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Normandin Beaudry


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    NB Bulletins Vol. 18 N. 9, June 2015
    Bill 57

    After the bill on the funding of municipal pension plans was assented to last December, the National Assembly continued its work, introducing An Act to amend the Supplemental Pension Plans Act mainly with respect to the funding of defined benefit pension plans (Bill 57) on June 11, 2015.  

    NB Bulletins Vol. 18 N. 8, June 2015
    Ontario pension plans: Overview of recent changes to legislation

    Over the last year, several legislative changes have impacted pension plans registered with the Financial Services Commission of Ontario (FSCO). The purpose of this information bulletin is to present the key legislative amendments that recently came into effect in Ontario. It also aims to summarize the bills and regulations that should be introduced in the near future.

    NB Bulletins Vol. 18 N. 7, June 2015
    Accounting standards applicable to employee future benefits: What assumptions do Canadian companies use?

    Several private sector companies must include the recognition of their obligations towards defined benefit pension plans (DB plans) and group insurance plans offered to retirees (other post-retirement benefits) in their financial statements.

    NB Bulletins Vol. 18 N. 6, may 2015
    Bill 28 passed - implications for group benefits plans

    The National Assembly passed Bill 28 on April 20, 2015. This bill includes a host of budget measures and numerous changes to different laws. Several of the measures announced impact directly or indirectly group benefits plans.  

    NB Bulletin Vol. 18 N. 5, April 2015
    Amendments to the Pension Benefits Standards Regulations, 1985

    On March 25, 2015, the final amendments to the Pension Benefits Standards Regulations, 1985 (the "Regulations") were published in the Canada Gazette.

    NB Bulletin Vol. 18 N. 4, April 2015
    Ontario Retirement Pension Plan (ORPP)

    Public consultations on Bill 56, An Act to require the establishment of the Ontario Retirement Pension Plan (ORPP), were recently held and ended in late March 2015. The purpose of this major bill is to create an additional savings instrument that will strengthen the current retirement income system for working Ontarians. 

    NB Bulletin Vol. 18 N. 3, March 2015
    Longevity insurance: a first contract in Canada

    As Normandin Beaudry informed you in its September 2014 information bulletin, longevity risk management will lead to new risk mitigation strategies hitting the Canadian market, including longevity insurance. The March 3 announcement of the $5 billion longevity insurance agreement reached between BCE and Sun Life Financial confirms this trend.

    NB Bulletin Vol. 18 N. 2, February 2015
    2014 tax credit for medical expenses

    For the 2014 tax year, a tax credit ranging from 4% to 20% of incurred medical expenses(1) could be granted to Canadian taxpayers. The credit is subject to certain conditions and depends on the province of residence.

    NB Bulletin Vol. 18 N. 1, January 2015
    2015 Social Security Programs Parameters

    As in previous years, we inform you about the parameters that will be used by the major social security programs in 2015.

    NB Bulletin Vol. 17 N. 13, December 2014
    Impact of tax measures announced by the Quebec government on group benefits plans

    On December 2, 2014, in the Update on Québec's Economic and Financial Situation, the Quebec Government announced some tax measures that have an impact on group benefits plans and employers' contributions to the Health Services Fund.

    NB Bulletin Vol. 17 N. 12, December 2014
    Revenu Québec and its application of the Unclaimed Property Act

    On April 1, 2006, the Curateur public transferred the administration of unclaimed financial property to Revenu Québec (RQ). Since then, RQ has been auditing pension plans to determine whether or not unclaimed property and penalties, if applicable, have been remitted. These audits target notably small amounts whose commuted value represents less than 20% of the Year's Maximum Pensionable Earnings (YMPE) for the year in which the member ceased to be an active member.

    NB Bulletin Vol. 17 N. 11, December 2014
    Group insurance plans in Quebec: new cost transfers from public to private plans

    Last week, the Quebec government tabled Bill 28 (An Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016). Some provisions of this bill will directly impact the cost of group insurance plans in Quebec. 

    NB Bulletin Vol. 17 N. 10, October 2014
    Rates for Health Care Professionals in 2014

    During the summer of 2014, Normandin Beaudry conducted its 17th annual survey of fees charged by health care professionals in Quebec. Considering the fact that health care services provided by these specialists are typically covered by group benefits plans, we believe that the results presented below will be of interest to you.

    NB Bulletin Vol. 17 N. 8, September 2014
    Quebec salaries expected to increase by 2.9% in 2015

    Normandin Beaudry’s annual survey on salary increases reveals that Quebec salaries are expected to increase by 2.9% in 2015. Salary structure increases remain stable with an average increase of 2.0%.

    NB Bulletin Vol 17 N. 7, July 2014
    New Financial Parameters for the Quebec Prescription Drug Insurance Plan

    On July 1 each year, the Régie de l’assurance maladie du Québec adjusts the financial parameters applicable to the public prescription drug insurance plan to take into account the increase or decrease in plan costs.

    NB bulletin Vol. 17 N. 5, May 2014
    Residual benefits due to pension plan insolvency

    On April 30, 2014, the Régie des rentes du Québec (the “Régie”) issued a Newsletter Express on the amounts payable following the settlement of benefits under a partially solvent defined benefit pension plan. This document confirms a change in the interpretation of rules that could have financial impacts for plan sponsors.

    NB bulletin Vol. 17 N. 4, May 2014
    Comply to make Ontario more accessible for persons with disabilities

    In 2005, the Ontario government enacted the Accessibility for Ontarians with Disabilities Act, which aims to eliminate barriers that persons with physical or psychological limitations may face. This Act includes different standards that employers must comply with to create accessible workplaces that allow employees with disabilities to reach their full potential.

    NB bulletin Vol. 17 N. 3, March 2014
    Certain provisions relating to pay equity audits deemed unconstitutional

    On January 22, 2014, the Quebec Superior Court handed down a ruling on a motion to repeal certain provisions of the Pay Equity Act.  The court rejected part of the motion, but declared sections 76.3 and 76.5 of the Pay Equity Act to be invalid and of no legal force or effect.     

    NB Bulletin Vol. 15 N. 7, June 2012
    Prescription Drug Insurance: RAMQ Position Update

    The document entitled Info assurance médicaments and published on the website of the Régie de l’assurance maladie du Québec (RAMQ) presents the RAMQ’s positions on various topics related to Quebec’s Act respecting prescription drug insurance (hereinafter called “the Act”) and on the administration of private drug insurance plans. The RAMQ recently updated this document.

    NB Bulletin Vol. 15 N. 6, April 2012
    Pay equity: mandatory report on pay equity for employers behind in their work

    Employers behind in their work to ensure compliance with Quebec’s Pay Equity Act (“the Act”) are wondering how to tackle the report on pay equity (referred to as “DEMES” by Quebec government entities). Let’s examine this question.

    NB Bulletin Vol. 15 N. 5, February 2012
    Tax credit for medical expenses

    Subject to certain eligibility criteria, a tax credit of between 4% and 20% of the incurred expenses can be granted to the taxpayer(1).

    NB Bulletin Vol. 15 N. 4, February 2012
    Proposed amendments to accounting standards applicable to employee future benefits

    Private enterprises that only recently transitioned to new Canadian accounting standards already need to anticipate the impact of other amendments for employee future benefits that could be introduced in the near future. Private sector not-for-profit organizations are also preparing to adopt the new Canadian standards and must already consider the impact of future amendments to these standards.

    NB Bulletin Vol. 15 N. 3, January 2012
    Infrastructure Bonds: Why Consider Them?

    Pension funds are now—more than ever—looking for secure, long-term assets that produce a high steady rate of income. For several years now, bonds related to infrastructure projects, particularly those structured as public-private partnerships (PPPs), have become increasingly popular and have taken on a growing position in bond indexes. For some organizations, certain values or ideologies might render these investments inappropriate. However, they have characteristics that meet the needs of many pension funds to manage their mismatch risk and some institutional managers have set up funds dedicated to infrastructure debt.

    NB Bulletin Vol. 14 N. 12, December 2011NB bulletins