PRPP – Benefits Canada.com

An update on MEPPS, JSPPs and PRPPs

mschmit — Fri, 14 Feb 2020 04:54:12 +0000

Squeezed by onerous funding requirements and overarching fiduciary duties, defined benefit plan sponsors are increasingly willing to embrace alternative structures — such as multi-employer pension plans, jointly sponsored pension plans and pooled registered pension plans — to relieve some of the pressure. “Most employers simply shouldn’t be in the business of running a pension plan, […]

The post An update on MEPPS, JSPPs and PRPPs appeared first on Benefits Canada.com.

CLHIA calling for pension innovation, access to cheaper drugs in provincial budgets

mschmit — Tue, 04 Feb 2020 05:00:31 +0000

The Canadian Life and Health Insurance Association is highlighting new retirement savings options and access to cheaper drugs in its priorities for the Quebec and Newfoundland and Labrador provincial budgets. In its submission to Newfoundland’s finance minister, the CLHIA called for the government to make pooled registered pension plans available in the province. Citing Statistics Canada data that […]

The post CLHIA calling for pension innovation, access to cheaper drugs in provincial budgets appeared first on Benefits Canada.com.

Pension plan sponsor appetite strong for new innovative design options

mschmit — Mon, 07 Oct 2019 06:09:13 +0000

Across Canada, innovative pension plan design options are continuing to emerge for employers considering a move away from traditional single employer, in-house defined benefit or defined contribution plans. During an event last week at Osler, Hoskin and Harcourt LLP’s office in Toronto, four pension industry professionals shared their experiences developing new plan design options. Speaking […]

The post Pension plan sponsor appetite strong for new innovative design options appeared first on Benefits Canada.com.

A look at the legislative landscape for decumulation options in DC plans

mschmit — Fri, 16 Aug 2019 04:55:58 +0000

On the same day Keith Dixon began working at the University of Victoria, the campus gained another new addition: its combination pension plan. Introduced in July 1968, the plan is fairly unique in the world of Canadian pensions. It operates on a defined contribution basis, with the university and plan members each contributing. But when […]

The post A look at the legislative landscape for decumulation options in DC plans appeared first on Benefits Canada.com.

Ontario passes budget measures amending pension, PRPP acts

mschmit — Tue, 08 May 2018 12:30:03 +0000

The Ontario government passed its 2018 budget measures on Tuesday, including amendments to the Pension Benefits Act and the Pooled Registered Pension Plans Act. The amendments to the Pension Benefits Act include removing the requirements related to age and years of employment or membership under the province’s pension benefits guarantee fund for plan windups on or after […]

The post Ontario passes budget measures amending pension, PRPP acts appeared first on Benefits Canada.com.

Ontario exploring decumulation, New Brunswick introducing PRPPs

mschmit — Tue, 14 Nov 2017 13:20:23 +0000

Ontario’s fall economic statement confirmed a number of previously announced frameworks for the province’s pension, health-care and employment programs, including a look at addressing decumulation. The statement, delivered by Ontario’s Finance Minister Charles Sousa on Tuesday, noted the government is exploring new approaches to help retirees draw down their savings in an efficient, cost-effective manner so their savings […]

The post Ontario exploring decumulation, New Brunswick introducing PRPPs appeared first on Benefits Canada.com.

OSFI touts progress of pension priorities, including PRPPs

mschmit — Mon, 13 Nov 2017 05:00:07 +0000

The Office of the Superintendent of Financial Institutions has laid out its progress on a number of pension responsibilities in its 2016-17 report on plans and priorities, published Friday. One area of progress is pooled retirement pension plans, notes the report. Since OSFI acquired new responsibilities under the PRPP multilateral agreement, which came into effect in June 2016, […]

The post OSFI touts progress of pension priorities, including PRPPs appeared first on Benefits Canada.com.

OSFI defines eligible default investment options for PRPPs

mschmit — Wed, 19 Jul 2017 11:44:12 +0000

The Office of the Superintendent of Financial Institutions has issued a guideline defining the eligible default investment options under pooled registered pension plans. The Pooled Registered Pension Plans Act specifies that if a member has the option to select investments from the variety provided by the administrator but fails to make a choice in the allotted time (60 days […]

The post OSFI defines eligible default investment options for PRPPs appeared first on Benefits Canada.com.

Ontario Budget: Province to introduce PRPP changes

mschmit — Thu, 25 Feb 2016 13:55:42 +0000

Ontario is introducing changes to the Pooled Registered Pension Plans Act, 2015 as well as other legislative pension amendments as part of its 2016 budget, which was unveiled on Thursday, Feb. 25. The goal of the PRPP changes is to “further facilitate harmonization with other jurisdictions and ensure the efficient operation of PRPPs,” according to […]

The post Ontario Budget: Province to introduce PRPP changes appeared first on Benefits Canada.com.

Federal government aims to streamline PRPP oversight

mschmit — Thu, 16 Jul 2015 08:28:00 +0000

The federal government has launched a public comment period for an agreement intended to streamline the oversight of pooled registered pension plans (PRPPs).

The post Federal government aims to streamline PRPP oversight appeared first on Benefits Canada.com.