defined benefit pension plans

DB pension plans and Ontario’s consultation on solvency funding rules – Now is the opportunity for employers to speak up

August 31, 2016 Employer Advisor, McCarthy Tétrault LLP Employee Relations, HR Policies and Procedures, Human Resources, Payroll, Pensions and Benefits, Source Deductions and Reporting, Union Relations, Wages and Compensation

Employers that sponsor defined benefit (“DB”) pension plans know that contribution requirements can be volatile and onerous, especially given current low interest rates. The Ontario Government has taken note. In its recent consultation paper, the Government proposes several approaches to change the current DB funding rules, including the complete elimination of solvency funding. Comments on the Consultation Paper are due by September 30, 2016. The Ontario Government then intends to hold a second public consultation on any proposed funding reforms in the Fall 2016.

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Nova Scotia announces changes to rules for funding of defined benefit plans

March 12, 2013 Amery Boyer Employee Relations, HR Policies and Procedures, Human Resources, Payroll, Pensions and Benefits

Pension funding rule changes announced on February 13, 2013, will protect jobs and preserve benefits for thousands of private-sector workers, according to the Government of Nova Scotia.

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