Retraite Québec provides details about new funding rules for pension plans
This and other subjects are included in the current issue of the Morneau Shepell monthly publication, News & Views
TORONTO, May 16, 2016 /CNW/ - In the May 2016 issue of its monthly newsletter, News & Views, Morneau Shepell provides a detailed look at several new provincial pension related measures.
- Québec: Retraite Québec provides details about the new rules – The RQ website now has a new section called Private-sector pension plans, which explains the new rules pursuant to Bill 57, including those affecting additional pension benefits and partial payments. Morneau Shepell summarizes the new rules.
- Ontario: more details on ORPP – The Ontario Government has announced additional design details regarding the Ontario Retirement Pension Plan (ORPP) and introduced the new Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), which builds on previously enacted ORPP legislation. The announcement reiterates previously announced design details but includes some new information.
- Ontario: new guidance for interest on late pension payments – The Financial Services Commission of Ontario (FSCO) issued guidance on the crediting of interest on late pension payments to Ontario pension plan members. FSCO's guidance should be considered by administrators of pension plans making payments to retired Ontario members.
- Tracking the funded status of pension plans as at April 30, 2016 – Morneau Shepell summarizes the new proposed legislative requirements for a conversion from a defined benefit (DB) pension plan to a target benefit pension plan (TBP).
- Impact on pension expense under international accounting as at April 30, 2016 – Impact on pension expense under international accounting as at April 30, 2016.
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SOURCE Morneau Shepell - Pension/Retirement