On May 13, 2022, the Canadian Association of Pension Supervisory Authorities (“CAPSA”) released a consultation for a revised guideline (No. 3) for Capital Accumulation Plans (“CAP”). The revised guideline seeks to implement six recommendations shared by the Office of the Superintendent of Financial Institutions (“OSFI”) and the Financial Services Regulatory Authority of Ontario (“FSRA”) late […]
The Form 7 is an administrative form that plan sponsors must complete within the first 60 days of the pension plan’s fiscal year to provide an estimate of expected contributions to the trustees of the plan. The trustee is expected to monitor the contributions and advise FSRA if contributions received do not match the Form […]
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 […]
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 […]
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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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 […]
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 […]
The Form 7 is an administrative form that plan sponsors must complete within the first 60 days of the pension plan’s fiscal year to provide an estimate of expected contributions to the trustees of the plan. The trustee is expected to monitor the contributions and advise the Financial Services Regulatory Authority of Ontario (FSRA) if […]
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 […]