Ontario budget reintroduces ORPP and clarifications to pension rules; Federal Government introduces consultation paper on strengthening financial literacy amongst seniors
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, July 24, 2014 /CNW/ - In the current issue of its newsletter, News & Views, Morneau Shepell examines the reintroduction of the Ontario Retirement Pension Plan (ORPP) as a part of the July 14, 2014 budget. The current issue also analyses the new consultation paper released by the Federal Government aimed at improving the financial literacy of seniors.
- UPDATE – ONTARIO BUDGET REINTRODUCES ORPP AND CLARIFICATIONS TO PENSION RULES – Following the recent re-election of Ontario's Premier Kathleen Wynne, she reaffirmed her commitment to the previously announced ORPP. The ORPP would expand pension coverage initially to more than three million working Ontarians who do not currently have a workplace pension plan.
- FINANCIAL LITERACY FOR SENIORS – The Federal Government has released a consultation document that outlines four goals geared at improving the financial literacy of seniors, and those approaching that stage in life.
- 2014 SURVEY – ECONOMIC ASSUMPTIONS FOR ACCOUNTING – Morneau Shepell issued its 14th annual survey on the economic assumptions used by Canadian public companies to account for the costs of their defined benefit plans.
- UPDATE – FOREIGN ACCOUNT TAX COMPLIANCE ACT (FACTA) – On June 20, 2014, the Canada Revenue Agency (CRA) published guidance on the required reporting by financial institutions. Under the legislation, financial institutions in Canada holding certain assets will provide information to CRA, which will then forward the information to the IRS.
- MARKET INDICES – Monthly summary of returns from various market indices such as the FTSE TMX 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.
About Morneau Shepell Inc.
Morneau Shepell is the largest company in Canada offering human resources consulting and outsourcing services. The Company is the leading provider of employee and family assistance programs, as well as the largest administrator of retirement and benefits plans and the largest provider of integrated absence management solutions in Canada. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity and improve their competitive position. Established in 1966, Morneau Shepell serves more than 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With approximately 3,500 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States, and around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.
SOURCE Morneau Shepell Inc.For further information: Nathan Gibson, Manager, Corporate Communications, Morneau Shepell, 416-390-2641, firstname.lastname@example.org