pension benefits – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Wed, 01 May 2024 19:25:54 +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 […]

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]]> OPB working with employers to receive salary information of employees impacted by Bill 124 https://www.benefitscanada.com/pensions/defined-benefit-pensions/opb-adjusting-salary-information-of-public-sector-workers-impacted-by-bill-124/ Tue, 12 Mar 2024 19:00:27 +0000 https://www.benefitscanada.com/?p=152943 The Ontario Pension Board is working closely with employers to receive updated salary information from public sector workers that may have been impacted by the decision of Ontario’s government to repeal Bill 124. In a communication to members, the investment organization said the changes could include “additional pension contributions for any retroactive wage adjustments.” Read: Ontario […]

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]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pension-and-investment-stories-of-the-week-73/ Fri, 23 Feb 2024 14:00:27 +0000 https://www.benefitscanada.com/?p=152277 An article on how the Ontario Municipal Employees Retirement System has contributed to the province’s gross domestic product 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 week: 1. OMERS pension benefits accounted for 9.3% of Ontario retirement income in 2023: report […]

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]]> Converting DB pension plans to DC plans impacts cash flow, increases costs: report https://www.benefitscanada.com/pensions/defined-benefit-pensions/converting-db-pension-plans-to-dc-plans-impacts-cash-flow-increases-costs-report/ Wed, 13 Dec 2023 20:00:55 +0000 https://www.benefitscanada.com/?p=148774 U.S. public sector defined benefit pension plans that have switched to a defined contribution model have experienced negative cash flows and increased costs and employee turnover, according to a new report by the National Institute on Retirement Security. The report analyzed five public sector pension plans including those in Alaska, Michigan and West Virginia. It […]

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]]> FSRA’s proposed rule could increase fairness in division of pension benefits during marriage breakdown: expert https://www.benefitscanada.com/pensions/governance-law/fsras-proposed-rule-could-increase-fairness-in-division-of-pension-benefits-during-marriage-breakdown-expert/ Fri, 08 Dec 2023 14:00:55 +0000 https://www.benefitscanada.com/?p=148525 The Financial Services Regulatory Authority of Ontario’s proposed family rule could allow for pension benefits to be divided more fairly in the event of a marriage breakdown, says Louis Duranleau, a senior principal of pensions at Normandin Beaudry. “When there’s an agreement between the spouses to share the retiree’s pension before it’s effectively divided in […]

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]]> Expert panel: How interest rates impact DB pension plans https://www.benefitscanada.com/expertpanel_/gavin-benjamin/expert-panel-how-interest-rates-impact-db-pension-plans/ Thu, 07 Dec 2023 14:00:47 +0000 https://www.benefitscanada.com/?p=148419 Interest rate levels are critically important to the financial health of defined benefit pension plans. Many DB plans are in their best financial positions in decades, largely due to the dramatic rise in interest rates over the past few years, but decreases in interest rates could pose a major risk for many plans. Changes in […]

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]]> Newfoundland and Labrador arbitrator rules pension grievance can proceed despite late filing, citing ‘culture of acquiescence’ https://www.benefitscanada.com/pensions/governance-law/newfoundland-and-labrador-arbitrator-rules-pension-grievance-can-proceed-despite-late-filing-citing-culture-of-acquiescence/ Thu, 07 Sep 2023 13:00:45 +0000 https://www.benefitscanada.com/?p=143088 An arbitrator has ruled that a pension grievance filed seven years beyond a collective agreement’s time limit could proceed because of the employer’s “culture of acquiescence” regarding enforcement of the limit. “The message to employers is that if they get in the habit of letting time limits slide, their lack of adherence can come back […]

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]]> New federal legislation around missing pension plan members should include ongoing plans: ACPM https://www.benefitscanada.com/pensions/governance-law/new-federal-legislation-around-missing-pension-plan-members-should-include-ongoing-plans-acpm/ Tue, 01 Aug 2023 19:00:24 +0000 https://www.benefitscanada.com/?p=141549 In response to the federal government’s consultation on draft amendments to pension legislation pertaining to the transfer of unclaimed benefits for missing plan members, the Association of Canadian Pension Management is suggesting the legislation include a condition to allow the transfer of assets in the case of an ongoing pension plan in addition to closed plans. […]

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]]> Feds consulting on draft amendments to pension legislation for transfer of missing members’ benefits https://www.benefitscanada.com/pensions/governance-law/feds-consulting-on-draft-amendments-to-pension-legislation-for-transfer-of-missing-members-benefits/ Fri, 30 Jun 2023 19:00:44 +0000 https://www.benefitscanada.com/?p=140612 The federal government is launching a consultation on draft amendments to pension legislation pertaining to the transfer of unclaimed benefits for missing plan members. Under the Pensions Benefits Standards Act, plan administrators can transfer pension assets of missing members to a ‘designated entity.’ The draft amendments specify who qualifies as a missing member or beneficiary, as […]

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]]> Amendment to Manitoba pension legislation providing flexibility for beneficiary designation https://www.benefitscanada.com/pensions/governance-law/amendment-to-manitoba-pension-legislation-providing-flexibility-for-beneficiary-designation/ Thu, 08 Jun 2023 13:00:55 +0000 https://www.benefitscanada.com/?p=139525 An amendment to Manitoba’s Beneficiary Designation Act allows a pension plan member’s legal representative to now make a beneficiary designation on behalf of the member if they can’t make the designation themselves. However, the representative can only designate a beneficiary if the plan renews, replaces or converts a plan made by the participant and the same […]

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