Ontario looking to adopt new rules on Pension Advisory Committees in the near future
This and other subjects are included in the current issue of the Morneau Shepell monthly publication, News & Views
TORONTO, Sept. 14, 2016 /CNW/ - In the September 2016 issue of its monthly newsletter, News & Views, Morneau Shepell reviews new provincial, pension-related measures.
- Ontario: Revised proposed rules on Pension Advisory Committees released – Ontario has released revised draft regulations relating to Pension Advisory Committees (PACs). The publication seems to indicate that the government is likely to adopt new rules on PACs in the near future. Morneau Shepell experts identify the changes made in the most recent draft PAC regulation and explain what these changes will mean for plan administrators.
- British Columbia: Union consent for conversions to target benefit plans – In August 2016, the Financial Institutions Commission of British Columbia (FICOM) released a bulletin titled, "Clarification of Union Consent Requirement for Target Benefit Plan Conversions." The Bulletin clarifies the requirement for union consent when a plan provision is converted to a target benefit provision.
- Tracking the funded status of pension plans as at August 31, 2016 – During the month of August, Canadian universe bonds, Canadian long-term bonds, Canadian and global equity markets and alternative investments showed positive returns, while Canadian long-term provincial bonds showed negative returns.
- Impact on pension expense under international accounting as at August 31, 2016 – The expense impact for a typical defined benefit pension plan that starts the year at an arbitrary value of 100 (expense index).
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SOURCE Morneau Shepell - Corporate