Comparing Canadian and US mortality tables and changes to public sector plans in Ontario and Alberta
These are among the subjects included in the current issue of the Morneau Shepell News & Views, a monthly publication dedicated to providing insights to its clients in Canada
TORONTO, March 20, 2014 /CNW/ - Morneau Shepell presents a comparison of elements of the Canadian and US mortality tables, and analyzes provincial changes to pension legislation in the current issue of its newsletter, News & Views.
- COMPARING THE CANADIAN AND US MORTALITY TABLES - The Canadian Institute of Actuaries recently released the Final Report for the Canadian Pensioners' Mortality study. The Society of Actuaries in the US has also developed updated mortality tables and an updated mortality projection scale.
- ONTARIO CHANGES PUBLIC SECTOR RETIREE BENEFIT PLANS - On February 18, 2014, the government of Ontario announced it will transition to a new cost-sharing model for retiree benefits offered to public service employees retiring on or after January 1, 2017.
- ALBERTA ANNOUNCES CHANGES TO PUBLIC SECTOR PENSION PLANS - On February 24, 2014, the government of Alberta announced plans for significant changes to four of the largest public sector pension plans in the province. The changes follow a consultation process that began in July 2012 and draft changes that were announced in September 2013.
- BRITISH COLUMBIA INTRODUCES POOLED REGISTERED PENSION PLANS ACT - On February 19, 2014, the British Columbia government introduced Bill 9, the Pooled Registered Pension Plans Act. The Act will make B.C. the third province to legislate for PRPPs, after Alberta and Saskatchewan, although PRPPs are still unavailable in those provinces because the legislation has not yet been proclaimed. There is already PRPP legislation for federal employers and VRSP legislation for Quebec.
- BRITISH COLUMBIA INTRODUCES AMENDMENTS TO ITS NEW PENSION LEGISLATION - On February 19, 2014, the British Columbia government introduced Bill 10, which amends Bill 38, the new Pension Benefits Standards Act. Bill 10 is intended to make a number of corrections and adjustments to the new act.
- MARKET INDICES - Monthly summary of returns from various market indices such as the TSX Group / PC Bond Indices and Canadian, U.S. and Foreign Equity Indices. Also includes returns from benchmark portfolios used by pension funds.
- TRACKING THE FUNDED STATUS OF DEFINED BENEFIT PENSION PLANS - Impact of past returns on plan assets and the effect of interest rate changes on solvency liabilities.
- IMPACT ON PENSION EXPENSE UNDER INTERNATIONAL ACCOUNTING - Expense impact for a typical defined benefit pension plan.
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