FSRA Removes Requirements for Auditor’s Report and Statement of Investment Policies and Procedures for Defined Contribution Pension Plans

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FSRA Removes Requirements for Auditor’s Report and Statement of Investment Policies and Procedures for Defined Contribution Pension Plans

Effective February 11, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) has confirmed amendments to the Pension Benefits Act removing the requirement for plan administrators of member-directed Defined Contribution Pension Plans (DCPP) to prepare a Statement of Investment Policies and Procedures (SIPP).  FSRA also confirmed the requirement for plan administrators of DCPPs to file […]

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The Evolving Nature of Group Benefits

Diversity, equity and inclusion (DE&I) are becoming integral to every organization’s culture and many organizations are expanding their DE&I initiatives. Until recently benefit plans were traditional in nature and typically changes were implemented to realign the plan with the company budget. Since the start of the pandemic there has been a renewed focus on ensuring […]

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Increase in Employment Insurance (EI) Maximum Insurable Earnings Affects Short-Term Disability (STD) Plans

The federal government announced the 2022 EI premium rates and maximums.  New rates have been in effect as of January 1, 2022. Maximum insurance earnings                     $60,300 Maximum weekly EI benefit                        $638 This increase affects STD plans where: ● The maximum STD benefit is based on the EI maximum weekly benefit ($638 for 2022), or ● The EI […]

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Changes to Manitoba Legislation coming into effect

On October 1, 2021, amendments to The Pension Benefits Act and Regulations (Manitoba) came into effect and some of the highlights are shown below: Statement of Investment Policies & Procedures (SIP) Annual filing of the latest SIP is now required within 180 days of the end of each fiscal year of the plan. Previously, the […]

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Auto Features for Defined Contribution Pension Plans

Auto features have long been used in DC pension plans across the United States, the United Kingdom, and Australia, as a method to encourage employees to join the plan initially and continually increase their contribution as they accrue more service in the plan. Research and evidence has shown the benefits of automated features to potentially […]

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2022 Government Benefits & Limits – A Quick Reference

Source:  www.cra-arc.gc.ca and www.canada.ca 1 For Spouse of Allowance recipient, the Allowance stops being paid at $36,048 while the GIS stops being paid at $46,656. Note: Pensioners with an individual net income above $81,761 must repay all or part of the maximum OAS pension amount. The repayment amounts are normally deducted from their monthly payments […]

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The 5 Most Common Employment Benefits

benefits

Research for the 2021 Robert Half Salary Guides revealed the following benefits that businesses most frequently offer. Extended Health insurance — After salary, this benefit is of the utmost importance to many job candidates and typically includes medical coverage for employees and their families. In a Robert Half survey of more than 500 HR managers […]

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The Importance of Naming a Beneficiary

When an employee enrolls in an employee group benefits plan it is important that they name a beneficiary to receive the proceeds of any life insurance benefits upon their death. Why should I name a beneficiary? By indicating a named beneficiary the employee protects their benefactor from receiving a reduced benefit due to estate taxes […]

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