The Office of the Superintendent of Financial Institutions (OSFI) has issued a draft instruction guide regarding asset transfers related to defined benefit provisions of pension plans. According to OSFI, the guide sets out the general principles and requirements that should be satisfied to obtain permission to transfer assets that relate to defined benefit provisions from […]
A majority of multinational companies polled feel their employee benefits programs could do with an overhaul focused on improved risk management. A Mercer survey of 114 multinationals finds that only 16% of respondents feel that their existing governance structures are sufficient to meet current and anticipated future needs, while 77% say they have plans to […]
Ontario Finance Minister Dwight Duncan has announced proposed changes to the province’s pension system that he says will stabilize workers’ abilities to enjoy a secure retirement. Duncan explained on Tuesday, Aug. 24 that the proposed reforms build on the first phase of reforms passed by the legislature in May and are based on recommendations from […]
Should Ontario Finance Minister Dwight Duncan’s proposed pension reforms be signed into law, plan sponsors with members in Ontario will be paying a much higher bill for a benefit guarantee that remains unchanged. Ontario’s Pension Benefits Guarantee Fund (PBGF) will receive a considerable top-up under the proposed reforms. However, the maximum monthly benefit of $1,000 […]
Griping about one’s job is something of a national pastime. Depending on how cynical you are, you might be surprised to learn that 75% of employees polled find their work to be meaningful. A recent survey from Right Management asked 1,000 North Americans “Do you find your work to be meaningful?” The results were surprisingly […]
The Canada Pension Plan Investment Board (CPPIB) posted a return of -1.3% in the fiscal first quarter due to falling equity markets. The fund lost $1.7 billion in the quarter ended June 30, according to a statement. A drop in government stimulus efforts and higher “concern about economic conditions in Europe” led to declines in […]
U.S. companies that were initially hopeful about preserving much of their existing group health plans under the new grandfather provision have changed their tune, a recent survey reveals. Hewitt Associates’ poll of 466 companies shows that 90% of companies said they anticipate losing grandfathered status by 2014, with the majority expecting to do so in […]
Morneau Sobeco’s latest News and Views bulletin explains the possible effects of proposed changes to Excise Tax Act. The firm says the draft legislation will affect multi-jurisdictional pension plans, deferred profit sharing plans and benefit plans, requiring annual GST/HST self-assessment. In computing the tax applicable to a plan under the Excise Tax Act, the location […]
Plan sponsors with operations in Quebec expecting savings on generic drug prices are in for a rude awakening, according to Aon Consulting. The recent decision by the Quebec government to require manufacturers of generic drugs to sell their products at a maximum of 25% of the price of the original drugs has likely led plan […]
Most people censor themselves when emailing friends and co-workers on the company system. And for good reason, as many companies use software that allows management to view incoming and outgoing messages by unsuspecting staff, a growing trend that has resulted in the ubiquitous warning on questionable links NSFW (not safe for work). For the most […]