The Ontario government is launching an infrastructure bank that will leverage investments by public sector pension plans and other Canadian institutional investors. In its fall economic statement on Thursday, the province said it will provide $3 billion in initial funding to the Ontario Infrastructure Bank, which will support the development of new long‐term care homes, […]
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 […]
Defined benefit pension plan sponsors that are considering winding up their plans or converting them to another framework following the federal government’s super-priority bill have more innovative options, according to Mitch Frazer, managing partner at Mintz LLP, during the Canadian Investment Review’s 2023 Risk Management Conference. Although Bill C-228, which received royal assent at the end […]
The Canadian Association of Pension Supervisory Authorities’ draft guideline for pension plan risk management covers too many topics and audiences, limiting its practical applicability, according to the Association of Canadian Pension Management. In an open letter, the ACPM said the draft guideline lacks a structural framework that would allow pension plan administrators to implement a […]
An article on the 2023 Benefits Canada Healthcare Survey’s findings on plan members’ appreciation of health benefits was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. 72% of plan members appreciate health benefits more today than before pandemic: survey 2. 54% of benefits plan members currently live […]
The Ontario government’s new funding framework for target-benefit plans will provide more flexibility for plan administrators and boards, says Domenic Barbiero, principal at Eckler Ltd. The proposed framework requires trustees to establish a number of policies, including funding, benefits, communications and overall governance. “This proposal is the second iteration of a proposal from the Ministry […]
Predictions of the demise of defined benefit pension plans are premature. The reality is DB is still alive and well in the public sector, with a growing number of multi-employer plans making the promise of financial certainty in retirement provided by DB pensions available to private sector employers of all sizes. What’s under threat is […]
The Association of Canadian Pension Management is urging the Ontario government to ensure its proposed rules for multi-employer target-benefit pension plans don’t undermine existing incentives that enable employers to create and maintain workplace pension plans. In an open letter, the ACPM said it believes the provision for adverse deviation will overly restrict the ability of MEPP trustees to manage […]
An article on how British Columbia’s amended definition of provision for adverse deviation will impact the province’s target-benefit pension plans was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. B.C.’s amended PfAD to provide more flexibility to target-benefit pension plans: experts 2. BNP Paribas expanding […]
British Columbia’s amended definition of provision for adverse deviation will provide additional flexibility to the province’s target-benefit pension plans, according to experts. The changes to the PfAD’s definition lowers the minimum funding requirement to 7.5 per cent and allows a supplementary percentage identified by the target-benefit plan administrator or board as appropriate to achieve the […]