Category: Governance

FSCO Annual Information Returns - there is a better way

As we know, FSCO is charged with regulatory responsibilities relating to pension plans in Ontario. They are also "charged" with charging for costs associated with these services - the most recent posted budget amount for 2007-2008 reflects billings in excess of 13 million for their services. As plan sponsors and plan administrators, you are familiar with...

Saskatchewan Government and General Employees Union hikes defined benefit contribution rate to 54% of wages!

Here is an interesting story out of Saskatchewan that offers an extreme example of the risks of defined benefit pension plans in the current environment. The Saskatchewan Government and General Employees Union (SGEU) has 35 employees and a defined benefit pension plan. On January 14, 2010 the SGEU planned to increase the employee contribution to the pension...

Retirement Plan Administration Updates for 2010

The 2010 limit for tax-deferred contributions to a registered pension plan is $22,450, which is equivalent to an income of $124,722.22. Persons below this limit will continue to be restricted to 18% of earnings. Click here for a table showing the 2010 limits for various retirement plan types. Click here for the 2010 limits for the Canada/Quebec Pension...

Proposed Pension Reforms in Ontario

On December 9, 2009, the Government of Ontario tabled legislation proposing changes to the provincial system governing private pensions. Bill 236 stems from recommendations of the 2008 Ontario Expert Commission on Pensions. The reforms in the Bill include: •Clarifying the benefits of plan members affect by lay-offs and eliminating partial wind-ups •...

Kerry Case highlights Pension Plan Governance

The recent Supreme Court of Canada decision in the Kerry Case highlights the importance of sound pension plan governance practices. According to Simon Archer of Koskie Minsky in the article Nolan v. Kerry and its Place in Pension Deliberation “Although Kerry (and others in the line of cases) will not create or erode pension plan provision in Canada, they do...

Pension plans in the news

The Globe and Mail has been featuring all week, an expansive examination of the Canadian retirement landscape . Topics covered have included: - underfunding - sponsor bankruptcy - coverage - financial planning - hybrid pension plans - coverage for small employers - Canadian pension from the global perspective If you are interested in reading more, the...

Changes to Canada Pension Plan CPP

The Federal Finance Minster Jim Flaherty announced, after meetings with his provincial counterparts, proposals to make some changes to the Canadian Pension Plan (CPP). The changes are designed to increase the flexibility of the CPP and to adjust the rates for early and postponed retirement.

Time for a new status quo?

Does a year of near historic economic upset and market volatility warrant a new perspective in terms of investing funds for individuals, endowments & foundations, or oversight responsibilities for pension committees? With the changes we have seen in the last year we can pretty much conclude that most people had an emotional and perhaps even a financial...

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