Good governance and pension plans: Takeaways from the pandemic
COVID-19 forced pension plan administrators to swiftly change their ways of doing things. From communications to financial analysis, pension plans have evolved and adapted. Now, more than two years later, the return to a “new normal” does not have to mean going back to our old ways. In light of the lessons learned from the pandemic, we must now decide which path to pursue. Here are some best practices for pension plan administrators to keep in mind.
Quebec drug insurance plan: No rate changes for 2022-2023
Every year on July 1, the Régie de l’assurance maladie du Québec (RAMQ) adjusts the rates for the public prescription drug insurance plan to take into account changes in plan costs.
ACCOUNTING STANDARDS APPLICABLE TO FUTURE GROUP BENEFITS: ASSUMPTIONS USED BY CANADIAN ORGANIZATIONS AND LATEST UPDATES
Several private sector organizations must include in their financial statements the recognition of their obligations toward defined benefit pension plans (DB pension plans) and other post-employment benefit plans, such as medical care plans offered to retirees (other benefits).
Again this year, Normandin Beaudry’s specialists analyzed the annual reports of Canadian organizations listed on the S&P/TSX 60 Index (60 largest organizations) and the S&P/TSX Mid Index (mid-cap organizations) for which the fiscal year ended between September 30, 2021, and February 28, 2022.
Attracting and retaining talent: The importance of data
The war for talent is over and the talents have won. Under these circumstances, how can you offer distinctive total rewards and beat the labour shortage? Take action by avoiding frequent pitfalls.
The 2022 federal budget and your total rewards program
The 2022 federal budget contains several measures that could directly or indirectly affect total rewards programs. In light of the available information, our specialists have identified the most relevant elements to monitor.
2021 tax year – Tax credit for medical expenses and special rule for office supplies and computer equipment
OFFICE SUPPLIES AND COMPUTER EQUIPMENT
For the 2021 tax year (just like the 2020 tax year), the Canada Revenue Agency (CRA) and Revenu Québec have indicated that if an employer provides an allowance or a refund for the purchase of office supplies and computer equipment, this amount will not be considered to be part of the employee’s taxable income, up to a maximum of $500 combined for 2020 and 2021 per employee, if the equipment is used for telework.
Estimated solvency funded status of defined benefit pension plans in Ontario as at December 31, 2021
On February 8, 2022, the Financial Services Regulatory Authority of Ontario (“FSRA”) published its last 2021 Quarterly Update on Estimated Solvency Funded Status of Defined Benefit Pension Plans in Ontario, which outlines up-to-date information on the estimated solvency ratios of defined benefit pension plans in Ontario as at December 31, 2021.
The Top 10 Developments in Prescription Drug Insurance of 2021
Similar to 2020, 2021 will have been notable for the COVID-19 pandemic. Despite this, the prescription drug insurance industry has been constantly changing. Here is the 7th edition of our top prescription drug developments.