The Ontario government has published proposed regulations relating to the funding framework for certain multi-employer pension plans seeking to convert defined benefits to target benefits. Under the proposed regulations, which were first announced in June 2017, eligible multi-employer pension plans wouldn’t be required to fund on a solvency basis. However, they would still be required to provide […]
As part of its 2018 budget, the Ontario government unveiled a proposal to make its changes to the pension benefits guarantee fund apply retroactively to plans with a windup date on or after May 19, 2017. “This amendment is intended to apply to pension benefits provided to former Sears Canada employees,” the government noted in its budget on […]
Ontario has published a description of its proposed regulations around the payment of variable benefits from defined contribution pension plans one year after announcing its intention to permit the option. The provincial government announced its plans in its 2017 budget. Once passed, Ontario will follow in the footsteps of other jurisdictions allowing the option, including British Columbia, Alberta, Manitoba, […]
Over the past 25 years, Canada’s retirement system has evolved significantly through new funding frameworks and federal and provincial reforms to facilitate innovation in plan design. And with Canadians living and working longer and investment returns predicted to soften, it’s no surprise the pension industry is calling for an update to the Income Tax Act […]
The Pension Investment Association of Canada is calling out Ontario’s proposed defined benefit solvency funding framework for its lack of solvency reserve account structures, a model that exists in the regulatory landscapes in Alberta, British Columbia and Quebec. In a letter to Charles Sousa, the province’s minister of finance, the association’s chair Brenda King notes it has advocated in favour […]
Providing a defined contribution pension to employees since 1969, Western University is in a unique position to share how the landscape for these plans has evolved over time and how its plan measures success. Louise Koza, the university’s director of total compensation, will discuss past and current issues facing defined contribution plans at a session during the 2018 Benefits and Pension Summit at […]
Referring to Sears Canada Inc.’s recent pension issues, the government announced in its 2018 budget it would seek feedback from pensioners, employees and companies in the coming months to determine options to better address retirement security for Canadians. “All Canadians deserve more peace of mind when it comes to their retirement and companies must act in good faith towards […]
The Canadian Institute of Actuaries is urging Ontario to take an actuarial approach to its proposed changes for the pension benefits guarantee fund. The province has proposed increasing the guarantee provided by the fund to $1,500 per month from $1,000. In a wider submission to the province’s Ministry of Finance on the proposed new funding rules for defined […]
Expand the Canada Pension Plan replacement rate to 50 per cent of earnings. Cap annual contributions to registered retirement savings plans at $22,000. Establish a public agency to administer terminated pension plans. Create a single-payer pharmacare plan for all of Canada. These are just a few of the suggestions put forth by the Canadian Centre for Policy […]
The Canada Pension Plan enhancement will cost 64,000 jobs by the time it’s fully in effect, according to a new analysis from the Canadian Federation of Independent Business. The report, conducted through the policy and economic analysis program at the University of Toronto’s Rotman School of Management, predicted negative job impacts would last until the late […]