Target benefit plan

OSFI discussion paper looks at climate-related risks for pension plans

Retrieved on: 
Friday, February 26, 2021
Professional services, Human resources, Environment, Finance, Pensions, Finance, Money, Financial services, Banking in Canada, Financial regulation, Office of the Superintendent of Financial Institutions, Morneau Shepell, Target benefit plan, Defined benefit pension plan, Actuarial science

Morneau Shepell released the February 2021 issue of its monthly newsletter, News & Views , in which the company looks at the following topics:

Key Points: 
  • Morneau Shepell released the February 2021 issue of its monthly newsletter, News & Views , in which the company looks at the following topics:
    OSFI discussion paper looks at climate-related risks for pension plans The Office of the Superintendent of Financial Institutions (OSFI) has published a discussion paper on climate-related risks for federally regulated pension plans.
  • OSFI confirms that it is reviewing its guidance, supervisory processes and reporting requirements to determine whether they sufficiently account for climate-related risks.
  • Update: Quebec adopts bill permitting target benefit pension plans Quebec has passed Bill 68, An Act mainly to allow the establishment of target benefit pension plans, which allows for the establishment of target benefit pension plans.
  • Our approach spans services in employee and family assistance, health and wellness, recognition, pension and benefits administration, retirement consulting, actuarial and investment services.

YMPE jumps by nearly five per cent for 2021

Retrieved on: 
Wednesday, November 25, 2020
Finance, Money, Pensions, Annuities, Economy, Actuarial science, Investment, Personal finance, Defined benefit pension plan, Life annuity, Defined contribution plan, Target benefit plan

The YMPE for 2021 will be $61,600, while the annual contribution limit will be $29,210 for money purchase pension plans.

Key Points: 
  • The YMPE for 2021 will be $61,600, while the annual contribution limit will be $29,210 for money purchase pension plans.
  • The COVID-19 pandemic caused greater unemployment for lower income Canadians, resulting in higher than usual increases in average wages for Canadians who remained employed.
  • Quebec introduces target benefit pension legislation Quebec has introduced legislation to allow for the establishment of target benefit pension plans.
  • The legislation will also allow defined contribution plans and voluntary retirement savings plans to establish variable payment life annuity funds.

Survey highlights trends in economic assumptions in accounting for the costs of defined benefit pension plans

Retrieved on: 
Wednesday, August 28, 2019
Economy, Money, Finance, Pensions, Morneau Shepell, Personal finance, Defined benefit pension plan, Target benefit plan, Bill Morneau

Survey highlights trends in economic assumptions for accounting Morneau Shepell has issued its 19th annual survey on economic assumptions in accounting for the costs of their defined benefit pension plans.

Key Points: 
  • Survey highlights trends in economic assumptions for accounting Morneau Shepell has issued its 19th annual survey on economic assumptions in accounting for the costs of their defined benefit pension plans.
  • Tracking the funded status of pension plans as at July 31, 2019 Morneau Shepell describes the funded status of pension plans over the first seven months of 2019 based on three typical investment portfolios.
  • A graph shows the changes in the financial position of a typical defined benefit plan since the end of 2018.
  • The impact of pension expense under international accounting as at July 31, 2019 Morneau Shepell has shown the evolution of the pension expense for a typical defined benefit pension plan.

Canadian Institute of Actuaries recommends increase in target retirement age

Retrieved on: 
Wednesday, May 22, 2019
Economy, Finance, Money, Pensions, Actuarial science, Morneau Shepell, Defined benefit pension plan, Actuary, Target benefit plan, Old Age Security, Bill Morneau, Frederick Vettese

TORONTO, May 22, 2019 /CNW/ -Morneau Shepell has released the May 2019 issue of its monthly newsletter, News & Views, in which the company looks at the following topics:

Key Points: 
  • TORONTO, May 22, 2019 /CNW/ -Morneau Shepell has released the May 2019 issue of its monthly newsletter, News & Views, in which the company looks at the following topics:
    Canadian actuaries issue public statement recommending increase in retirement age On April 18, 2019, the Canadian Institute of Actuaries (CIA) issued a public statement recommending that the federal government, with the consent of provincial governments, increase the target retirement age from 65 to 67 under the Canada and Quebec Pension Plans and Old Age Security.
  • The public statement is intended to engage all Canadians in a discussion of changing societal needs and the best retirement program designs to support those needs.
  • It encourages Canadians to consider starting their pension income later and to recognize that these programs are an excellent method for ensuring income security in later retirement.
  • Specifically, the budget addressed target benefit pension plans, treatment of excess pension plan contributions, electronic communications for pension plans, retirement age in universities, and mental health funding, among other measures.