The Ontario government is combining two agencies to create one pension and financial services regulator aside from securities. As of June 8, the Financial Services Regulatory Authority of Ontario replaces the Financial Services Commission of Ontario and the Deposit Insurance Corp. of Ontario as an integrated, independent and self-funded regulator. Read: A look ahead at pension […]
Getting a sense of what industry peers are doing and what they think of the plan’s work was an important reason why the College of Applied Arts and Technology pension plan entered Benefits Canada‘s 2018 Workplace Benefits Awards, according Derek Dobson, its president and plan manager. “It’s always good to get industry and peer feedback,” he says. “Every […]
While there isn’t reliable data on just how many people are disconnected from their old pension plans, the federal government says the number could be rising with people switching jobs more often, qualifying for plans faster, retiring abroad more often and not updating their mailing address because of increased reliance on online accounts. Administrators not […]
The Canadian pension industry must go beyond the defined benefit versus defined contribution debate and focus on the model of the future, according to a new report by the C.D. Howe Institute. The report, by actuaries and pension experts Robert Brown and Stephen A. Eadie, proposes a common ground as a starting point for all […]
Plan administrators are welcoming the increased clarity accompanying the amendment of Ontario’s Pension Benefits Act to allow for the electronic designation of beneficiaries and the re-issue of the Canadian Association of Pension Supervisory Authorities’ guideline No. 2, which establishes best practices for electronic communications in the pension industry. “Clarity on the ability to designate beneficiaries electronically […]
It may not happen this year, or next year, or even the year after that. But sometime between now and 2025, Canadian employers will almost certainly need to re-think their retirement policies in response to Canada Pension Plan expenses that began to go up in January. Canadian pension experts say higher mandatory contributions to the CPP and the […]
While a Calgary councillor’s proposal to review all municipal pensions was passed to a city committee for further study in late April, local unions are still concerned. Councillor George Chahal, who put forward the proposal, says the city should review its pensions because the related costs for both unionized and non-union workers are rising at double the rate […]
While defined benefit plans are traditionally known for their paternalism, defined contribution pensions represent the next generation. Learning from their parents’ years of investment experience, DC plans are catching up, but hurdles still exist in the quest to invest like DB plans. The liquidity question As more DC plan sponsors consider adding illiquid alternatives to […]
Hub International Ltd. is acquiring the assets of Clarity Benefits Group Inc., a Calgary-based firm that provides benefits plans, life insurance and group retirement plans to Canadian companies. The acquisition is part of the organization’s strategy to grow its offering of employee benefits and pension solutions in Canada, noted a press release. Read: Hub International acquires assets […]
A year after the OPSEU Pension Trust launched a new plan for nonprofit organizations, it has enrolled its first members. The OPTrust Select was launched with the goal of providing a defined benefit plan for those in Ontario’s broader public sector, charitable and nonprofit groups that don’t have their own DB plans. Seven organizations are […]