Plan design changes are on the horizon for the Ontario Municipal Employees Retirement System’s primary pension plan. The OMERS Sponsors Corp. board has approved five plan changes. The first three changes are effective immediately and are tied to circumstances related to the coronavirus. The other two are part of the annual plan review, which were […]
Manitoba’s Liberal Party is concerned about a number of pension plan design changes put forth by the province’s Conservative government in a public review earlier this month. “We are extremely concerned about the direction the Pallister government is taking on pensions,” Dougald Lamont, the leader of the Manitoba Liberals, said in an email to Benefits Canada. The […]
The relatively new New Brunswick shared-risk plan (SRP) model has received a lot of attention and positive publicity over the past year, not only in the province and the rest of Canada but also around the world. However, there are a number of significant shortcomings that have, to date, not been particularly well identified, understood or communicated.
The Government of New Brunswick reconvened the legislative assembly to make amendments to the Pension Benefits Act that will enable retirees under the Fraser Papers’ pension plans to immediately benefit from increased pension payouts.
When faced with issues regarding the sustainability of its DB pension plan, Saint John Energy, an electrical distribution utility servicing the City of Saint John, N.B., took an innovative approach to implement a leading-edge solution. As a result, Saint John Energy has been able to make changes to its plan design with member approval.
Pension reform in New Brunswick can be traced to two highly publicized pension plan failures, which reduced incomes substantially below the level promised by the plans. These events tangibly demonstrated the risks inherent in the current pension delivery model being followed across Canada.