defined benefit pension plans – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Mon, 15 Jul 2024 20:34:28 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Ontario court rules employer not obligated to preserve past service benefits https://www.benefitscanada.com/pensions/defined-benefit-pensions/ontario-court-rules-employer-not-obligated-to-preserve-past-service-benefits/ Mon, 15 Jul 2024 13:00:30 +0000 https://www.benefitscanada.com/?p=158054 Ontario’s small claims court has ruled that an employer’s letter, which described the benefits coverage that would exist following a divestment as ‘comparable’ to prior levels of coverage, didn’t create a contractual obligation to preserve past service benefits. “The decision makes a clear distinction between an informational announcement or other general information that is not […]

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]]> CBSA, PSAC, CIU agreement includes pension, benefits gains https://www.benefitscanada.com/benefits/health-benefits/cbsa-psac-ciu-agreement-includes-pension-benefits-gains/ Fri, 12 Jul 2024 13:00:46 +0000 https://www.benefitscanada.com/?p=158060 The unions representing more than 9,000 Canada Border Services Agency employees have ratified a four-year collective agreement that includes pension and benefits gains. The agreement with, the Public Service Alliance of Canada and the Customs and Immigration Union, includes a pensionable $2,500 one-time, lump-sum payment for all employees upon the date of signing. For members […]

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]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/benefits/health-benefits/top-5-hr-benefits-pension-and-investment-stories-of-the-week-90/ Fri, 12 Jul 2024 13:00:18 +0000 https://www.benefitscanada.com/?p=158072 A story on how group insurers can help plan sponsors provide adequate coverage and ensure appropriate use of treatments for rare diseases was the most-read article on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. Sounding Board: How employers can mitigate cost of […]

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]]> Blair Morrison retiring from BCFSA https://www.benefitscanada.com/notice/appointment-notice/blair-morrison-retiring-from-bcfsa/ Tue, 09 Jul 2024 13:00:43 +0000 https://www.benefitscanada.com/?p=157908 Blair Morrison, chief executive officer and chief statutory officer of the British Columbia Financial Services Authority, is retiring in early 2025 after more than five years in his current role. During his time as CEO, Morrison steered the regulatory agency through a number of significant events, such as its establishment as a crown agency in […]

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]]> Median solvency ratio of Canadian DB pension plans stays flat in Q2 2024: reports https://www.benefitscanada.com/news/cir-news-news/median-solvency-ratio-of-canadian-db-pension-plans-stays-flat-in-q2-2024-reports/ Wed, 03 Jul 2024 19:00:58 +0000 https://www.benefitscanada.com/?p=157703 The median solvency ratio of Canadian defined benefit pension plans remained flat in the second quarter of 2024, compared to the previous quarter, according to a report by Mercer. The report, which tracked 450 DB pension plans, found the median solvency ratio was 118 per cent, as at June 28, 2024, the same as at […]

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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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]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pension-and-investment-stories-of-the-week-87/ Fri, 21 Jun 2024 13:00:45 +0000 https://www.benefitscanada.com/?p=157294 A story discussing the factors leading employees to delay taking time off and instead engage in ‘quiet vacationing’ was the most-read story this week on BenefitsCanada.com. Here are the top five human resources, benefits, pension and investment stories of the past week: 1. Employees hesitant to take time off turning to ‘quiet vacationing’: expert 2. 42% of […]

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]]> 2024 Top 100 Pension Funds report: Employees’ financial wellness moving up the agenda for pension plan sponsors https://www.benefitscanada.com/archives_/benefits-canada-archive/2024-top-100-pension-funds-report-employees-financial-wellness-moving-up-the-agenda-for-pension-plan-sponsors/ Fri, 21 Jun 2024 12:55:32 +0000 https://www.benefitscanada.com/?p=157051 When Phillip Kotanidis took over as chief human resources officer at Toronto’s Michael Garron Hospital in 2018, the financial well-being of staff wasn’t exactly high on his agenda. In such a fast-paced and potentially stressful workplace, money matters naturally took a backseat to the physical and mental health of the hospital’s staff, who are members […]

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]]> U.S. pension risk transfer sales premium increased 130% in Q1 2024: report https://www.benefitscanada.com/pensions/defined-benefit-pensions/u-s-pension-risk-transfer-sales-premium-increased-130-in-q1-2024-report/ Tue, 18 Jun 2024 19:00:53 +0000 https://www.benefitscanada.com/?p=157083 U.S. pension risk transfer sales reached US$14.6 billion in the first quarter of 2024, a 130 per cent increase from the same period in 2023, according to a report by LIMRA. Single-premium buy-out sales totalled $14.2 billion in the first quarter, up 124 per cent from this period in 2023. There were 146 contracts sold […]

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]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pension-and-investment-stories-of-the-week-86/ Fri, 14 Jun 2024 13:00:22 +0000 https://www.benefitscanada.com/?p=156970 An article detailing a stark increase in the use of obesity medications among Canadian employer-sponsored benefits plan members was the most-read article on BenefitsCanada.com this week. Here are the top five human resources, benefits, pension and investment stories of the past week: 1. Claims for obesity drugs increased 42% in 2023, 92% since 2020: report 2. How […]

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