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A look at Sears’ U.S. pension prospects as Canadian windup ordered

Whatever the fate of Sears Holdings Corp.’s operations in the United States, the company’s American pensioners are likely to emerge better off than their Canadian counterparts. Much of that is due to the broad powers available to the Pension Benefit Guaranty Corp., which regulates pensions in the United States. “The PBGC can act pre-emptively, and it […]

Disclosable event regime, Sears measures among pension changes in Ontario budget

As part of its 2018 budget, the Ontario government unveiled a proposal to make its changes to the pension benefits guarantee fund apply retroactively to plans with a windup date on or after May 19, 2017. “This amendment is intended to apply to pension benefits provided to former Sears Canada employees,” the government noted in its budget on […]

Ontario’s proposed DB funding rules lack solvency reserve accounts: PIAC

The Pension Investment Association of Canada is calling out Ontario’s proposed defined benefit solvency funding framework for its lack of solvency reserve account structures, a model that exists in the regulatory landscapes in Alberta, British Columbia and Quebec. In a letter to Charles Sousa, the province’s minister of finance, the association’s chair Brenda King notes it has advocated in favour […]

  • By: Staff
  • March 14, 2018 September 13, 2019
  • 08:30
Actuarial analysis required for Ontario’s proposed PBGF changes: CIA

The Canadian Institute of Actuaries is urging Ontario to take an actuarial approach to its proposed changes for the pension benefits guarantee fund. The province has proposed increasing the guarantee provided by the fund to $1,500 per month from $1,000. In a wider submission to the province’s Ministry of Finance on the proposed new funding rules for defined […]

  • By: Staff
  • February 23, 2018 September 13, 2019
  • 16:15
Scrap the PBGF: Fraser Institute

Report calls fund a "fiscal albatross".

Scrap Ontario’s PBGF: Fraser Institute

Ontario should scrap its Pension Benefits Guarantee Fund (PBGF) in favour of a less risky alternative, says a new report from the Fraser Institute, entitled Getting Ontario’s taxpayers off the hook for private pension liabilities.

  • By: Staff
  • March 20, 2012 September 13, 2019
  • 12:13
Is it time to delete the PBGF?

Sponsors of DB pension plans with Ontario members will see their assessments under the Pension Benefits Guarantee Fund (PBGF) rise dramatically.

Pension reform proposals tabled by the Ontario government continue to receive mixed reaction from industry groups and pension plan service providers. “We applaud Minister Duncan on his leadership on pension reform and for acting on the recommendations in the Arthurs Report in a timely manner,” said Scott Perkin, president of the Association of Canadian Pension […]