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!
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.
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.
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.
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).
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.
In tabling its budget on March 21 (Budget 2023-2024), the Quebec government took the opportunity to also announce its planned changes to the Québec Pension Plan (QPP). These changes come on the heels of the recent public consultation that took place in February. Our experts have analyzed the announced changes based on the available information.
As of April 1, 2023, the federal government will introduce the Tax-Free First Home Savings Account (FHSA) to help Canadian residents age 18 to 71 save a downpayment for their first home. To be eligible, they must be Canadian residents who have not owned homes and haven’t lived with a spouse or common-law partner who owns a home during the part of the year before the FHSA is opened or in the preceding four years.
As it does every six years, the Quebec government is currently holding a public consultation on the Québec Pension Plan (QPP). This consultation aims to explore various solutions to address the challenges facing the Quebec pension system. Read on to learn more about this process.
Today we are launching the Normandin Beaudry Pension Plan Financial Position Index. Our specialists closely monitor the financial position of our clients’ defined benefit pension plans and will present this index to you on a quarterly basis.
