multi-employer pension plan – Benefits Canada.com

Feds seeking feedback on solvency reserve accounts for federally regulated DB pension plans

bmcgovern — Thu, 26 Sep 2024 15:00:19 +0000

The federal government is currently seeking recommendations about its plan to introduce solvency reserve accounts for federally regulated defined benefit pension plans. Under the government’s proposed model, first announced in 2022, these accounts would be optional and constitute a separate account within a DB plan. In a press release, the government said solvency reserve accounts […]

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Top 5 HR, benefits, pension and investment stories of the week

lbailey — Fri, 14 Jun 2024 13:00:22 +0000

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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Medicus Pension Plan reports 158% funded status at start of 2024

bmcgovern — Tue, 11 Jun 2024 13:00:46 +0000

The Medicus Pension Plan, a defined benefit multi-employer pension plan designed exclusively for incorporated physicians in Canada, reported a funded status of 158 per cent on a going-concern basis and a 115 per cent funded status on a solvency basis as of Jan. 1, 2024. The plan, which launched in May 2023, is designed to […]

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Association of Professors of the University of Ottawa, Ontario Confederation of University Faculty Associations joining UPP

bmcgovern — Thu, 16 May 2024 13:00:58 +0000

The Association of Professors of the University of Ottawa and the Ontario Confederation of University Faculty Associations are joining the University Pension Plan, as of April 30, 2024. Since its inception in July 2021, the UPP has seen a number of plan sponsors join the plan, beginning with the University of Toronto Faculty Association, the University of […]

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Can IBM’s retirement benefit account revive the traditional DB pension plan?

lbailey — Tue, 19 Dec 2023 14:00:44 +0000

After closing its defined benefit pension plan nearly two decades ago and replacing it with a less riskier defined contribution plan, International Business Machines Corp. is launching a new retirement benefit account that allows its U.S. employees to have the best of both worlds. Last week, the company ceased its 401(k) matching and one per […]

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Ontario’s guidance for target-benefit MEPPs undermines incentives for plan sponsors: ACPM

bmcgovern — Mon, 30 Oct 2023 13:00:48 +0000

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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Editorial: Weighing the benefits of participation in a multi-employer pension plan

Jennifer Paterson — Fri, 13 Oct 2023 12:59:45 +0000

Whether it’s in the magazine, on the website or at our various defined contribution pension plan events, Benefits Canada is regularly writing about how DC plans are evolving. The pension industry has come a very long way in the last few decades. When my parents began their working lives in the early 1970s, they both had defined […]

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2023 Top 50 DC Plans Report: Unleashing the power of multi-employer pension plans

Jennifer Paterson — Fri, 13 Oct 2023 12:56:31 +0000

Increased volatility, stubborn inflation and erratic interest rates are making for financially uncertain times, where it can be more reassuring to seek safety in shared risk, rather than shouldering financial ambiguity alone. Celebrated for their pooled assets and shared risk, multi-employer pension plans are gaining traction. Tami Dove, director of member experience at the Co-operative […]

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FSRA pension plan administration guidance requires clarity, consistency, says ACPM

Sadie Janes — Thu, 12 Oct 2023 13:00:59 +0000

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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B.C. Municipal Pension Plan appointing Chelsea Kittleson as executive director

bwolfe — Tue, 10 Oct 2023 15:00:14 +0000

The British Columbia Municipal Pension Plan is appointing Chelsea Kittleson as executive director, effective Nov. 15, 2023. She joins the pension plan from the British Columbia Investment Management Corp., where she was director of client relations. In the new role, Kittleson will oversee the office that supports the MPP’s board of trustees and act as […]

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