The federal government has concluded its public consultations on establishing a federal framework for target benefit plans and will use the input to draft legislation.

“I look forward to bringing forward a target benefit plan framework that is a real option for federally regulated private sector and Crown corporations looking to offer their employees a pension they can count on in retirement,” says Kevin Sorenson, minister of state (finance).

There are currently 1,234 federally regulated pension plans in Canada.

The consultations did not consider changes to federal public sector pension plans, which are governed by statutes such as the Public Service Superannuation Act, the Canadian Forces Superannuation Act and the Royal Canadian Mounted Police Superannuation Act.

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Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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