The Association for Canadian Pension Management is asking the Ontario government to introduce variable life benefits in Ontario and to align its pension rules with those of other provinces.
In an open letter to the provincial government, the ACPM said the need to add variable life benefit options is part of a campaign to find measures expanding retirement income coverage and support innovations leading to better results for plan members.
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It also said harmonizing pension rules between different provinces will reduce complexity and administrative burdens for employers and plan sponsors in Ontario.
The organization is also asking the province to keep up its work adding flexibility for defined contribution plan members to purchase past service or transfer balances into an additional voluntary contribution account, as permitted by their plan. The ACPM wants to see members of DC multi-employer pension plans included in these changes.
As part of its advocacy efforts, the organization reminded the Ontario government about its plea to remove deemed-consent requirements and enable pension plan administrators to send all required member communications electronically by default or to provide deemed-consent notice electronically.
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