In recent months, we have monitored various activities concerning Ontario pension plans initiated by either the Financial Services Regulatory Authority of Ontario (FSRA) or Ontario’s Ministry of Finance. This bulletin summarizes publications on the following recent topics and provides a summary of FSRA’s activities in 2024.
As has been the case every five years since 2010, the year 2025 will bring about a new pay equity deadline for many organizations with employees in Quebec, who will be required to conduct a pay equity audit. The deadline for fulfilling your obligations is approaching and it’s time to prepare.
In mid-October, the Public Sector Accounting Board (PSAB) published a re-exposure draft on section PS 3251, the new standard for employee benefits that would apply to Canadian public sector entities and would replace sections PS 3250 and PS 3255.
On November 7, the Quebec government introduced Bill 80 to the National Assembly in order to implement provisions announced in the Budget Speech delivered on March 12, 2024. This bill reaffirms Quebec’s leadership in decumulation by specifying the legislative framework for the implementation of dynamic pension funds, also known as variable payment life annuities (VPLAs).
Vaccines are effective in preventing infectious diseases, but whether their cost is reimbursed or not varies from case to case, and it can sometimes be difficult to understand the coverage offered by private or public insurance plans. Let’s try to unravel the issue!
In Q3 2024, the average pension plan’s going concern and solvency financial positions remained stable.
On September 9, 2024, the Canadian Association of Pension Supervisory Authorities (CAPSA) released two new guidelines for pension and group savings plan administrators and sponsors: Guideline No. 10 for risk management for plan administrators and Guideline No. 3 for capital accumulation plans . As a reminder, CAPSA is an association of pension regulators for provincial and federal plans whose mission is to promote the establishment of an efficient and effective pension regulatory system in Canada.
On September 9, 2024, the Canadian Association of Pension Supervisory Authorities (CAPSA) released an updated version of Guideline No. 3 for pension and group savings plan administrators and sponsors, as well as Guideline No. 10 on risk management for plan administrators. Although CAPSA reviews Guideline No. 3 every five years, the 2024 version is the first major update in 20 years.
On September 14, the Department of Finance published a draft regulation to amend the Pension Benefits Standards Regulations, 1985 (the Regulations) applicable to federally regulated defined benefit pension plans. The proposed amendments are designed to allow the establishment of solvency reserve accounts and to ease solvency funding requirements for multi-employer pension plans.
Montréal, Québec – July 16, 2024 – Normandin Beaudry, a leader in actuarial and total rewards consulting services, is pleased to announce the appointment of Sonia Gélinas as the organization’s newest partner with the Pension team. An experienced actuary with a proven track record in consulting to large plans under Québec’s municipal and university regulation, Ms. Gélinas is set to elevate Normandin Beaudry’s service offerings.
The average funded ratio and solvency ratio of pension plans improved slightly in Q2 2024.
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.
