NB bulletins

The Financial Services Regulatory Authority of Ontario (FSRA) recently released its annual report, which outlines its many activities in the past year. This bulletin summarizes FSRA’s main activities in 2023.

Our specialists prepared a reference guide with the key social security parameters for 2024. This quick and easy-to-use document is your reference for public pension plans and other retirement plans. Feel free to bookmark this page!

Normandin Beaudry, a leader in actuarial and total rewards consulting services, today announced that it has joined MBWL International (MBWL), an international joint venture between Barnett Waddingham, Milliman, and Lurse, as the fourth equal Joint Venture (JV) partner. This new partnership will enable Normandin Beaudry to extend services to Canadian companies with cross-border requirements. 

The average pension plan’s going concern position remained relatively stable in Q3 and since the beginning of the year, whereas their solvency position improved during those same periods. Higher interest rates are generally favourable for pension plans, whose financial situation has remained at enviable levels for some quarters.

On May 11, 2023, British Columbia passed the Pay Transparency Act, also known as Bill 13. This new legislation aims to address systemic discrimination in the workplace by fostering transparency in pay practices.

The average pension plan funded ratio changed little in Q2 2023 and year-to-date.

The average pension plan funded ratio, excluding the effect of asset smoothing, is 119% as at June 30, 2023, down 1% over the second quarter and at the same position as at the beginning of the year.

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.

Many 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).

After a quarter marred by market and interest rate volatility, the average pension plan funded ratio at the end of Q1 2023 remained consistent with that as at December 31, 2022.

The average pension plan funded ratio, adjusted to exclude the effect of asset smoothing, is 120% as at March 31, 2023, up 1% over the quarter.

On December 20, the Ontario government announced that it will shift from biologics to biosimilars for everyone covered by the Ontario Drug Benefit (ODB) program. By expanding the use of biosimilar drugs, Ontario is following in the footsteps of British Columbia, Alberta, New Brunswick, Quebec, Nova Scotia, and the Northwest Territories.

The Ministry of Finance of Ontario recently published a consultation document on proposed regulations for implementing a permanent target benefit framework in Ontario. Since 2007, over 50 Multi-Employer Pension Plans (MEPPs) that can reduce accrued benefits have been eligible for a temporary exemption from solvency funding requirements until 2024. These plans are also known as Specified Ontario MEPPs (SOMEPPs). The new proposed regulations will be implemented with the objective of continuing this exemption for SOMEPPs, while ensuring proper governance and funding of these plans and increasing member transparency and equity.

The federal budget released on March 28, 2023, contains some measures that could have a direct or indirect impact on an organization’s total rewards offering. Our experts have put together a watch list in light of the available information.