Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Ontario Government

On May 19, 2017, Ontario’s Ministry of Finance announced its proposed new defined benefit (DB) pension plan funding framework as well other amendments to be made in a legislation to be introduced in the fall.  It applies to single-employer DB plans, but not to multi-employer pension plans (MEPPs) and jointly sponsored pension plans (JSPPs).  The government is not considering changes to funding rules for JSPPs at this time.  We were also directly informed that the government intends to announce its proposed target benefit MEPP framework later this spring and release draft regulations for public consultation in fall 2017.

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Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Provincial Budgets 2017: Ontario

Provincial Budgets 2017: Ontario

Ontario Government

On April 27, 2017, Ontario Finance Minister Charles Sousa presented the 2017 Ontario Budget, A Stronger, Healthier Ontario (the “Budget”).  This budget is the first balanced budget since 2008, yet it includes new programs and additional spending focused on health, infrastructure, and housing affordability matters.  The Budget also includes some equivocal announcements on pension matters.  This memo will highlight a number of items that may be of interest to plan administrators, employers, and employees.

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Ontario Budget 2017

Highlights From the Apples & Oranges MEPP Benchmarking Study Revealed (Online Seminar)

Highlights From the Apples & Oranges MEPP Benchmarking Study Revealed (Online Seminar)

  • Would you like to know how your pension plan’s benefit and contribution rates compare to other plans?
  • Is your plan getting the biggest bang for the buck?  Are your plan’s benefits top quartile, bottom quartile, or something in between?
  • How efficient your pension plan’s risk profile is relative to others?

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Summary of PBI’s Seminar Revealing MEPP Benchmarks Published in Benefits and Pensions Monitor

Summary of PBI’s Seminar Revealing MEPP Benchmarks Published in Benefits and Pensions Monitor

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Survey Reveals MEPP Benchmarks

Article written by Nisha Singh and Nellie Hua, consultants at PBI Actuarial Consultants Ltd., published in the Benefits and Pensions Monitor Online.

Extract

The average employer/employee contribution to a multi-employer pension plan is $4.26 per hour, says H. Clare Pitcher, of PBI Actuarial Consultants. Speaking at its ‘Apples & Oranges: MEPP/TBP Benchmarking Study,’ he said the range for contributions is $1.09 to $7.60 per hour. Cindy Rynne, of PBI, said the survey, its first, is designed to reveal some benchmarks for MEPPs across the country.

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Article on the Benefits of Benchmarking MEPPs/TBPs Published in the Benefits and Pensions Monitor

Article on the Benefits of Benchmarking MEPPs/TBPs Published in the Benefits and Pensions Monitor

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SEVEN REASONS WHY YOU SHOULD BENCHMARK YOUR MEPP/TBP

Article written by Nisha Singh and Nellie Hua, consultants at PBI Actuarial Consultants Ltd., published in the Benefits and Pensions Monitor Online.

Extract

Benchmarking is a very effective tool often used in the business world to compare things. It lets you know exactly where you stand. In particular, it has specific application to pension and benefit plans. Single employer pension plans have been doing this for years and now there is an opportunity for multi-employer and target benefit plans to do the same.

Here are the seven top reasons why multi-employer pension plan (MEPP) and target benefit plan (TBP) trustees and administrators should strongly consider benchmarking their plan.

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