Quebec releases 2014 budget and launches voluntary retirement savings plans; new bill regarding Quebec's 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, June 25, 2014 /CNW/ - In the current issue of its newsletter, News & Views, Morneau Shepell examines Quebec's 2014-2015 Budget. It also analyses the new Quebec government draft legislation to foster the financial health and sustainability of defined benefit pension plans in the municipal sector.
- QUEBEC BUDGET - On June 4, 2014, the Quebec Minister of Finance, Carlos J. Leitão, tabled the province's 2014-2015 Budget. A few measures concerning pension plans and other saving plans have been announced.
- BILL REGARDING QUEBEC'S MUNICIPAL PENSION PLANS - On June 12, 2014, the Quebec government tabled draft legislation to foster the financial health and sustainability of defined benefit pension plans in the municipal sector.
- QUEBEC LAUNCHES VOLUNTARY RETIREMENT SAVINGS PLANS - The final version of the Voluntary Retirement Savings Act regulations (as well as some changes to the Supplemental Pension Plans Act regulations) were published in the Gazette officielle du Québec on June 13, 2014.
- TRANSITION IN ACCOUNTING RULES FOR PRIVATE ENTERPRISES AND NOT-FOR-PROFIT ORGANIZATIONS - After three years of discussions on accounting of employee benefit plans for private enterprises and not-for-profit organizations in Canada, new accounting rules are being implemented for fiscal years beginning January 1, 2014 or after.
- TARGET BENEFIT PLAN FOR REGINA POLICE - The Pension Benefits Regulations, 1993 in Saskatchewan has been amended to allow new funding rules for The Regina Police Pension Plan. Effective July 1, 2014, for future service, all existing Plan members and all new qualifying employees, will join The Target Retirement Income Plan.
- MARKET INDICES - Monthly summary of returns from various market indices such as the TSX Group / PC 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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