One year since the federal government unveiled its target-benefit bill, the issue is still attracting divisive opinions from the industry. On one hand, there’s continued opposition from Canada’s labour unions, while many others in the industry believe the bill is heading in the right direction. Unifor, which has taken credit for forcing the government “to […]
One year after the federal government unveiled legislation that would allow federally regulated employers to offer target-benefit pension plans, the proposal has stalled in the House of Commons but it’s apparently still very much alive. “The gist of Bill C-27 is to permit target-benefit plans to operate as a design option alongside defined benefit plans […]
Despite British Columbia’s introduction of provisions for target-benefit pension plans in 2015, a report from the province’s regulator suggests the option has seen a slow uptake. Only 30 pension plans with target-benefit components were registered as of Dec. 31, 2016, according to a report released by the Financial Institutions Commission of British Columbia on Wednesday. Many of […]
The parent company of Northstar Aerospace Inc. is rejecting as accusation that it has abandoned pensioners who are facing a 24 per cent cut as it moves to close its Milton, Ont. facility in September. “Heligear does not control the pension design or its investments, which are the responsibility of the pension board,” said Greg Harper, […]
Ontario will replace the temporary solvency funding exemption in place for specified multi-employer pension plans with a new target-benefit framework, the government announced Thursday. The interim exemption will extend to August 2018 as the government looks to introduce legislation in the fall and regulations next year. While Ontario’s new framework will permanently exempt collectively bargained […]
While proponents are expressing concern about the absence of any mention of target-benefit pension plans in the recent federal budget, the omission doesn’t mean Ottawa has lost interest in the issue, according to the Department of Finance. “The development of a [target-benefit plan] framework for Crown corporations and federally regulated private sector pension plans remains a priority for the […]
The Canadian Coalition for Retirement Security has launched a campaign to push for legislation to protect the earned pension benefits of public and private sector employees and retirees.
Among the numerous changes in Nova Scotia’s new Pension Benefits Act (PBA) and Regulations that took effect on June 1, 2015, is a framework for two new plan designs: jointly sponsored pension plans (JSPPs) and target benefit plans (TBPs), says an Eckler Special Notice.
While all existing target-benefit plans (TBPs) in Canada are different, there are common lessons DB plan sponsors can keep in mind if they decide to convert their own plans to TBPs. That was one of the main messages of Troy Milnthorpe, an associate partner at Aon Hewitt, speaking at Benefits Canada’s 2015 Benefits and Pension […]
There weren’t many surprises in the 2015 federal budget, which includes changes to TFSA contribution limits and the amount seniors will be required to withdraw from registered retirement income funds (RRIFs).