plan administrators – Benefits Canada.com

FSRA focusing on target-benefit framework for MEPPs, sustainability of PBGF in 2024-25 annual plan

bmcgovern — Wed, 17 Apr 2024 13:00:25 +0000

In its 2024-25 annual plan, the Financial Services Regulatory Authority of Ontario is focusing on assessing and mitigating systemic and high-priority risks in the province’s defined benefit pension plan sector. The regulatory body will review and enhance its supervisory framework to strengthen supervision of large public sector pension plans, ensuring its plan amendments and surplus […]

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Tax credit could ensure national dental-care plan doesn’t displace employer-sponsored coverage: expert

Sadie Janes — Wed, 17 Jan 2024 14:00:40 +0000

With the new Canadian Dental Care Plan rolling out, it’s critical that it doesn’t displace existing employer-sponsored dental coverage, says Stephen Frank, president and chief executive officer of the Canadian Life and Health Insurance Association. He believes a tax credit would be an optimal solution that would go a long way towards encouraging employers not […]

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Ontario’s guidance for target-benefit MEPPs undermines incentives for plan sponsors: ACPM

bmcgovern — Mon, 30 Oct 2023 13:00:48 +0000

The Ontario Ministry of Finance’s proposed guidance for multi-employer target-benefit pension plans undermines incentives for employers to contribute towards their employees’ retirement savings, including cost certainty, with unduly burdensome regulatory framework, according to the Association of Canadian Pension Management. In an open letter, the ACPM expressed its hesitation about proposed rules restraining trustees’ ability to prudently […]

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FSRA pension plan administration guidance requires clarity, consistency, says ACPM

Sadie Janes — Thu, 12 Oct 2023 13:00:59 +0000

The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]

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Amendment to Manitoba pension legislation providing flexibility for beneficiary designation

Sadie Janes — Thu, 08 Jun 2023 13:00:55 +0000

An amendment to Manitoba’s Beneficiary Designation Act allows a pension plan member’s legal representative to now make a beneficiary designation on behalf of the member if they can’t make the designation themselves. However, the representative can only designate a beneficiary if the plan renews, replaces or converts a plan made by the participant and the same […]

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