An article on the Ontario government’s review of preferred pharmacy networks was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. Ontario reviewing impact of preferred pharmacy networks on plan members’ costs, accessibility 2. Canadian employers focusing on workers’ emotional well-being in […]
Ontario’s Ministry of Health is consulting on the role of preferred pharmacy networks in the province’s employer-sponsored drug insurance sector to determine how these agreements impact plan members’ costs, choice, accessibility and access to medicine and quality of care. In its draft consultation paper, the ministry said a common concern among consumers is when PPNs are closed and […]
Ontario’s proposed regulatory framework for target-benefit pension plans includes requirements that are more prescriptive than other jurisdictions and could result in additional costs and reduced benefits for plan members, said the Association of Canadian Pension Management. In an open letter, the ACPM noted the inclusion of policies — such as those determining funding and benefits, […]
Stronger regulations at the provincial level surrounding Ontario employers’ publicly advertised job postings can prevent companies from ‘ghosting’ applicants and provide candidates with more transparency in the recruiting process, says Patricia Hewlin, professor of social organizational psychology at Columbia University’s Teachers College. Earlier this year, the Ontario government passed the Working for Workers Four Act, 2023, […]
An article on an Ontario court ruling that determined an employer wasn’t obligated to preserve past service benefits was the most-read article on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. Ontario court rules employer not obligated to preserve past service benefits 2. 49% of […]
Ontario’s small claims court has ruled that an employer’s letter, which described the benefits coverage that would exist following a divestment as ‘comparable’ to prior levels of coverage, didn’t create a contractual obligation to preserve past service benefits. “The decision makes a clear distinction between an informational announcement or other general information that is not […]
The average projected solvency ratio for Ontario defined benefit pension plans was 122 per cent as of March 31, 2024, up three per cent from Dec. 31, 2023, according to a new report by the Financial Services Regulatory Authority of Ontario. It found 90 per cent of DB plans were projected to be fully funded […]
The Medicus Pension Plan, a defined benefit multi-employer pension plan designed exclusively for incorporated physicians in Canada, reported a funded status of 158 per cent on a going-concern basis and a 115 per cent funded status on a solvency basis as of Jan. 1, 2024. The plan, which launched in May 2023, is designed to […]
In its newest guidance, the Financial Services Regulatory Authority of Ontario is barring pension plan administrators from registering retroactive adverse amendments that could have a negative impact on plan members or beneficiaries, such as changes in contribution rates, subject to limited exceptions. “What we found coming out of the [coronavirus] pandemic, . . . there was […]
Roughly seven in 10 (73 per cent) Ontario Pension Board plan members believe environmental, social and governance factors should play a critical role in the plan’s investment considerations, according to a new survey included in the investment organization’s inaugural ESG report. The survey, which polled roughly 10,000 plan members, found nearly two-fifths (39 per cent) of […]