Mark White, the chief executive officer of the Financial Services Regulator of Ontario, has been confirmed as chair of the Ontario Energy Board and will be stepping down from his current role effective July 16, 2024. Stephen Power, executive vice-president of corporate services at the FSRA, will serve as interim CEO while the organization undertakes an […]
An article on the benefits of tailoring an individual’s work schedule around their circadian rhythm and optimum times of productivity was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. How ‘Chronoworking’ is helping boost employee productivity, recruitment 2. FSRA releases final […]
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 […]
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 […]
The average projected solvency ratio for Ontario defined benefit pension plans was 122 per cent as of March 31, 2024, up three per cent from Dec. 31, 2023, according to a new report by the Financial Services Regulatory Authority of Ontario. It found 90 per cent of DB plans were projected to be fully funded […]
In its newest guidance, the Financial Services Regulatory Authority of Ontario is barring pension plan administrators from registering retroactive adverse amendments that could have a negative impact on plan members or beneficiaries, such as changes in contribution rates, subject to limited exceptions. “What we found coming out of the [coronavirus] pandemic, . . . there was […]
An Ontario Superior Court ruling that allowed IBM Canada Ltd. to retrospectively rectify drafting errors that created unintended additional pension benefits for employees on disability leave augurs well for plan sponsors seeking similar relief going forward. “The case clarifies that there is a specific test for rectification of pension plans and other unilateral instruments, which […]
In its 2024-25 annual plan, the Financial Services Regulatory Authority of Ontario is focusing on assessing and mitigating systemic and high-priority risks in the province’s defined benefit pension plan sector. The regulatory body will review and enhance its supervisory framework to strengthen supervision of large public sector pension plans, ensuring its plan amendments and surplus […]
An article on Eastman Kodak Co.’s plans to outsource management of its pension assets was the most-read story on BenefitsCanada.com. Here are the top five human resources, benefits, pension and investment stories of the week: 1. Kodak outsourcing US$1.6TN of pension assets to maximize overfunded status 2. OMERS returns 4.6% for 2023, driven by equities, fixed income […]
The Financial Services Regulatory Authority of Ontario is implementing a framework with core principals to help defined benefit pension plans avoid inappropriate risk-modelling strategies, said James Hoffner, the organization’s chief pension risk officer, during a conference on Monday. “Pension plans aren’t banks, they’re not commercial enterprises that are going to go out of business. We’re not going […]