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 […]
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 […]
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. […]
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 […]
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 […]
In 2022, the typical defined benefit pension plan achieved an investment return of roughly negative 12 per cent. However, due to dramatic increases in bond yields and a subsequent decrease in pension liabilities, many pension plans ended 2022 with the same — or better — solvency funded level that they had at the beginning of […]
A pair of surveys on the state of Canadian workers’ mental health were among the most-read stories on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Survey finds 40% of Canadian gen Z employees at a mental-health ‘breaking point’ 2. Survey finds 40% of workers taking time off due […]
In December 2022, the Supreme Court of Justice of Colombia released an unexpected decision: two men, who had been in a polyamorous relationship with a third man for more than a decade, were entitled to the latter’s survivor pension benefits. The pension plan had originally denied the partners’ application for survivor benefits and had sought […]
An article on a 2023 budget proposal to require employers to report dental coverage as part of the national dental-care program was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Enhanced national dental plan to require reporting of employer-provided coverage: budget 2. CAAT raising DBplus […]
An article on a private member’s bill prohibiting the Canada Pension Plan Investment Board from making certain investments was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Private member’s bill prohibiting certain CPPIB investments survives first reading 2. Expert panel: Air Canada decision illustrates danger […]