The Defined Contribution Institutional Investment Association is calling on the U.S. government to develop flexible emergency savings solutions for employees. The Washington, D.C.-based organization is among 38 signatories calling for the creation of a national financial inclusion strategy. The strategy should reflect several key principles, including automatic enrolment in workplace emergency savings plans that are […]
The Pension Investment Association of Canada is urging the federal government to allow for tax-free mergers of maturing target-date funds. In a letter to the Department of Finance Canada, the PIAC said current tax rules don’t permit tax-free mergers of a target-date fund series into a terminal fund — where a target-date fund provider will […]
A ruling by the Supreme Court of British Columbia on the B.C. Credit Union Employers’ Pension Plan’s normal retirement date was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. B.C. court upholds pension plan’s decision to increase retirement age 2. Ontario NDP platform includes dental […]
In its 2022 budget on Thursday, the Ontario government said it’s implementing a permanent target-benefit pension plan framework in 2023. The budget noted specified Ontario multi-employer pension plans, which provide these types of benefits, have been operating under temporary regulations that will expire in 2024 unless replaced by a permanent framework. “A permanent target-benefit framework […]
A story that took an in-depth look at the federal government’s 2022 budget proposals and their potential impacts on employers and employees was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: What’s in the federal budget for employers, employees? Physical health, work-life balance and […]
Last week’s federal budget proposed more borrowing flexibility for registered defined benefit plans. The proposal would replace the historical 90-day term limit on short-term borrowing with restrictions based on plan assets: additional borrowed money can’t exceed the lesser of 20 per cent of the plan’s assets and the amount by which 125 per cent of […]
The federal government’s 2022 budget is addressing long-standing rules preventing defined benefit plan sponsors from borrowing in most circumstances. In the $56-billion budget, which is expected to easily pass into law with the support of Liberal and New Democratic Party members of parliament, proposes providing more borrowing flexibility to administrators of registered DB plans. The […]
A story about the federal government considering whether to include booster shots in the next version of the coronavirus vaccine mandate for workers was the most read story of the week on BenefitsCanada.com. Here are the five most popular news stories of the week: Feds consider definition of ‘fully vaccinated’ in review of federal worker mandate […]
Changes to the calculation of commuted pension values in Canada are making it more challenging for defined benefit pension plan members to determine an optimal day to quit their job and receive the maximum payout, says one actuary. Peter Gorham, an actuary at JDM Actuarial Expert Services Inc., says while he used to point plan […]
The Association of Canadian Pension Management is calling on Prince Edward Island’s pension regulator to amend the Employment Standards Act to facilitate auto-enrolment and auto-escalation features in workplace pension and savings plans. The current legislation includes language that would prohibit pension plan administrators from introducing automatic features in workplace plans, including capital accumulation plans such […]