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 is taking an additional step to foster private savings, a cornerstone of our retirement income system,” he said, in a press release. “The bill will offer a new retirement plan option adapted to today’s conditions for the benefit of workers and employers.”

Read: Quebec to introduce bill allowing target-benefit pension plans

In Quebec, only certain companies in the pulp and paper sector are currently permitted to offer target-benefit plans to their employees. In 2016, Ottawa introduced Bill C-27 to allow the plan for employers under federal jurisdiction, but it was suspended. 

The Quebec bill also proposes amendments to the Quebec Pension Plan to more broadly support parents who benefit from the supplement for disabled children requiring exceptional care during the period when they take care of their child.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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