beneficiaries – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Fri, 22 Nov 2024 22:16:07 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Ontario’s proposed amendment to succession law could create confusion around pension matters: ACPM https://www.benefitscanada.com/pensions/governance-law/ontarios-proposed-amendments-to-succession-law-could-create-confusion-around-pension-matters-acpm/ Wed, 07 Aug 2024 19:00:00 +0000 https://www.benefitscanada.com/?p=158470 The Association of Canadian Pension Management is urging the Ontario government to ensure its proposed amendment to the Succession Law Reform Act doesn’t introduce unintended confusion or ambiguities that would make it challenging for pension plan sponsors, administrators and trustees to carry out their duties. In an open letter, the ACPM said the language of the […]

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]]> FSRA releases final guidance on roles, responsibilities of pension plan administrators https://www.benefitscanada.com/pensions/governance-law/fsra-releases-final-guidance-on-roles-responsibilities-of-pension-plan-administrators/ Mon, 24 Jun 2024 19:00:46 +0000 https://www.benefitscanada.com/?p=157340 The Financial Services Regulatory Authority of Ontario has updated its guidance on the roles and responsibilities of pension plan administrators, adding three additional areas for administrators to enhance protection and stability for pension plan beneficiaries. The guidance, which took effect earlier this month, stated an administrator is responsible for all aspects of the administration of the […]

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]]> How group life insurance can support employee financial, mental wellness https://www.benefitscanada.com/benefits/health-benefits/how-group-life-insurance-can-support-employee-financial-mental-wellness/ Tue, 14 Nov 2023 14:00:39 +0000 https://www.benefitscanada.com/?p=146745 A group life insurance policy can support employee financial and mental wellness as they pay off debt, mortgages and other liabilities, says Kevin Dorse, assistant vice-president of strategic communications and public affairs at the Canadian Life and Health Insurance Association. “Knowing they have a confirmed payout amount upon death gives comfort to an employee and […]

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]]> Ontario’s guidance for target-benefit MEPPs undermines incentives for plan sponsors: ACPM https://www.benefitscanada.com/pensions/governance-law/ontarios-guidance-for-target-benefit-mepps-undermines-incentives-for-plan-sponsors-acpm/ Mon, 30 Oct 2023 13:00:48 +0000 https://www.benefitscanada.com/?p=146047 The Ontario Ministry of Finance’s proposed guidance for multi-employer target-benefit pension plans undermines incentives for employers to contribute towards their employees’ retirement savings, including cost certainty, with unduly burdensome regulatory framework, according to the Association of Canadian Pension Management. In an open letter, the ACPM expressed its hesitation about proposed rules restraining trustees’ ability to prudently […]

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]]> FSRA pension plan administration guidance requires clarity, consistency, says ACPM https://www.benefitscanada.com/pensions/governance-law/fsra-pension-plan-administration-guidance-requires-clarity-consistency-says-acpm/ Thu, 12 Oct 2023 13:00:59 +0000 https://www.benefitscanada.com/?p=145153 The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]

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]]> Amendment to Manitoba pension legislation providing flexibility for beneficiary designation https://www.benefitscanada.com/pensions/governance-law/amendment-to-manitoba-pension-legislation-providing-flexibility-for-beneficiary-designation/ Thu, 08 Jun 2023 13:00:55 +0000 https://www.benefitscanada.com/?p=139525 An amendment to Manitoba’s Beneficiary Designation Act allows a pension plan member’s legal representative to now make a beneficiary designation on behalf of the member if they can’t make the designation themselves. However, the representative can only designate a beneficiary if the plan renews, replaces or converts a plan made by the participant and the same […]

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]]> U.S. pension spend generated US$1.3 trillion in economic output in 2020: report https://www.benefitscanada.com/pensions/retirement/u-s-pension-spend-in-2020-generated-us1-3-trillion-in-economic-output-report/ Mon, 09 Jan 2023 14:00:35 +0000 https://www.benefitscanada.com/?p=132203 Retiree spending of public and private sector pension benefits generated US$1.3 trillion in total economic output in the U.S. in 2020, supporting nearly 6.8 million jobs during the onset of the coronavirus pandemic, according to a new report by the National Institute on Retirement Security. It also found $612.6 billion in pension benefits were paid […]

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]]> NL permitting electronic naming of beneficiaries for pensions, retirement plans https://www.benefitscanada.com/pensions/governance-law/nl-permitting-electronic-naming-of-beneficiaries-for-pensions-retirement-plans/ Fri, 10 Jun 2022 19:00:50 +0000 https://www.benefitscanada.com/?p=122571 Pension and retirement plan members in Newfoundland and Labrador can now designate beneficiaries through electronic means. The amendment allows individuals to name beneficiaries electronically for certain types of plans, including a workplace pension, retirement, welfare or profit-sharing fund or plan, a registered retirement income fund, a registered retirement savings plan or a tax-free savings account. […]

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]]> Saskatchewan permitting electronic naming of beneficiaries for pensions, retirement plans https://www.benefitscanada.com/pensions/governance-law/saskatchewan-permitting-electronic-naming-of-beneficiaries-for-pensions-retirement-plans/ Fri, 27 May 2022 19:00:46 +0000 https://www.benefitscanada.com/?p=121937 Pension and retirement plan members in Saskatchewan can now designate beneficiaries through electronic means. The provincial government recently passed a series of amendments regarding the electronic handling of legal matters. Bill 56 specifically allows individuals to name beneficiaries electronically for certain types of plans including an employee pension, retirement, welfare or profit-sharing fund or plan, […]

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