Pay transparency legislation is quickly gathering steam in Canada as provincial governments take steps towards shrinking the gender wage gap. Prince Edward Island was first to the post with pay transparency provisions in June 2022. While Newfoundland and Labrador’s Pay Equity and Transparency Act received royal assent in November 2022, its pay transparency provisions haven’t […]
Manitoba and Newfoundland and Labrador have officially ratified an agreement on multi-jurisdictional pension plans, which will come into effect on July 1. In March, the two provinces announced their intention to sign the agreement, which had previously been adopted by every other province except Prince Edward Island. The agreement’s adoption was contingent on an amended […]
The administrator of the Newfoundland and Labrador Public Service Pension Plan is planning a revamp of its information technology governance processes to mitigate cybersecurity risks. “The organization understands the importance of technology in enabling modernization of pension administration service delivery,” wrote Provident10 in the PSPP’s 2021 annual report. “Modernization will advance member and stakeholder experiences, as […]
Pension and retirement plan members in Newfoundland and Labrador can now designate beneficiaries through electronic means. The amendment allows individuals to name beneficiaries electronically for certain types of plans, including a workplace pension, retirement, welfare or profit-sharing fund or plan, a registered retirement income fund, a registered retirement savings plan or a tax-free savings account. […]
Pension and retirement plan members in Saskatchewan can now designate beneficiaries through electronic means. The provincial government recently passed a series of amendments regarding the electronic handling of legal matters. Bill 56 specifically allows individuals to name beneficiaries electronically for certain types of plans including an employee pension, retirement, welfare or profit-sharing fund or plan, […]
Pension plan members have super-priority when it comes to normal costs but not to special costs owed to bankrupted plans, the Supreme Court of Newfoundland and Labrador finds in a recent ruling. In the case, Anthony Capital Corporation (Re), between the trustees of the defunct Anthony Capital Corp.’s executive pension plan and representatives for the […]
The government of Newfoundland and Labrador is amending funding rules for the province’s multi-employer pension plans. The amendments include a permanent exemption from solvency funding requirements for MEPPs, retroactive to Dec. 31, 2020, when the previous temporary exemption ended. In addition, going-concern unfunded liabilities must now be funded over 10 years instead of the previous […]
At the end of March 2020, Newfoundland and Labrador had $4.89 billion in unfunded pension liabilities, including unfunded liability and promissory notes, according to a report released last week by the premier’s economic recovery team. Added to the province’s $3.29 billion in unfunded liability related to employee benefits, this results in financial exposure of $8.18 […]
At the beginning of September, Provident10, which oversees the administration and asset management for Newfoundland and Labrador’s Public Service Pension Plan, welcomed a new chief investment officer, Michel Malo. With $6.6 billion in invested assets as of year-end 2018, Provident10 is a fairly new entity. In December 2014, the province’s government and its five largest […]
How a derivatives overlay helped Newfoundland and Labrador