plan design – Benefits Canada.com

CAAT expanding definition of who qualifies to receive benefits

lbailey — Mon, 07 Feb 2022 14:00:23 +0000

The Colleges of Applied Arts and Technology Pension Plan is expanding the definition of who can qualify to receive benefits as disabled or as a dependant child under its plan. Effective Dec. 1, 2021, the CAAT’s DBprime plan design was amended to remove the requirement that a member must be receiving benefits from an employer’s long-term […]

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More plan sponsors meeting members’ retirement goals in 2021: survey

bwolfe — Thu, 29 Jul 2021 13:00:50 +0000

A majority (72 per cent) of plan sponsors believe their retirement savings plan is meeting its goals this year, up from roughly 66 per cent in 2020, according to a new survey by Fidelity Investments Inc. While 68 per cent said their employees are saving enough for retirement — up from 59 per cent in […]

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Alberta’s LAPP ending coordination option due to pension member confusion

mschmit — Thu, 29 Oct 2020 03:12:48 +0000

Alberta’s Local Authorities Pension Plan is cancelling its coordination option, citing regret and confusion from plan members who mistakenly accessed the feature without fully understanding the financial implications. According to a statement by the LAPP, coordination will be discontinued for members who start their pension on or after Jan. 1, 2021. It noted the option’s […]

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Nova Scotia’s PSSP reports 98.5% funded status, halts indexing for five years

mschmit — Wed, 01 Jul 2020 03:42:05 +0000

Nova Scotia’s Public Service Superannuation Plan reported a 98.5 per cent funded status as of Dec. 31, 2019 and said it will halt cost-of-living adjustments for retirees for the next five years. According to the plan’s 2020 funded health review, its funding policy prohibits indexing when the PSSP’s funded status is below 100 per cent. […]

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OMERS considering shared-risk indexing and expanding eligibility to non full-time workers

mschmit — Wed, 22 Apr 2020 07:47:39 +0000

The Ontario Municipal Employees Retirement System sponsors corporation board is considering two plan design changes: the introduction of shared-risk indexing and the expansion of pension coverage to non full-time workers. On the shared-risk indexing front, the sponsors corporation board is looking at potentially reducing future inflation increases on benefits earned after Dec. 31, 2022. As […]

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Investment strategies for frozen DB plans

mschmit — Mon, 01 Apr 2019 04:32:11 +0000

\Over the course of the last 15 years we have seen an increase in the number of frozen corporate defined benefit plans in Canada. Frozen plans have limited the future benefit accruals in the plan, either through closing membership to new employees or, in some cases, freezing future service accruals to existing members. This fundamental […]

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Plan sponsors urged to take advantage of innovative pension plan design to mitigate risks

mschmit — Fri, 25 Jan 2019 06:38:43 +0000

In the fourth industrial revolution, technology is changing at a fast pace with a rolling effect on various industries. It’s also changing how people work, spend their money and save, said Jean-Philippe Provost, senior partner and wealth business leader at Mercer Canada. At the consultancy’s annual retirement outlook event on Thursday, Provost walked through current practices in the Canadian retirement […]

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