NB bulletins

The Financial Services Regulatory Authority of Ontario (FSRA) has recently released its annual report, which outlines its many activities in the past year, primarily aimed at supporting pension plan evolution, consulting on a prudential supervision framework, and refocusing pension regulation on regulatory effectiveness and efficiency. This bulletin summarizes FSRA’s main activities as well as notable pension-related legislative changes in 2021.

You will find below the link to add to your favorites to access the key social security parameters in electronic format. Quick and easy to use, this document is your reference for public pension plans and other retirement plans.

On September 22, the Quebec government published a draft regulation amending the Regulation respecting supplemental pension plans, which was made necessary following the adoption of Bill 68 in December 2020.

On September 14, the Canadian Institute of Actuaries issued revisions to subsection 3540 of its Standards of Practice on the economic assumptions to use when determining pension commuted values.

It has been six years since the MSPP Act was adopted for municipal sector pension plans. Section 1 of the Act states that the legislation aims to improve the financial health of pension plans and ensure their sustainability, notably by introducing cost sharing and stabilization mechanisms that allow various funding strategies to be considered. How about now? Are these strategies optimally applied?

On July 29, 2021, an additional burden was placed on administrators of defined benefit pension plans with PBGF liabilities of $10 million or greater who will now be required to calculate and report their plan’s PBGF claim exposure and information regarding the distribution of benefits. This new measure was introduced to address issues related to data availability, which were raised following a recent review of the PBGF and will be applicable to valuations filed on or after September 1, 2021.

At the end of July, the Public Sector Accounting Board (PSAB) published a first exposure draft on PS 3251, the new standard for employee benefits that will apply to Canadian public sector entities. This standard would replace PS 3250 (retirement benefits) and PS 3255 (post-employment benefits, compensated absences and termination benefits). In this exposure draft, the PSAB is seeking comments on deferral provisions (deferred recognition of actuarial gains and losses) and discount rate guidance.

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.

On May 18, the Government of Quebec announced that it would start to shift towards the use of biosimilars for everybody insured by the Régime général d’assurance médicaments (RGAM). This initiative will save the government more than $100 million annually. It is part of a national movement that began in British Columbia and Alberta and which will include other provinces by the end of the year.

Normandin Beaudry announces the results on its post-pandemic telework practices survey launched in May. Spotlight on the thoughts of 340 Canadian organizations who answered the call.

Several private sector organizations must include the recognition of their obligations toward defined benefit pension plans (DB pension plans) and group benefits plans offered to retirees (other benefits) in their financial statements.

Again this year, Normandin Beaudry’s specialists analyzed the annual reports of Canadian organizations listed on the S&P 60 Index (60 largest organizations) and the S&P MidCap Index (mid-cap organizations), the fiscal year of which ended between September 30, 2020, and February 28, 2021.

On May 10, 2021, the Bank of Canada exceptionally and retroactively revised the V39057 and V122553 rates for real return bond data starting June 1, 2020.

The federal budget unveiled on April 19, 2021, affects several components of total rewards. Our specialists have identified the most relevant elements.

We’ve all witnessed the devastating effects of COVID-19 on our everyday life and on our loved ones. The virus has unfortunately taken the lives of too many people. What impact will this have on the mortality of Canadians and how will this uptick in deaths affect group benefits plans offered to workers and retirees?

Exceptionally for the 2020 tax year, the Canada Revenue Agency (CRA) and Revenue 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 per employee, if the equipment is used for telework.

The federal government’s new Pay Equity Act is expected to come into force this year. If you are a federally regulated employer, you will have to comply with the requirements within three years of its coming into force.

The milestone event of 2020 is undoubtedly the scientific research that led to the arrival of a COVID-19 vaccine in less than a year. Apart from this highlight, here is the 6th edition of our top drug developments.

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 the increase or decrease in plan costs.

In our bulletin from July, we explained that the financial pressures caused by the COVID-19 situation in Quebec had prompted the RAMQ to set rates below what was expected based on the evolution of the plan’s costs. At the time, the RAMQ reserved the right to review rates as of January 1, 2021, rather than wait until July 1, 2021, as expected.

On December 16, 2020, the regulations under Bill 31 were given assent. As a result, the removal of the cost of several pharmaceutical services will improve access to them and help to continue expanding the role of pharmacists as front-line professionals. These amendments take effect on January 25.

On this page, you will find all the articles, documents and events that will help you understanding total rewards in the context of the COVID-19 pandemic.

Any questions? Contact us!