Effective May 22, 2020, the FSRA issued Approach No. PE0202APP (the Approach), which provides new guidance on commuted value transfers and annuity purchases for Ontario-registered defined benefit pension plans.
The federal government has adopted a regulation to provide temporary, short-term solvency funding relief for federally regulated defined benefit pension plans.
The evolution of the financial situation of pension plans since December 31, 2019
A number of Canadian jurisdictions have introduced new unpaid job-protected statutory leaves for employees who are required to take time off work due to quarantine, care for family members, personal illness, or orders relating to public health.
Every year, companies must establish an expense for their defined benefit pension plans.
The Canada Revenue Agency has announced that it has suspended the minimum contribution rule for defined contribution (DC) pension plans in 2020.
Morneau Shepell’s Pension Risk Transfer Team publishes a periodic Pension Risk Bulletin to provide pension risk transfer and risk management updates and views to defined benefit pension plan sponsors in Canada.
On April 24, 2020, the Financial Services Regulatory Authority of Ontario (FSRA) published additional information setting out its response to the COVID-19 pandemic.
On April 15, 2020, the government of Canada announced that it will provide immediate, temporary relief to sponsors of federally regulated defined benefit pension plans.
York Region News: Mental health services are trying hard to keep their essential services running for youth and people with anxiety, depression during COVID-19.