Layan Odeh of Bloomberg reports Alberta Fund’s severance costs jump 383% after executive purge:

Alberta Investment Management Corp. paid nearly C$6 million ($4.4 million) in severance and other benefits to a departing chief investment officer who was in the job for about 20 months.

Marlene Puffer left the public money manager last September, several weeks before the provincial government stunned staff by firing the entire board, Chief Executive Officer Evan Siddall and other executives.

The severance disclosure is contained in Aimco’s new annual report, which says the firm shelled out a total of C$7.9 million in termination pay for “key management personnel” during the year, a 383% increase from the previous year.

In sacking Siddall and the board, the government accused them of allowing costs to soar as they added new international offices and increased staff. Former Canadian Prime Minister Stephen Harper was named Aimco’s chair and it’s currently operating under an interim CEO, Ray Gilmour. 

Since the November purge, the firm has been in restructuring mode, closing offices in New York and Singapore and laying off staff. Aimco’s total operating costs were C$1.15 billion for the fiscal year ended March 31, slightly above budget.  

Third-party fees of C$689 million were a bit higher than expected, and the firm had unbudgeted costs for closing those two offices, the report said. Aimco had just opened its New York location at One Vanderbilt, a top office property near Grand Central Terminal.

Aimco recently laid off around a dozen employees and decided to freeze around 25 vacant roles, Bloomberg News reported. Earlier, the firm eliminated 19 jobs, including the role responsible for the diversity, equity and inclusion program. It’s searching for a new chief investment officer.

This month, Aimco added former CIO Sandra Lau to its board.

The firm, which manages about C$180 billion of pension money and other capital, produced a 12.6% return last year in its balanced fund, missing its benchmark of 13.4%. Its total fund return was 12.3%. Those results were better than some peers in the so-called Maple Eight, including the Ontario Municipal Employees Retirement System and Ontario Teachers’ Pension Plan. 

Alright, let's get into it, shall we, because I'm tired of posting my thoughts on LinkedIn. 

First, let's have a look at executive compensation at AIMCo for 2023 taken from that year's annual report:

As you can see, former CEO, Kevin Uebelin got a severance of almost $5M in 2021 after the famous "vol blowup" back in 2020 and kept getting paid in 2022 and 2023 almost another $4M in severance even though he didn't work there.

Former CIO, Dale MacMaster, received a severance of $4.4M in 2021 and another $2.6M in severance in 2022 and 2023 even though he didn't work there either those years.

At the time, I remember finding this arrangement weird and reading former Chair's Mark Wiseman comment in the newspaper stating this is "industry standard" irritated me.

Obviously, both Kevin and Dale had a very strong legal case and that's why they were able to extract a pound of flesh from AIMCo after leaving that organization.

The much publicized vol blowup was way overblown because the VIX went to 80 during the pandemic -- something which is a 20 sigma event -- and came back down subsequently. In fact, had AIMCo kept that vol selling program alive, they would have made money but the headline risk was too large so they shut it down fast (it wasn't perfect, that's for sure, but it certainly wasn't as bad as critics claimed).

Now, why were Kevin Uebelin and Dale MacMaster who I consider to be one of the best CIOs ever at the Maple Eight fired (forced to resign)? Because the Government of Alberta was embarrassed and voiced its displeasure and members were equally irate. 

Typically at the large Canadian pension funds, it's rare a CEO gets fired, the board of directors prefers to let their contract run out and when it comes up for renewal, they do not get renewed.

That's how it works 99% of the times, no big fuss, "we thank you for your service, adios amigo". 

Next, have a look at executive compensation at AIMCo for 2024 taken from that the latest annual report: 

I circled the $6.2M former CIO Marlene Puffer obtained as a comp + severance and you can add $423,967 as part of her long-term incentive plan which she also gets since she's leaving the organization. 

In total, that's over $6.6M for a CIO that departed the organization after only 20 months there. 

"Ridiculous", "insane" were the comments people were texting me and at first glance, it's an egregious amount for the time served.

But there's obviously more to this story than meets the eye.

For Marlene Puffer to walk away with over $6M in compensation + severance after exiting the organization after less than two years, it's crystal clear to me she had a solid legal case and AIMCo had to pay her to avoid more damages.

Take note boys and girls, if you have deep pockets and a solid legal case, don't stop till you extract a pound of flesh, and in this case, that's what Marlene did.

To be fair to her, she's also at an age where finding another CIO job at a large Canadian pension fund is next to impossible so that worked in her favour too.

Whatever the case, something was amiss when she was let go and judging by her severance, she made a great case to prove her case.

Next year, we will find out what former CEO Evan Siddall and former Senior Executive Managing Director, Global Head of Private Assets and Strategic Partnerships David Scudellari are going to receive in severance and I expect it to be another hefty sum.

I knew this was coming after AIMCo was purged and the negative press is distracting and quite frankly, a morale killer. 

Members aren't going to be happy, the public outcry will be loud and Alberta's Government just wants to make this all go away quietly.

Here's is what I initially wrote on LinkedIn:

Severance costs are publicly listed in all annual reports but yes, to the average Canadian making ends meet, this is ridiculous! In my opinion, all of Canada’s Maple Eight should publicly list their severances for each year going back to inception. If they want to be transparent, this shouldn’t be a big issue. Governments and members are paying attention, I can assure you of this. 

Typically, in any annual report, it publicly states "if any senior exec is fired without cause, this is the amount of severance owed to them".

I didn't read this in AIMCo's annual reports which is very odd. 

Anyways, I'm a stickler for transparency, real transparency, not window dressing, and if it were up to me, all Crown corporations would publicly list compensation for all employees and severance amounts doled out each year for all employees that were let go going back to inception. 

The lawyers will tel me it's impossible because of non disclosure agreements (NDAs) but if you ask me there is no way of knowing if there's real meritocracy and a real commitment to diversity, equity and inclusion unless you get compensation transparency including severance packages.

Lastly, I haven't gone over compensation details at all of Canada's large and mid sized pension investment managers but it's coming in September.

I'm on record stating most of the senior execs at Canada's Maple Eight are extremely well paid and they know it which is why they fiercely guard their positions. If they get let go, slim chance they'll get another job that pays as much.

That's not conjecture, that's a fact.

It doesn't mean they aren't good pension fund managers, they all are and the long-term results prove it, it just means there's a limit to how high compensation levels can get at what are Crown corporations.

Sure, they can make a case that they deserve to be paid a lot more than other Crown corporations where government interference is rampant but up to a certain limit.

Having independent governance isn't a free pass to inflate compensation every chance you get, it's a gift and should be used very wisely and judiciously.

That's my opinion so feel free to agree or disagree with me, I  don't have a monopoly of wisdom on everything related to pension funds.

As far as AIMCo, I will circle back on its 2024 Annual Report as I feel it's only fair to cover it properly in a separate comment. 

If you have anything to add, feel free to email me at LKolivakis@gmail.com.

Below, Alberta finally releases results of 2023 pension survey. 

Not surprisingly, only10% of Albertans supported the creation of a provincial pension, according to 2023 survey results recently released. As Sean Amato reports, the NDP says the government should have come clean and abandoned the idea months ago.

Brian Evans and Alex Harring of CNBC report S&P 500 closes at a record Friday, overcoming even more trade angst:

The S&P 500 hit fresh records on Friday as traders managed to look past new comments from President Donald Trump tied to U.S.-Canada tariffs. The broad market index’s rise new highs marks a sharp turnaround from the lows seen in April during the height of trade policy tensions.

The benchmark added 0.52% and closed at a record of 6,173.07. Earlier in the session, the S&P 500 rose as much as 0.76% to a high of 6,187.68, taking out its previous record of 6,147.43. The Nasdaq Composite, which also hit an all-time high and closed at a record, rose 0.52% to 20,273.46. The Dow Jones Industrial Average added 432.43 points, or 1%, settling at 43,819.27.

Stocks pulled back from their session highs after Trump said on Truth Social that trade talks between the U.S. and Canada were being terminated. Initially, investors had bid up equities after Commerce Secretary Howard Lutnick told Bloomberg News late Thursday that a framework between China and the U.S. on trade had been finalized. Lutnick added that the Trump administration expects to reach deals with 10 major trading partners imminently.

Friday’s sharp moves mark the latest episode in which Wall Street tries to navigate an ever-changing global trade landscape.

After rising to a new high in February on hopes for business-friendly policies from Trump, stocks tumbled as the president decided to instead implement stiff tariffs first. At its low in April, the S&P 500 was down nearly 18% for 2025. The benchmark began a stunning comeback after Trump walked back his stiffest tariff rates and the U.S. began negotiations for trade deals.

The S&P 500 is up more than 20% since reaching a nadir on April 8 and now up nearly 5% for the year. Along the way, investors kept buying despite a spike in oil prices spurred by the Israel-Iran conflict and a yield surge on deficit worries. A recovery in the artificial intelligence trade led by Nvidia and Microsoft helped fuel the comeback.

“I can see where the risks are here - if the trade [progress] is just hype from the White House and no deals are really forthcoming, then this market is going to roll over,” Thierry Wizman, global FX and rates strategist at Macquarie Group. “Ultimately, this all comes back to growth in the U.S. economy and growth of earnings.”  

Stocks curtail gains after Trump says U.S. is ending trade talks with Canada

The three major averages trimmed their earlier gains on Friday after President Donald Trump said the U.S. is ending all trade talks with Canada immediately.

The move was in response to Canada’s decision to impose a digital services tax on American tech firms, Trump said in a Truth Social post Friday afternoon.

“Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,” he said. “We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period.” 

Crypto stocks slide into the final weekend of the month and quarter

Crypto stocks slid to end the week amid some potential repositioning for quarterly portfolio rebalancing and general profit-taking heading into the final weekend of a winning month for the sector.

Among the crypto trading providers, Coinbase fell more than 5%, while Robinhood lost 1% and eToro dipped 2%. Crypto financial services firm Galaxy was lower by about 1%. Circle dropped 11%.

Amalya Dubrovsky , Karen Friar and Ines Ferré of Yahoo Finance also report S&P 500, Nasdaq notch record closes, brushing off renewed trade tensions: 

US stocks recovered on Friday afternoon to clinch fresh records despite renewed trade tensions after President Trump said he was terminating talks with Canada.

The S&P 500 (^GSPC) closed at an all-time high for the first time since February. The benchmark index was trading near record territory for much of the session over optimism on the trade front — the US and China clinching a trade truce — and hopes of a rate cut from the Fed sooner rather than later.

The Nasdaq Composite (^IXIC) also notched a record high. Meanwhile, the Dow Jones Industrial Average (^DJI) gained 1%, or about 400 points.

Stocks temporarily took a dramatic turn after Trump posted on social media that he was "terminating ALL discussions on Trade with Canada, effective immediately," citing Canada's digital services tax as the cause. He said he would set a new tariff rate on Canadian goods within the next week.

Markets had gotten a boost on the trade front on Friday after Trump said that the US and China have "signed" a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports.

Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, “we’ll take down our countermeasures,” he said.

Also on Friday, Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day, raising hopes that the US wouldn't be firm on its July 9 tariff deadline.

Meanwhile, the Fed's rate path also remained in focus. The latest reading of the Fed's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut. That report also contained signs of an economic slowdown, however, which could further complicate the emerging debate between.

Fed rate cut and tech boom could lift markets but a choppy summer still looms, analyst warns

Despite recent gains in tech stocks, markets have largely traded sideways for seven months, Yahoo Finance's Francisco Velasquez reports. 

Velasquez writes:

After a roller-coaster first half for US stocks, investors hoping for smooth sailing in the back half of 2025 should hold off on celebrating.

Keith Lerner, co-chief investment officer at Truist, says the technical picture remains bullish, but valuations are stretched, and seasonal volatility could test investor resolve before year-end.

While July is historically a solid month, “August and September tend to be a little more challenging,” he said.

Long-term investors should stay in the market but keep expectations in check, especially as valuations near their ceiling. A softening Fed, steady economic data, and robust earnings from key sectors still underpin the bull case.

Read more here.  

Palantir shares hit a wall as Middle East conflict eases

Palantir stock (PLTR) dropped more than 5% Friday, after President Trump said during the NATO Summit that the conflict in the Middle East was “over" for now.

Trump added, "Can it start again? I guess someday it can. It could maybe start soon." 

Shares of Palantir had soared in early June after announcing a new $463 million contract to provide its AI software to the US Special Operations Command within the US military. The stock continued to rise after Israel first carried out airstrikes on Iran on June 12 and after the US carried out its own bombings on Iran’s nuclear sites later in the month. Palantir provides its AI software to the Israeli Defense Force.

“Shares of PLTR did seem to benefit from the tension and conflict in the Middle East, so with more quiet outlook for the region, PLTR may be giving some of those gains back,” DA Davidson analyst Gil Luria told Yahoo Finance.

In addition to the ceasefire between Israel and Iran, The Washington Post reports that there is a renewed push between Arab mediators and Israeli hostage families to negotiate an end to Israel's war on Gaza.

The drop also comes a day after protesters rallied outside of Palantir’s Palo Alto offices to oppose the company’s work with ICE amid Trump’s sweeping deportations.

In other news for Palantir, the company announced Thursday that it’s partnering with a nuclear power company, The Nuclear Company, to develop AI software to help build plants “faster and safer.” 

Chip stocks set to see growing benefit from rising AI spending, JPMorgan says

JPMorgan analysts said in a report following a survey of 168 chief information officers that artificial intelligence spending is set to jump over the next three years, with positive implications for chip stocks.

According to the survey, AI-related computing hardware as a percentage of CIOs' IT budgets is set to rise to 15.9% in three years from 5.9% currently, the analysts wrote.

“The survey results support our view of a strong multi-year spending cycle in the AI infrastructure build-out and should continue to support sustained strong revenue growth for the AI beneficiaries,” the report said.

Those beneficiaries include chipmakers Advanced Micro Devices (AMD), Broadcom (AVGO), Marvell Technology (MRVL), Micron (MU), Arm (ARM), and Nvidia (NVDA), as well as producers of high-performance networking products for AI data centers such as Astera Labs (ALAB).

The PHLX Semiconductor index (^SOX) has come roaring back since hitting a low in April. The index is up more than 14% over the past month.

Alright, it's Friday and it was another big week in the stock market led by large cap tech names like Amazon, Microsoft and Nvidia: 
But if you look at year-to-date performance, it's Industrials (XLI), Communications Services (XLC), Financials (XLF), Utilties (XLU) and Information Technology (XLK) leading the charge:  In other words, yes, Microsoft and Nvidia are making new record highs but so is JPMorgan, Boeing and a bunch of other companies across all sectors.
 Even more impressively, the move from April lows in some stocks is nothing short of astounding: 
 And there's more, check out Robinhood (HOOD) and Roblox (RBLX) shares this year and how they surged from their April lows:

And remember Cathie Wood and Ark, how her ARK innovation ETF got destroyed after 2021, well, she's had a nice run since April lows:

Of course, if you look at ARK's top holdings, you'll understand why:

Ever since the post Liberation Day selloff, momentum ETFs have been on a rampage:

 And again, it's not just tech lifting these momentum ETFs higher, it's more broad based:

So, where do we go from here? I titled this post "From MOMO to FOMO Rally?" because the moves I am seeing in the stock market across many sectors is nothing short of astounding, almost as crazy as the big 1999-2000 tech rally.

The best way I can describe it is it feels like CTAs and quant funds have taken over the market and they're focusing on large and mid cap liquid names and driving them higher.

Do you chase this rally? A logical person will say the Nasdaq is up 37% from April lows, I'll wait for a nice correction.

But the algos keep hitting the bid, chasing stocks higher, forcing a lot of under-performing institutional funds to chase the high flyers higher.

It's insane and let me be clear, from my vantage point trading stocks, the pain trade remains up. 

Still, valuations are stretched and with earnings season around the corner, and a lot of uncertainty on the economic and geopolitical front, it will be interesting to see if MOMO will drive more FOMO.

It might, we might see a summer melt-up followed by a fall meltdown. Stay tuned!

Below, you'll find the top-performing US large cap stocks and all cap stocks this week (all data from barchart.com):

One last comment on US dollar weakness as people seem hysterical these days:

 

Astute analysts will note that there have been some major deals announced in Europe lately from US alternative fund managers and flows have favoured the euro.

I'm not a big believer that the US dollar is trouble here, it will come back and I wouldn't extrapolate recent weakness too far into the future.

Below, the CNBC Investment Committee debate whether the 'fear of missing out' is driving the market higher. Listen carefully to Bryn Talkington and Stephanie Link, they nail it here.

Stephanie Link and Brian Belski also debate how to trade Nike shares as the stock surges following their Fiscal Q4 report. Again, I agree with Stephanie Link, sell the rip on Nike!

Third, Ed Yardeni, Yardeni Research president, joins CNBC's 'Closing Bell' to discuss market outlooks, reactions to the U.S. terminating trade talks with Canada, and more.

Fourth, Dan Niles, Niles Investment Management founder and portfolio manager, joins CNBC's 'Squawk on the Street' to discuss market outlooks, earnings expectations, and more.

Fifth, Treasury Sec. Scott Bessent joins 'Closing Bell Overtime' to talk the Trump administration announcing it is ending all trade talks with Canada over a digital services tax.

Lastly, earlier this week, Philippe Laffont, Coatue founder and portfolio manager, joined 'Squawk Box' to discuss the latest market trends, state of the 'Magnificent Seven', future of tech investing, his thoughts on bitcoin, state of the economy, impact of AI technology, who'll come on top in the AI arms race, and more.Laffont also discussed he AI arms race, the Fed's interest rate policy, future of TikTok, the NYC mayoral race, and more.

Laffont founded Coatue Management in 1999. He is a so-called Tiger Cub, having spent time working at Julian Robertson's Tiger Management hedge fund. He's one of the best tech investors in the world and all of Canada's large pension funds are his clients. Worth listening to his views and scroll his latest holdings here. Enjoy your weekend!

Clariti 1 Day Multifocal Contact Lenses are designed for patients with presbyopia‚ offering all-day comfort and ease of fitting. CooperVision’s innovation ensures sharp vision at all distances.

Overview of Clariti 1 Day Multifocal 3 Add Lenses

Clariti 1 Day Multifocal 3 Add lenses are specifically designed for patients with presbyopia‚ offering a convenient daily disposable option. These lenses feature a unique 3 Add power‚ ensuring optimal vision at near‚ intermediate‚ and far distances. The innovative design incorporates CooperVision’s Binocular Progressive System‚ which enhances visual clarity and reduces adaptation time. With their Optimized Comfort Edge‚ the lenses provide exceptional all-day comfort‚ making them ideal for active lifestyles. The streamlined fitting process‚ supported by the OptiExpert app‚ minimizes chair time‚ making these lenses a practical choice for both new and experienced wearers. Designed to address the needs of patients seeking sharp vision and comfort‚ Clariti 1 Day Multifocal 3 Add lenses are a reliable solution for individuals managing presbyopia.

Innovations Behind the Design

Clariti 1 Day Multifocal 3 Add lenses feature CooperVision’s Binocular Progressive System and Optimized Comfort Edge‚ enhancing visual clarity and comfort for everyday wear.

Binocular Progressive System

The Binocular Progressive System in Clariti 1 Day Multifocal 3 Add lenses is designed to work in harmony with the natural focusing ability of the eyes. This innovative approach ensures clear vision at all distances—near‚ intermediate‚ and far—by coordinating the lenses’ power progression between the two eyes. It mimics the natural way the eyes work together‚ reducing adaptation time for patients. The system is particularly beneficial for presbyopic patients‚ providing seamless transitions between tasks like reading‚ computer use‚ and distant viewing. Clinical studies have shown high patient satisfaction with this design‚ as it minimizes visual disturbances and enhances overall clarity. The Binocular Progressive System is a key feature that sets these lenses apart‚ offering a more natural and intuitive multifocal experience.

Optimized Comfort Edge TM

The Optimized Comfort Edge TM in Clariti 1 Day Multifocal 3 Add lenses is designed to enhance wearer comfort throughout the day. This unique edge design ensures a smooth transition between the lens and the eye‚ reducing irritation and discomfort. By minimizing mechanical stress on the eyelids‚ it provides a more natural wearing experience. The design also helps maintain moisture‚ preventing dryness and keeping the eyes comfortable‚ even during extended wear. This feature is particularly beneficial for patients new to multifocal lenses or those with sensitive eyes. The combination of comfort and optical clarity makes these lenses an excellent choice for daily use‚ addressing both visual and comfort needs effectively.

Fitting Process and Ease of Use

The fitting process for Clariti 1 Day Multifocal lenses is streamlined‚ with minimal chair time‚ ensuring an efficient and patient-friendly experience for practitioners and wearers alike.

OptiExpert App for Streamlined Fitting

The OptiExpert App is a revolutionary tool designed to simplify the fitting process of Clariti 1 Day Multifocal lenses. Developed by CooperVision‚ it minimizes chair time by streamlining multifocal fittings through a user-friendly interface. The app provides a systematic approach to lens selection‚ reducing the complexity often associated with multifocal fittings. By leveraging data from the Centre for Ocular Research and Education‚ OptiExpert ensures accurate and efficient fitting‚ benefiting both practitioners and patients. Its innovative design integrates seamlessly with the Clariti 1 Day Multifocal 3 Add lenses‚ offering a step-by-step guide that enhances precision and patient satisfaction. This app is a game-changer‚ making multifocal lens fittings faster and more straightforward than ever before.

Minimizing Chair Time for Multifocal Fittings

The Clariti 1 Day Multifocal fitting process is designed to minimize chair time‚ ensuring efficiency without compromising accuracy. On average‚ multifocal fittings take only 5 minutes longer than spherical lens fittings‚ making it a practical solution for busy practices. The streamlined process is supported by tools like the OptiExpert app‚ which simplifies lens selection and reduces complexity. By leveraging a systematic approach‚ practitioners can quickly determine the correct add power and ensure optimal patient outcomes. This efficiency not only saves time but also enhances patient satisfaction‚ as fittings are completed swiftly and accurately. The combination of advanced technology and user-friendly design makes Clariti 1 Day Multifocal lenses a time-effective option for presbyopic patients seeking convenient and comfortable vision correction.

Clinical Performance and Benefits

Clariti 1 Day Multifocal lenses deliver exceptional clinical performance‚ offering improved vision at all distances and high patient satisfaction with comfort and clarity‚ ideal for presbyopic patients.

Improved Vision at All Distances

Clariti 1 Day Multifocal lenses provide sharp‚ clear vision at near‚ intermediate‚ and far distances‚ addressing the challenges of presbyopia effectively. The advanced design ensures seamless transitions between focal points‚ minimizing visual disturbances. Patients experience consistent visual acuity across all distances‚ making daily activities like reading‚ driving‚ or using digital devices effortless. The lenses’ innovative optics are tailored to meet the diverse needs of presbyopic individuals‚ offering a natural viewing experience. Clinical studies highlight high patient satisfaction with the clarity and comfort provided by these lenses‚ making them an excellent choice for those seeking reliable‚ all-day vision correction.

High Patient Satisfaction with Comfort

Clariti 1 Day Multifocal lenses are highly regarded for their exceptional comfort‚ leading to high patient satisfaction. The Optimized Comfort Edge design ensures a smooth‚ irritation-free wearing experience‚ while the breathable material retains moisture‚ keeping eyes comfortable throughout the day. Patients appreciate the convenience of daily disposable lenses‚ which maintain hygiene and reduce maintenance. Clinical studies indicate that wearers experience minimal dryness and discomfort‚ making these lenses ideal for extended use. The combination of innovative design and material quality contributes to a positive wearing experience‚ allowing patients to enjoy both comfort and clear vision without compromise.

Step-by-Step Fitting Guide

The Clariti 1 Day Multifocal fitting process is straightforward‚ starting with refraction and sensory eye dominance determination. Convert the prescription to spherical equivalent‚ select trial lenses‚ and monitor progress for optimal results.

Step 1: Refraction and Sensory Eye Dominance

Begin by performing a precise refraction to determine the patient’s current prescription. This step ensures accurate lens selection for optimal visual correction. Next‚ assess sensory eye dominance using the fogging technique‚ where one eye is temporarily blurred to identify which eye the patient relies on more. This determination is crucial for assigning the correct add power during the fitting process‚ typically starting with the dominant eye. Proper refraction and dominance assessment lay the foundation for a successful multifocal fitting‚ ensuring the lenses are tailored to the patient’s specific needs and preferences. These initial steps are vital for achieving clear vision at all distances and maximizing patient satisfaction with Clariti 1 Day Multifocal lenses.

Step 2: Converting to Spherical Equivalent (SE) CL Rx

After completing the refraction‚ convert the patient’s prescription to a spherical equivalent (SE) contact lens prescription. This step is essential for ensuring accurate lens selection and proper fitting. The SE calculation simplifies the prescription by combining the sphere and cylinder into a single power‚ making it easier to determine the appropriate multifocal lens parameters. For example‚ if the prescription is -2.00 -1.00 × 180°‚ the SE would be -3.00. This conversion ensures that the add power for near vision is correctly assigned based on the patient’s needs. Accurate SE calculation is critical for achieving optimal visual acuity at all distances and minimizing adaptation issues. Proper conversion also helps streamline the fitting process‚ reducing chair time and improving patient outcomes with Clariti 1 Day Multifocal lenses.

Step 3: Initial Trial Lens Selection

Once the spherical equivalent (SE) prescription is determined‚ the next step is selecting the initial trial lenses. Start by using the low add power in the dominant eye‚ as this helps minimize adaptation issues. For the non-dominant eye‚ select the appropriate add power based on the patient’s needs and the SE calculation. This approach ensures balanced vision at all distances. The trial lens selection is crucial for achieving optimal visual acuity and comfort. Clariti 1 Day Multifocal lenses offer a range of add powers‚ making it easier to customize the fit. Proper selection at this stage streamlines the fitting process and reduces the need for multiple adjustments. This step is vital for ensuring patient satisfaction and successful adaptation to multifocal lenses.

Patient Considerations

Consider the patient’s age‚ lifestyle‚ and daily needs. Proper handling and care are essential for comfort and longevity. Focus on addressing presbyopia and ensuring adaptability to multifocal lenses.

Age and Presbyopia

Age plays a critical role in determining suitability for Clariti 1 Day Multifocal lenses‚ as presbyopia typically affects individuals over 40. These lenses are specifically designed to address the vision challenges associated with aging eyes‚ providing clear vision at all distances. CooperVision’s innovative design ensures that patients with presbyopia can enjoy sharp‚ comfortable vision throughout the day. The lenses adapt well to the needs of older patients‚ offering a seamless transition between near‚ intermediate‚ and far vision. Proper fitting and consideration of the patient’s age-related visual needs are essential for optimal performance. Handling and care tips should also be tailored to the patient’s dexterity and lifestyle to ensure long-term satisfaction and comfort.

Lifestyle and Daily Needs

Lifestyle and daily activities significantly influence the suitability of Clariti 1 Day Multifocal lenses for patients. Individuals with active lifestyles‚ such as those who work outdoors or engage in hobbies requiring sharp vision at various distances‚ benefit greatly from these lenses. The design caters to modern routines‚ ensuring comfort and clarity whether reading‚ driving‚ or using digital devices. Patients who value convenience and hygiene prefer the daily disposable feature‚ eliminating the need for maintenance. The lenses’ ease of handling and minimal chair time during fittings make them ideal for busy individuals seeking efficient solutions. By addressing both near and far vision needs‚ Clariti 1 Day Multifocal lenses align with the demands of dynamic lifestyles‚ providing all-day comfort and optical performance tailored to everyday activities.

Handling and Care Tips

Clariti 1 Day Multifocal lenses are designed for ease of use‚ but proper handling and care are essential for optimal performance and eye health. Always wash hands before handling lenses to prevent contamination. Handle one lens at a time to avoid mix-ups‚ and ensure the correct orientation before insertion. Use the solution provided or a sterile saline rinse to moisten the lens‚ but avoid tap water. Replace lenses daily as directed‚ and never reuse or share lenses. Store lenses in the original packaging when not in use‚ and dispose of them after the recommended wear period. Proper handling and care ensure comfort‚ clarity‚ and hygiene‚ maximizing the benefits of Clariti 1 Day Multifocal lenses for patients with presbyopia.

Follow-Up and Monitoring

Regular follow-ups are crucial to ensure optimal performance and comfort. Use the OptiExpert app to monitor fit and address any issues promptly‚ maintaining clarity and comfort.

Importance of Post-Fitting Exams

Post-fitting exams are essential to ensure the lenses are performing optimally and comfortably. They allow practitioners to assess lens centration‚ movement‚ and overall fit. Regular follow-ups help verify that the patient’s vision remains clear at all distances and that comfort levels are maintained. These exams also provide an opportunity to address any issues promptly‚ such as discomfort or vision fluctuations. Using tools like the OptiExpert app‚ practitioners can monitor fit and make necessary adjustments. Early identification of potential issues ensures long-term satisfaction and proper adaptation to the lenses. Post-fitting exams are crucial for maintaining patient comfort and visual acuity‚ ensuring the full benefits of Clariti 1 Day Multifocal lenses are realized.

Addressing Patient Feedback and Adjustments

Patient feedback is crucial for fine-tuning the fit and performance of Clariti 1 Day Multifocal lenses. Practitioners should listen to concerns about vision clarity‚ comfort‚ or lens handling. Adjustments may involve modifying add powers‚ refining the prescription‚ or ensuring proper lens centration. Digital tools like the OptiExpert app can help monitor fit and guide adjustments. Addressing issues promptly ensures patient satisfaction and optimal lens performance. Comfort-related feedback often leads to exploring handling techniques or care routines. Regular follow-ups allow for proactive adjustments‚ ensuring the lenses meet the patient’s evolving needs. Open communication between the patient and practitioner is key to achieving the best possible outcome with Clariti 1 Day Multifocal lenses.

Key Benefits and Conclusion

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 Uda Rana of Global News reports the number of Canadians with pension plans jumped by 300K:

An additional 293,500 Canadians enrolled as members of a registered pension plan in 2023, Statistics Canada data released Tuesday showed.

According to a StatCan report, the number of Canadians who were active members of a registered pension plan (RPP) grew by 4.2 per cent to a total of roughly 7.2 million in 2023.

Of these, 4.9 million members were part of a defined benefit plan, which is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump sum or a combination of the two on retirement.

In a defined benefit plan, the pension amount depends on an employee’s earnings history, tenure of service and age, rather than on individual investment returns.

This is in contrast to defined contribution plans, in which the employee’s pension benefits are determined by the size of their pension pot at retirement, rather than by a predetermined formula based on their salary and service.

Employees have control over investment choices, and the benefits are not guaranteed. The number of new members in defined contribution plans rose by 65,300 members, an increase of 5.1 per cent compared with 2022.

The number of Canadians enrolling in pension plans outpaced the employment growth rate. According to the Labour Force Survey, employment grew by 690,844, or 3.8 per cent, during the same period.

More women than men joined RPPs between 2022 and 2023. There were 150,700 more women with membership in an RPP, an increase of 4.2 per cent from 2022 to 2023, taking their number beyond 3.7 million.

The number of men with active RPP memberships increased by 142,800 in 2023 compared with one year earlier, bringing their total membership to just over 3.5 million. Women’s share of active memberships held steady at 51.3 per cent in 2023.

Memberships were up across the country, with all provinces except Manitoba seeing an increase in enrolments. There were 1,300 fewer Manitobans enrolled in RPPs compared with the previous year.

The largest number of new RPP members was in Ontario, which saw 161,800 new members. This was followed by Quebec with 54,800 new members, British Columbia with 32,000 new members and Alberta with 18,700 new members. 

This is good news, more Canadians are now being covered by registered retirement plans (RPPs) and the bulk of these new plans are defined benefit plans.

Moreover, more women than men joined RPPs between 2022 and 2023 and that is also critically important as women have struggled to keep up in retirement and this needs to change.

Last week, I discussed pension expert Sebastien Betermier's thoughts on bolstering Canada's retirement system. 

I also recently discussed HOOPP and Abacus Data's 2025 Canada Retirement Survey. 

Among the key findings:

• Fifty-nine per cent of unretired Canadians do not think they will ever be able to retire due to their financial situation. Half (49%) have not set aside any money for retirement in the past year and 39% have never saved for retirement. 
• Nearly two-thirds (62%) of Canadians view homeownership as a key part of their retirement strategy, either as a financial investment or a source of stability in retirement and as part of their strategy, half (50%) of unretired homeowners plan to rely on the sale of their home to set themselves up for retirement. 
• More than a third (36%) of Canadians report having less than $5,000 in savings, including for retirement, and one-in-five (20%) have no money saved. Those who do not own a home are significantly more likely to have less than $5,000 saved (57% vs. 19% of homeowners). 
• An overwhelming majority of Canadians (88%) would choose to pay 9% of their salary, with contributions matched by their employer, to a DB pension plan in exchange for a lifetime income in retirement. 

It is clear that we lack proper coverage especially in the private sector and until this changes, most Canadians will experience a difficult retirement. 

This week, I was pleased to learn SickKids staff will join hospital workers across Ontario as members of HOOPP: 

The Healthcare of Ontario Pension Plan (HOOPP) and The Hospital for Sick Children (SickKids) are pleased to announce that SickKids employees will become members of HOOPP’s defined benefit pension plan, effective Dec. 29, 2025. This means all hospitals in the province will soon be HOOPP employers.

“HOOPP is one of the strongest and most stable pension plans in Canada and offers its members a secure pension for life,” says Rachel Arbour, HOOPP’s Head of Plan Benefits, Design and Policy. “We look forward to working with SickKids employees over the coming months to help and support them as they transition into HOOPP.”

Susan O’Dowd, Vice-President, Human Resources and Commercial Services at SickKids, notes that the move follows staff feedback about SickKids’ current defined benefit pension plan. “After thorough review and careful consideration, we determined that transitioning all future service into HOOPP is the most viable path forward,” she says. “Enhancing our pension plan and joining HOOPP is not only something many staff have been asking for, but also a logical step for SickKids as it aligns us with the broader sector.”

HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 700 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, physicians and many others who provide valued healthcare services. In total, HOOPP has more than 478,000 active, deferred and retired members.

Almost all active members currently in SickKids’ defined benefit plan will be joining HOOPP for future service, which enables current defined benefit pension plan members to continue to grow their existing SickKids pension, even after the move to HOOPP. While most staff can look forward to an enhanced pension, a small group of staff, who would be disadvantaged by this change, will remain in the SickKids pension plan. “Moving to a ‘future service’ model protects the value of past contributions and service, which retain their full value. While past contributions and past service will remain with the SickKids plan, staff members' years of service with SickKids will also count towards HOOPP’s early retirement calculations.” says O’Dowd.

SickKids staff who have already retired, will retire before the end of 2025, or left SickKids and deferred their pension will receive a SickKids pension only.

“HOOPP offers value and high-quality retirement benefits to workers across more than 700 employers,” says Arbour. “Workers at SickKids are important members of Ontario’s healthcare community and we look forward to helping them build a stronger financial future.”

About the Healthcare of Ontario Pension Plan

HOOPP serves Ontario's hospital and community-based healthcare sector, with more than 700 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, physicians, and many others who provide valued healthcare services. In total, HOOPP has more than 478,000 active, deferred and retired members.

HOOPP is fully funded and manages a highly diversified portfolio of more than $123 billion in assets that span multiple geographies and asset classes. HOOPP is also a major contributor to the Canadian economy, paying more than $3 billion in pension benefits to retired Ontario healthcare workers annually.

HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP's mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses' Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.

About SickKids

The Hospital for Sick Children (SickKids) has been changing the game for paediatric health care since it became the first children’s hospital in Canada in 1875. Affiliated with the University of Toronto, SickKids is one of Canada’s most research-intensive hospitals and has generated discoveries that have helped children globally. Its mission is to provide the best in complex and specialized care; promote a culture centred around patient and family experience; pioneer scientific and clinical advancements; foster an academic environment that nurtures health-care professionals; and champion an accessible, comprehensive and sustainable child health system. In 2025, SickKids is celebrating 150 years of excellence in children's health, continuing to advance Precision Child Health, its groundbreaking movement to deliver individualized care, including responsibly using artificial intelligence to improve clinical care and research. SickKids is proud of its vision for Healthier Children. A Better World. For more information, please visit www.sickkids.ca.

I can't think of a more deserving staff in Canada to join HOOPP.

And there are more potential members for HOOPP, like private radiology clinics across Ontario that are booming (a friend of mine is the radiologist based here in Montreal  that reads most of the cases).

Anyway, the point is we need to fill a gap and address the growing demand for a solid pension that Canadians can count on for life.

In my opinion, the looming Canadian retirement crisis is real and it's a huge policy blunder that federal and provincial governments never adequately addressed it.

HOOPP, OPTrust, CAAT Pension Plan, UPP, IMCO and others are doing their part but a lot more needs to be done.

We can't wait decades for enhanced CPP to kick in, we need to figure out ways to cover more Canadians in the private sector so they can retire in dignity.

I keep saying this, smart retirement policy is smart economic policy over the long run, and it has nothing to do with your political beliefs (I'm a right of center Conservative and strongly believe things need to be drastically changed).

Below, Michelle Munro, Director of Tax and Retirement Research, discusses the results of Fidelity Canada’s 19th retirement report survey where 2,000 Canadians were surveyed coast to coast on their retirement planning (July 2024).

Also, step into the past and explore how SickKids' campus has evolved and expanded since its founding in 1875. From its humble beginnings in an 11-room residential home, the hospital's campus grew to better support the three pillars of the organization: care, learning and research.

Lastly, paediatric health care has long been limited by boundaries, traditions and old ways of doing things. But that’s about to change. "Through our new five-year strategy, SickKids 2030, we’re rewriting the rules. We will no longer accept a world where children’s health is determined by averages and a one-size-fits-all approach."

Like I said, this is an incredible organization and their staff deserve and incredible pension plan that covers them for life.