Target-benefit plans – Benefits Canada.com

CAPSA seeking feedback on revised pension plan funding policy guideline

mschmit — Mon, 30 Nov 2020 05:00:15 +0000

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, […]

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Ontario’s 2020 budget highlights employer health tax, pension reviews

mschmit — Fri, 06 Nov 2020 04:45:18 +0000

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 […]

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How commuted-value calculation changes will impact lump-sum DB pension payments

mschmit — Tue, 27 Oct 2020 04:45:46 +0000

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 […]

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Quebec tables bill allowing target-benefit pension plans

mschmit — Thu, 08 Oct 2020 04:46:41 +0000

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 […]

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Alain Malaket: An early-mover in the Canadian pension industry

mschmit — Wed, 07 Oct 2020 04:30:56 +0000

While target-date funds are now a staple in the Canadian defined contribution pension industry, it wasn’t always so. Some of the first employers to bring target-date funds to Canada were George Weston Ltd. and Loblaw Companies Limited, says Alain Malaket, who is currently chief executive officer of InBenefits, but previously oversaw those organizations’ pension and […]

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2020 Top 100 Pension Funds Report: How have Canada’s DB pensions changed over the last decade?

mschmit — Fri, 14 Aug 2020 04:56:30 +0000

Whether it’s battling the challenges of plan maturity, increasing longevity, the changing nature of work or difficult financial markets, these so-called golden handcuffs are looking pretty dented in some cases. But the 10 years following the great financial crisis wasn’t all bad. Many public pension plans, as well as affiliated administrators and investment managers, have […]

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Accounting standards for public multi-employer pension plans require updating: report

mschmit — Thu, 16 Jul 2020 05:20:29 +0000

When Canadian taxpayers are on the hook for public sector pension plan obligations, these institutions must spell that out clearly in their financial reporting, according to a new paper by the C.D. Howe Institute. “Reporting of pension costs as they accrue and net obligations at a point in time is tricky,” wrote William Robson, the organization’s chief […]

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DB regulations a bad fit for target-benefit plans, MEPPs: report

mschmit — Thu, 11 Jun 2020 05:30:09 +0000

Canada’s pension regulations have been designed to govern defined benefit plans and are a bad fit for target-benefit and multi-employer pension plans, according to a new report by the C.D. Howe Institute. The report, authored by Barry Gros, a retired actuary and chair of the University of British Columbia staff pension plan, argued that the […]

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Regulatory reform required to address today’s workplace pension landscape: report

mschmit — Thu, 14 May 2020 06:30:03 +0000

Canadian pension rules and regulations are in need of reform in order to properly address the reality of the 21st century workplace pension landscape, according to a new report by the C.D. Howe Institute. The report, authored by Bob Baldwin, a pension industry veteran and chair of the C.D. Howe’s pension policy council, argued that the […]

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Legal considerations for pension plan sponsors on design changes amid coronavirus

mschmit — Tue, 07 Apr 2020 06:00:46 +0000

Financial hardship is hitting employers across Canada and they’re starting to make difficult choices around cost-cutting measures within their businesses. “Some plan sponsors may be considering changes to their plan design to address these cost concerns during these turbulent times,” said Jana Steele, partner and department chair of the pension and benefits team at Osler, Hoskin […]

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