Newfoundland and Labrador – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Mon, 04 Nov 2024 20:00:35 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Medicus Pension Plan reports 158% funded status at start of 2024 https://www.benefitscanada.com/canadian-investment-review/db-investments/medicus-pension-plan-reports-158-funded-status-at-start-of-2024-report/ Tue, 11 Jun 2024 13:00:46 +0000 https://www.benefitscanada.com/?p=156720 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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]]> Canadian jurisdictions enacting pay transparency legislation, but more work to be done https://www.benefitscanada.com/human-resources/hr-law/canadian-jurisdictions-enacting-pay-transparency-legislation-but-more-work-to-be-done/ Tue, 21 Nov 2023 14:00:14 +0000 https://www.benefitscanada.com/?p=147431 Pay transparency legislation is quickly gathering steam in Canada as provincial governments take steps towards shrinking the gender wage gap. Prince Edward Island was first to the post with pay transparency provisions in June 2022. While Newfoundland and Labrador’s Pay Equity and Transparency Act received royal assent in November 2022, its pay transparency provisions haven’t […]

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]]> Manitoba, NL formally join multi-jurisdictional pension plan agreement https://www.benefitscanada.com/pensions/governance-law/manitoba-nl-formally-join-multi-jurisdictional-pension-plan-agreement/ Tue, 16 May 2023 16:30:43 +0000 https://www.benefitscanada.com/?p=138100 Manitoba and Newfoundland and Labrador have officially ratified an agreement on multi-jurisdictional pension plans, which will come into effect on July 1.  In March, the two provinces announced their intention to sign the agreement, which had previously been adopted by every other province except Prince Edward Island. The agreement’s adoption was contingent on an amended […]

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]]> Provident10 revamping IT governance strategy in response to cybersecurity risks https://www.benefitscanada.com/news/cir-news-news/provident10-announces-new-it-governance-strategy-in-response-to-cyber-crime/ Thu, 07 Jul 2022 17:36:21 +0000 https://www.benefitscanada.com/?p=123997 The administrator of the Newfoundland and Labrador Public Service Pension Plan is planning a revamp of its information technology governance processes to mitigate cybersecurity risks. “The organization understands the importance of technology in enabling modernization of pension administration service delivery,” wrote Provident10 in the PSPP’s 2021 annual report. “Modernization will advance member and stakeholder experiences, as […]

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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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]]> NL Supreme Court rules for pension member super-priority for normal costs in bankruptcies https://www.benefitscanada.com/pensions/governance-law/nl-supreme-court-rules-for-pension-member-super-priority-for-normal-costs-in-bankruptcies/ Thu, 19 Aug 2021 15:30:58 +0000 https://www.benefitscanada.com/?p=105966 Pension plan members have super-priority when it comes to normal costs but not to special costs owed to bankrupted plans, the Supreme Court of Newfoundland and Labrador finds in a recent ruling. In the case, Anthony Capital Corporation (Re), between the trustees of the defunct Anthony Capital Corp.’s executive pension plan and representatives for the […]

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]]> Newfoundland and Labrador granting MEPPs permanent solvency funding exemption https://www.benefitscanada.com/pensions/governance-law/newfoundland-and-labrador-granting-mepps-permanent-solvency-funding-exemption/ Thu, 12 Aug 2021 13:00:13 +0000 https://www.benefitscanada.com/?p=105572 The government of Newfoundland and Labrador is amending funding rules for the province’s multi-employer pension plans. The amendments include a permanent exemption from solvency funding requirements for MEPPs, retroactive to Dec. 31, 2020, when the previous temporary exemption ended. In addition, going-concern unfunded liabilities must now be funded over 10 years instead of the previous […]

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]]> Newfoundland and Labrador addressing $8.18BN unfunded pension, employee benefits liabilities https://www.benefitscanada.com/news/how-newfoundland-and-labrador-is-tackling-unfunded-pension-liabilities-amid-fiscal-challenges/ Thu, 13 May 2021 16:00:37 +0000 https://www.benefitscanada.com/?p=100439 At the end of March 2020, Newfoundland and Labrador had $4.89 billion in unfunded pension liabilities, including unfunded liability and promissory notes, according to a report released last week by the premier’s economic recovery team. Added to the province’s $3.29 billion in unfunded liability related to employee benefits, this results in financial exposure of $8.18 […]

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]]> Getting to know new Provident10 CIO Michel Malo https://www.benefitscanada.com/canadian-investment-review/db-investments/getting-to-know-new-provident10-cio-michel-malo/ https://www.benefitscanada.com/canadian-investment-review/db-investments/getting-to-know-new-provident10-cio-michel-malo/#respond Fri, 01 Nov 2019 04:29:36 +0000 https://cumulus.benefitscanada.com/uncategorized/getting-to-know-new-provident10-cio-michel-malo/ At the beginning of September, Provident10, which oversees the administration and asset management for Newfoundland and Labrador’s Public Service Pension Plan, welcomed a new chief investment officer, Michel Malo. With $6.6 billion in invested assets as of year-end 2018, Provident10 is a fairly new entity. In December 2014, the province’s government and its five largest […]

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