In the wake of the pandemic-related market volatility that battered already challenged public sector defined benefit plans in the U.S., a recent paper by New York University’s Stern School of Business is arguing that Canadian-style reforms could help secure these plans for the long term. “The COVID-19 pandemic introduced new fissures in state and local […]
Quebec is applying new pension relief measures and is also extending the credit on employer contributions to the health services fund. The pension relief measures, which the federal government announced in early July, will allow registered pension plans to borrow money and extend the deadline to retroactively credit pensionable service under a defined benefit plan. […]
Whether it’s battling the challenges of plan maturity, increasing longevity, the changing nature of work or difficult financial markets, these so-called golden handcuffs are looking pretty dented in some cases. But the 10 years following the great financial crisis wasn’t all bad. Many public pension plans, as well as affiliated administrators and investment managers, have […]
For defined contribution plan members who were intending to retire in the first half of 2020, the market crash caused by the coronavirus may have upended those plans. Markets reached a trough in March, followed by some recovery, but with little clarity on what investments will do next, it’s a challenging time for plan members […]
A retiree faces a 50 per cent probability of receiving more income by delaying Canada Pension Plan payments, according to a new report by the Canadian Institute of Actuaries and the Society of Actuaries. The report, authored by Bonnie-Jeanne MacDonald, director of financial security research at Ryerson University’s National Institute on Ageing, investigated the financial […]
The Ontario Municipal Employees Retirement System is appointing Ingrid Chingcuanco as vice-president of pension operations. She joined the OMERS nearly eight years ago as director of pension policy. In that role, she provided pension policy and project leadership for several initiatives, such as public sector divestments affecting the pension fund and enhancements to its additional […]
In a letter to the Canada Revenue Agency’s registered plans directorate, the Association of Canadian Pension Management said a new draft bulletin only covers a concern attached to smaller pension plans and shouldn’t apply to larger, employer-sponsored plans. The ACPM said it recognizes the agency’s efforts in providing guidance on apportioning assets and actuarial liabilities in actuarial valuation reports for […]
Quebec has published new draft regulations aimed at helping the administrators of supplemental pension plans to navigate the coronavirus pandemic. The proposed regulations would allow plan members to maintain their active membership in a supplemental plan even if they’re experiencing a temporary suspension in accruing benefits, as long as that suspension began in 2020 and doesn’t last longer than […]
The Association of Canadian Pension Management is calling on the Ontario government to consider amending the Employment Standards Act and the Pension Benefits Act to allow for auto-enrolment and auto-escalation features in capital accumulation plans. Specifically, it’s suggesting the government allow employers to automatically deduct employee contributions from payroll to facilitate these features. “The shift […]
The Association of Canadian Pension Management is calling on the Ontario government to consider amending the Employment Standards Act and the Pension Benefits Act to allow for auto-enrolment and auto-escalation features in capital accumulation plans. Specifically, it would like the government to allow employers to automatically deduct employee contributions from payroll to facilitate these features. […]