Proposed amendments to federal pension benefits standards regulations and suggested changes to Quebec municipal pension plans
These are among the subjects included in the current issue of the Morneau Shepell News & Views, a monthly publication dedicated to providing insights to its clients in Canada
TORONTO, Oct. 24, 2014 /CNW/ - In the October issue of its monthly newsletter, News & Views, Morneau Shepell examines proposed amendments to Federal Pension benefits standards regulations and changes to a bill regarding municipal defined benefit pension plans in Quebec.
- Highlights of amendments to Bill 3 concerning municipal pension plans in Quebec –
- At a news conference this month, the Quebec Minister of Municipal affairs and Land Occupancy outlined proposed amendments to Bill 3in the province. This Bill has major implications for most municipal pension plans.
- Proposed amendments to the federal pension benefits standard regulations (PBSR) – Morneau Shepell summarizes the amendments to the PBSR. The proposed amendments are examined in three categories: additional regulatory framework for defined contribution plans; new investment rules; and enhanced disclosure and new forms.
- Alberta's new draft pension interpretive guidelines – Last month, new pension legislation and regulations took effect in Alberta. In addition, Alberta Treasury Board and Finance published related draft Interpretive Guidelines for consultation, which have been reviewed by Morneau Shepell.
- Two proposed pension bills die in Alberta – Due to prorogation of the Alberta legislature in September, two pension bills have died on the order paper. The government says it will not reintroduce the bills.
- Nova Scotia broadens un-locking rules for financial hardship – The Nova Scotia pension regulations have been amended to provide greater flexibility for individuals to withdraw funds from their locked-in accounts in circumstances of financial hardship.
- 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 defined benefit pension plans – Impact of past returns on plan assets and the effect of interest rate changes on solvency liabilities.
- Impact on pension expense under international accounting – Expense impact for a typical defined benefit pension plan.
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Morneau Shepell is the largest company in Canada offering human resources consulting and outsourcing services. The Company is the leading provider of employee and family assistance programs, as well as 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 more than 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With approximately 3,600 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
