FSRA – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Fri, 03 May 2024 21:03:19 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Ontario court sides with IBM in pension benefits rectification case https://www.benefitscanada.com/pensions/governance-law/ontario-court-sides-with-ibm-in-pension-benefits-rectification-case/ Wed, 24 Apr 2024 13:00:25 +0000 https://www.benefitscanada.com/?p=154599 An Ontario Superior Court ruling that allowed IBM Canada Ltd. to retrospectively rectify drafting errors that created unintended additional pension benefits for employees on disability leave augurs well for plan sponsors seeking similar relief going forward. “The case clarifies that there is a specific test for rectification of pension plans and other unilateral instruments, which […]

The post Ontario court sides with IBM in pension benefits rectification case appeared first on Benefits Canada.com.

]]> FSRA focusing on target-benefit framework for MEPPs, sustainability of PBGF in 2024-25 annual plan https://www.benefitscanada.com/pensions/governance-law/fsra-focusing-on-target-benefit-framework-for-mepps-sustainability-of-pbgf-in-2024-25-annual-plan/ Wed, 17 Apr 2024 13:00:25 +0000 https://www.benefitscanada.com/?p=154330 In its 2024-25 annual plan, the Financial Services Regulatory Authority of Ontario is focusing on assessing and mitigating systemic and high-priority risks in the province’s defined benefit pension plan sector. The regulatory body will review and enhance its supervisory framework to strengthen supervision of large public sector pension plans, ensuring its plan amendments and surplus […]

The post FSRA focusing on target-benefit framework for MEPPs, sustainability of PBGF in 2024-25 annual plan appeared first on Benefits Canada.com.

]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/canadian-investment-review/db-investments/top-5-hr-benefits-pension-and-investment-stories-of-the-week-75/ Fri, 08 Mar 2024 14:00:52 +0000 https://www.benefitscanada.com/?p=152916 An article on Eastman Kodak Co.’s plans to outsource management of its pension assets was the most-read story on BenefitsCanada.com. Here are the top five human resources, benefits, pension and investment stories of the week: 1. Kodak outsourcing US$1.6TN of pension assets to maximize overfunded status 2. OMERS returns 4.6% for 2023, driven by equities, fixed income […]

The post Top 5 HR, benefits, pension and investment stories of the week appeared first on Benefits Canada.com.

]]> FSRA outlines risk model to avoid pension plan investment turmoil, risks https://www.benefitscanada.com/pensions/governance-law/fsra-outlines-risk-model-to-avoid-pension-plan-investment-turmoil-risks/ Thu, 07 Mar 2024 14:00:06 +0000 https://www.benefitscanada.com/?p=152791 The Financial Services Regulatory Authority of Ontario is implementing a framework with core principals to help defined benefit pension plans avoid inappropriate risk-modelling strategies, said James Hoffner, the organization’s chief pension risk officer, during a conference on Monday. “Pension plans aren’t banks, they’re not commercial enterprises that are going to go out of business. We’re not going […]

The post FSRA outlines risk model to avoid pension plan investment turmoil, risks appeared first on Benefits Canada.com.

]]> Ontario DB pension plans’ average solvency ratio increased to 119% in Q4 2023: FSRA https://www.benefitscanada.com/pensions/defined-benefit-pensions/ontario-db-pension-plans-average-solvency-ratio-increased-to-119-in-q4-2023-fsra/ Wed, 06 Mar 2024 14:00:22 +0000 https://www.benefitscanada.com/?p=152598 The average projected solvency ratio for Ontario defined benefit pension plans was 119 per cent as of Dec. 31, 2023, up two per cent from Sept. 30, 2023, according to a new report by the Financial Services Regulatory Authority of Ontario. It found the median projected solvency ratio exceeded 100 per cent for 12 consecutive […]

The post Ontario DB pension plans’ average solvency ratio increased to 119% in Q4 2023: FSRA appeared first on Benefits Canada.com.

]]> Sounding Board: How pension IT risk management guidance will impact plan sponsors https://www.benefitscanada.com/pensions/governance-law/sounding-board-how-pension-it-risk-management-guidance-will-impact-plan-sponsors/ Thu, 29 Feb 2024 14:00:09 +0000 https://www.benefitscanada.com/?p=152486 Information technology risk has become a more prevalent concern in recent years, so it comes as no surprise that Canadian pension regulators are focused on ensuring that plan administrators manage this risk effectively. IT risk is associated with an entity’s IT infrastructure as a whole, including risk caused by error or malfunction, as well as […]

The post Sounding Board: How pension IT risk management guidance will impact plan sponsors appeared first on Benefits Canada.com.

]]> UPP keeping plan members engaged, informed with new web portal https://www.benefitscanada.com/pensions/pension-communication/upp-keeping-members-engaged-informed-with-launch-of-new-web-portal/ Mon, 26 Feb 2024 14:00:47 +0000 https://www.benefitscanada.com/?p=152301 The University Pension Plan is launching a new web portal to prioritize plan member engagement throughout the year. “Transparency is an important value to our members,” says Joanna Lohrenz, the plan’s chief pension services officer, noting the website will provide members with account details and allow them to update their personal information, run a pension […]

The post UPP keeping plan members engaged, informed with new web portal appeared first on Benefits Canada.com.

]]> OMERS pension benefits accounted for 9.3% of Ontario retirement income in 2023: report https://www.benefitscanada.com/pensions/defined-benefit-pensions/omers-pension-benefits-accounted-for-9-3-of-ontario-retirement-income-in-2023-report/ Thu, 15 Feb 2024 14:00:35 +0000 https://www.benefitscanada.com/?p=152014 Retirement benefits paid out by the Ontario Municipal Employees Retirement System accounted for 9.3 per cent of retirement income in Ontario in 2023, according to a new report by the Canadian Centre for Economic Analysis. The report analyzed data related to the OMERS’ pension payments, operations and assets. It found members’ retirement income alone supported […]

The post OMERS pension benefits accounted for 9.3% of Ontario retirement income in 2023: report appeared first on Benefits Canada.com.

]]> FSRA’s Pension Awareness Day helping engage, educate employees on benefits of workplace pension plans https://www.benefitscanada.com/pensions/defined-benefit-pensions/fsras-pension-awareness-day-helping-engage-educate-employees-on-benefits-of-workplace-pension-plans/ Wed, 14 Feb 2024 14:00:14 +0000 https://www.benefitscanada.com/?p=151914 For its second annual Pension Awareness Day on Feb. 15, the Financial Services Regulatory Authority of Ontario is holding information sessions for its employees to learn more about their pension plan. Even people who actually have an employer-sponsored pension plan aren’t aware of the value of those benefits, says Andrew Fung, executive vice-president of pensions […]

The post FSRA’s Pension Awareness Day helping engage, educate employees on benefits of workplace pension plans appeared first on Benefits Canada.com.

]]> Top 5 HR, benefits, pensions and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pensions-and-investment-stories-of-the-week/ Fri, 09 Feb 2024 14:00:22 +0000 https://www.benefitscanada.com/?p=151793 An article on the Ontario Court of Appeal’s affirmation of a $1.5 million punitive damages award was the most-read article on BenefitsCanada.com this week. Here are the top five human resources, benefits, pensions and investment articles of the past week: 1. Court of Appeal upholds $1.5 million punitive damages award in LTD claims case 2. N.B. transferring 5 public […]

The post Top 5 HR, benefits, pensions and investment stories of the week appeared first on Benefits Canada.com.

]]>