Ontario delays ORPP and B.C. changes health premiums
This and other subjects are included in the current issue of the Morneau Shepell monthly publication, News & Views
TORONTO, March 16, 2016 /CNW/ - In the March 2016 issue of its monthly newsletter, News & Views, Morneau Shepell provides a detailed look at several pension and benefits related measures in the Ontario Budget.
- Ontario delays ORPP –The Ontario Government has announced that it would delay implementation of the ORPP for one year. The announcement will be of immediate relief to large employers who do not sponsor workplace pension plans and were expecting to be required to commence ORPP contributions as of January 1, 2017.
- Ontario Budget 2016: pension and benefits related measures – Morneau Shepell looks at a number of initiatives related to pension plans and to group benefit plans but none that would materially impact group benefit plans imminently. The Company notes that a significant one is the introduction of the Patients First Drug Program, which is targeted for 2019.
- BC: changes to health premiums – Morneau Shepell analyzes the changes brought through the 2016 British Columbia budget to health premiums for the Medical Services Plan (MSP), effective January 1, 2017.
- Ontario: new form for waiving survivor benefit after retirement – On March 1, 2016, the Financial Services Commission of Ontario (FSCO) released a new form that can be used by the former spouse of a retired member in a defined benefit (DB) pension plan to waive their right to a survivor benefit. Morneau Shepell looks at what this means for the survivor and the plan administrator.
- Market Indices – Monthly summary of returns from various market indices such as the FTSE TMX Bond Indices and Canadian, U.S. and Foreign Equity Indices. Also includes returns from benchmark portfolios used by pension funds.
- Tracking the funded status of pension plans as at February 29, 2016 – Tracking the funded status of pension plans as at February 29, 2016.
- Impact on pension expense under international accounting as at February 29, 2016 – Tracking how market changes up to February 29, 2016 affect the pension expense to be reported on a company's financial statement.
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Morneau Shepell is the only human resources consulting and technology company that takes an integrative approach to employee assistance, health, benefits and retirement needs. The Company is the leading provider of employee and family assistance programs, the largest administrator of retirement and benefits plans and the largest provider of integrated absence management solutions in Canada. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity and improve their competitive position. Established in 1966, Morneau Shepell serves approximately 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With almost 4,000 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States, and around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.
SOURCE Morneau Shepell - Pension/Retirement