In its 2022 budget on Thursday, the Ontario government said it’s implementing a permanent target-benefit pension plan framework in 2023. The budget noted specified Ontario multi-employer pension plans, which provide these types of benefits, have been operating under temporary regulations that will expire in 2024 unless replaced by a permanent framework. “A permanent target-benefit framework […]
A story that took an in-depth look at the federal government’s 2022 budget proposals and their potential impacts on employers and employees was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: What’s in the federal budget for employers, employees? Physical health, work-life balance and […]
Last week’s federal budget proposed more borrowing flexibility for registered defined benefit plans. The proposal would replace the historical 90-day term limit on short-term borrowing with restrictions based on plan assets: additional borrowed money can’t exceed the lesser of 20 per cent of the plan’s assets and the amount by which 125 per cent of […]
The federal government’s 2022 budget is addressing long-standing rules preventing defined benefit plan sponsors from borrowing in most circumstances. In the $56-billion budget, which is expected to easily pass into law with the support of Liberal and New Democratic Party members of parliament, proposes providing more borrowing flexibility to administrators of registered DB plans. The […]
A story about the federal government considering whether to include booster shots in the next version of the coronavirus vaccine mandate for workers was the most read story of the week on BenefitsCanada.com. Here are the five most popular news stories of the week: Feds consider definition of ‘fully vaccinated’ in review of federal worker mandate […]
Changes to the calculation of commuted pension values in Canada are making it more challenging for defined benefit pension plan members to determine an optimal day to quit their job and receive the maximum payout, says one actuary. Peter Gorham, an actuary at JDM Actuarial Expert Services Inc., says while he used to point plan […]
The Association of Canadian Pension Management is calling on Prince Edward Island’s pension regulator to amend the Employment Standards Act to facilitate auto-enrolment and auto-escalation features in workplace pension and savings plans. The current legislation includes language that would prohibit pension plan administrators from introducing automatic features in workplace plans, including capital accumulation plans such […]
Target-benefit plans are being hampered by a disconnect between how they’re regulated and how they’re managed, according to a new report for the C.D. Howe Institute. In the report, Barry Gros, a retired actuary and chair of the pension board at the University of British Columbia’s staff pension plan, reviewed how target-benefit plans are managed, how […]
Nearly two years into the coronavirus pandemic and the uncertainties brought on by the Omicron variant, markets held up in the last three months of 2021 with capital accumulation plan member outcomes continuing to improve. According to Eckler Ltd.’s latest CAP income tracker, a typical male plan member retiring at age 65 at the end of […]
Representatives from a few of Canada’s most progressive pension plans weighed in on topics ranging from plan design to the various challenges posed by legislation and governance during a webinar hosted by the Association of Canadian Pension Management last week. Orla Cousineau, executive director of pensions at the University of British Columbia, said the province’s […]