Survey on Compensation and Trends in Human Resources released and Newfoundland and Labrador comes to agreement with unions on Public sector pension changes
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, Sept. 22, 2014 /CNW/ - In the September issue of its monthly newsletter, News & Views, Morneau Shepell reviews the results of its 32nd annual Compensation and Trends in Human Resources survey. Data shows that salaries are expected to increase by 2.8 per cent in 2015 and that the top priority for employers is to improve workplace health and well-being.
- SURVEY ON COMPENSATION AND TRENDS IN HUMAN RESOURCES – To support employers in their annual planning for Human Resources, Morneau Shepell conducts an annual survey of Compensation and Trends in Human Resources. Some highlights of the results are provided here, and include the breakdown of salary increases by sector and region, as well as the importance of workplace mental health and the reduction of cost and risk in retirement plans.
- PUBLIC SECTOR PENSION CHANGES IN NEWFOUNDLAND AND LABRADOR – This month, the Government of Newfoundland and Labrador announced an agreement with the major unions to reform the Public Service Pension Plan ("PSPP"). Key benefit changes include an increase in retirement ages, changes to post-retirement indexing, and increased contributions from both PSPP members and Government. The PSPP is the Province's largest pension plan, and covers Government employees, health care employees, school board employees, and employees of various Crown corporations.
- NEW RULES ON EARNINGS AND SERVICE FOR INDIVIDUAL PENSION PLANS (IPPs) – The Registered Plans Directorate (RPD) of the Canada Revenue Agency (CRA) released new rules on earnings and service for IPPs. For a pension plan to be registered, and maintain its registration, under the Income Tax Act (ITA), it must comply with new prescribed requirements. Retirement benefits must be based on acceptable compensation under the ITA; and pensionable service must be eligible under the Income Tax Regulations (ITR).
- 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.
About Morneau Shepell Inc.
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