Pension reform is a hot button issue, with many Canadians aware of the challenges facing traditional pension plans today. Now is the time for both public and private sector plans to evolve in response to growing...more
Last Friday, the federal government released the next round of proposed amendments to the Pension Benefits Standards Regulations, which will change or enact new provisions regarding plan investments, defined contribution (DC)...more
Effective September 1, 2014, the new Alberta Employment Pension Plans Act (New EPPA) and Employment Pension Plans Regulation (New Regulation) came into force. Pension plans registered in Alberta, as well as plans registered...more
In this post, we discuss the amendments in the new Employment Pension Plans Act (EPPA) and the accompanying Employment Pension Plans Regulation (EPPR), which came into force on September 1, 2014, with respect to plan...more
The new Employment Pension Plans Act (EPPA) and the accompanying Employment Pension Plans Regulation (EPPR), which came into force on September 1, 2014, are reforming the pension regulatory landscape in Alberta.
Alberta is moving forward with sweeping pension reforms in the new Employment Pension Plans Act (EPPA) and regulations, which come into effect on September 1, 2014. Alberta’s new approach of providing comprehensive and...more
On April 24, 2014, the federal government released a consultation paper proposing a framework for target benefit plans (TBP), and seeking input from stakeholders on the parameters of the proposed TBP framework. The...more
New Brunswick has enacted legislation to permit shared risk pension plans (SRPs), a type of target benefit plan (TBP), while other Canadian provinces have passed amendments to enable TBPs. This article discusses...more
The 21st century workforce needs a modern retirement income system, but Ontario and Canada have a 20th century system in place. That is why Ontario is taking a leadership role in addressing this pressing issue....more
We noticed last week after the federal government’s welcome announcement to commence a consultation process on target benefit plans (TBPs) that much of the media coverage and discussion focussed on the Canada Pension Plan...more
Earlier today, the Minister of State (Finance), Kevin Sorenson, announced that the federal government is launching consultations on a potential federal framework for Target Benefit Plans, or TBPs. TBPs would be a new,...more
On April 16, 2014, the government of Alberta tabled Bill 9, Public Sector Pension Plans Amendment Act, 2014 (Bill 9), which proposes significant changes to public sector pension plans in Alberta.
In this blog post, I...more
Alberta appears to be moving forward with its pension reform agenda. As you may recall, on December 10, 2012, Alberta’s new Employment Pension Plans Act (the Proposed New EPPA) received royal assent, but it has not yet been...more
This is my third blog post in a series on target benefit plans. In the first post, I discussed the basics of target benefit plans (TBP), also referred to as defined ambition plans.
In the second post, I discussed New...more
On March 26, 2014, the New Brunswick legislature introduced for first reading Bill 51, An Act Respecting Members’ Pensions, which proposes to move Members of the Legislative Assembly (MLAs) to the shared risk pension plan...more
This is my second blog post in a series regarding target benefit plans (TBPs) (for Part I, which provides a general overview of TBPs, see my March 10, 2014 post). In this post I will focus on New Brunswick, as the first...more
This is my first blog post in a series regarding target benefit plans (TBPs) (also called defined ambition plans). In this post, I will describe what TBPs are and why such plans should be permitted under pension laws as a...more
Earlier this week, the Ontario government announced that it would be making changes to its post-retirement benefit program in order to “bring the Ontario Public Service retiree benefits in line with other public sector...more
Yesterday’s federal budget demonstrates that, like many of its provincial counterparts, the federal government is looking for cost savings in its employees’ compensation arrangements.
On November 19, 2013, the Province of New Brunswick introduced for First Reading, An Act Respecting Pensions under the Public Service Superannuation Act (the Act). Under the Act, the Public Service Superannuation Act (PSSA)...more
Reform of Canada’s public sector pension plans is no longer limited to active employees – increasingly governments are willing to address expensive components of retiree pensions as a part of their reform initiatives.