FSRA Reports Continued Strength in Pension Plan Solvency and Funding Amid Market Challenges Français
TORONTO, Sept. 9, 2024 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has released its Q2 2024 Solvency Report and the 2023 Report on the Funding of Defined Benefit (DB) Pension Plans, highlighting the resilience and stability of Ontario's pension plans in the face of ongoing market challenges.
Key Highlights:
Q2 2024 Solvency Report (quarterly): At the end of the second quarter, the median projected solvency ratio of Ontario's pension plans reached a new high, increasing by 1% from the previous quarter. The median solvency ratio now stands at 123% as of June 30, 2024, up from 122% as of March 31, 2024. This marks a significant milestone in the financial health of pension plans across the province.
2023 Report on the Funding of DB Pension Plans (annual): Overall, compared to the 2022 Report, the pension plans' funded position (as at their last filed valuation dates) has remained the same on a going-concern basis and improved substantially on a solvency basis.
The findings from both the Q2 2024 Solvency Report and the 2023 DB Funding Report highlight the continued strength and resilience of Ontario's pension plans. FSRA remains committed to enhancing the ongoing stability and security of these plans, even as the financial landscape evolves. To do this, FSRA strongly advocates for effective plan governance and encourages plan administrators to implement and monitor a robust framework and strategy to assess and mitigate risks, ensuring their plans continue to deliver promised benefits, even in challenging situations such as when funding costs increase.
Learn More
FSRA continues to work on behalf of all stakeholders, including consumers and pension plan members, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
FOR MEDIA INQUIRIES:
Russ Courtney
Senior Manager, Media Relations, Social Media and Issues Management
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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