights, oneof the world's leading providers of independent research, custom Celine Dion consultingand advisory services within the financial services community, recentlypresented Lexmark International, Inc. (NYSE: LXK) with the Best MarketSolution award at the IDC Financial Technology Insight Summit in Jacksonville,Fla.
The second annual summit, focused on new technologies and best practicesin global banking, is produced by PPM Media in partnership with FinancialInsights, an IDC Company.The Best Market Solution award is presented to the company that portrayedthe best and most innovative technology solution for banking informationtechnology (IT) environments during the summit. "This awardconfirms that Lexmark's breadth of offerings supports an industry that isreinventing itself. Global research covers topics of strategicimportance to corporate and retail banks, insurance carriers, asset managementfirms and securities and brokerage firms. IDCis a subsidiary of IDG, the world's leading IT media, research, and expositioncompany.
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