Alain Malaket has a nuanced perspective on risk — one informed by his experiences as a third-party administrator, pension regulator, consultant, pension plan director and motorcyclist. Today, InBenefits’ chief executive officer’s perspective informs his interest in alternative pension models. Put simply, he believes people don’t make the best decisions about safeguarding their futures. It’s a […]
British Columbia is amending the definition of provision for adverse deviation for pension plans in the province with a target-benefit provision. The changes to PfAD’s definition, which will come into effect on Dec. 31, 2022, reflects recommendations from the B.C. Financial Services Authority to the Ministry of Finance. The amendments will lower the minimum funding […]
The Canadian Association of Pension Supervisory Authorities’ risk management guideline committee is seeking nominations for an industry working group. The committee will draw on the group members’ technical input and expertise in the areas of integrated risk management, according to a press release, which noted participants will be selected from various pension sector categories based on […]
As the Canadian Association of Pension Supervisory Authorities looks to update its capital accumulation plan guidelines, the amendments must reflect the changes in the industry, said Angela Mazerolle, vice-president of regulation at the Financial Services and Consumer Services Commission of New Brunswick, during a session at the 2022 Canadian Pension and Benefits Institute Forum in […]
In its 2022 budget on Thursday, the Ontario government said it’s implementing a permanent target-benefit pension plan framework in 2023. The budget noted specified Ontario multi-employer pension plans, which provide these types of benefits, have been operating under temporary regulations that will expire in 2024 unless replaced by a permanent framework. “A permanent target-benefit framework […]
A thousand members of the Anglican Church of Canada’s defined contribution pension plan are joining the General Synod pension plan, effective Jan. 1, 2022. The Church-wide Lay employee pension system’s transition into the multi-employer pension plan is part of an expansion strategy to offer more Canadians better financial security in retirement, according to a press […]
The Canadian Association of Pension Supervisory Authorities is releasing a consultation draft of revisions to its pension plan funding policy guideline. The guideline provides direction on the development and adoption of funding policies for defined benefit and target-benefit pension plans, including best practices for plan administrators and sponsors. Read: CAPSA updates guidelines on DC plan payout, […]
In its 2020 budget on Thursday, the Ontario government said it plans to permanently extend the employer health tax payroll exemption from $490,000 to $1 million. The change is expected to save Ontario employers about $360 million in 2021/22 as they endure the economic impact of the coronavirus pandemic. “When the COVID-19 outbreak struck Ontario, the […]
In January 2020, the Canadian Institute of Actuaries released final changes to the actuarial standards of practice for calculating commuted values, with the changes scheduled to come into effect on Dec. 1, 2020. The changes will affect the lump-sum amounts paid from many Canadian defined benefit pension plans in situations such as: the termination of employment of […]
Quebec is one step closer to allowing employers to introduce target-benefit pension plans. On Wednesday, Eric Girard, Quebec’s minister of finance, tabled Bill 68, which was initially introduced in November 2019. The bill draws inspiration from a report by the expert panel on the future of the Quebec retirement system, which was published in 2013. “Quebec […]