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BEWARE THE LITIGATION RISK IN CONVERTING PENSION PLANS
Julius Melnitzer May 2016 | BenefitsCanada
As the drive towards target-benefit pension plans continues to make headway in Canada, litigation risk for their sponsors is on the rise. The jurisprudence is still embryonic in Canada but it’s instructive. “Canadian stakeholders need to examine the jurisprudence to get an indication of the trends and concerns that may affect them,” says Kathryn Bush, a pension lawyer and partner at Blake Cassels & Graydon LLP in Toronto. “It’s important to remember there are not many people who actually convert voluntarily.”
Latest news- Dernières Nouvelles
On April 27, 2016, Chief Justice David Smith ruled that Pension Coalition NB could bring it's motion for Representation Order in Fredericton, on July 12, 2016. That motion will seek to confirm that the Coalition represents the interests of all 13,700 pensioners affected by the introduction of the new Shared Risk Pension Plan, which replaced our former PSSA plan. The judge also left open the possibility of a similar motion for a representation order to be brought by the Levesque case lawyer at a subsequent date.
Richer Canada Pension Plan going ahead, amid questions of New Brunswick's struggling economy - Telegraph Journal
ADAM HURAS Telegraph Journal March 28, 2016
Beauséjour MP and House Leader Dominic LeBlanc says it’s not the federal government intention to “impose” a richer Canada Pension Plan on the provinces.
But LeBlanc believes an enhancement will soon go ahead - with the support of the provinces.
The federal government wants to enhance the CPP by the end of the year - even as questions remain as to whether New Brunswick’s struggling economy can handle any changes to how much employees and employers contribute.
Brief to Federal Finance Committee-Proposed Enhancements/Bref Ameliorations - Cttee Federal des Finances
Here is the brief that was presented recently by Bernard Dussault, former chief actuary of Canada Pension Plan and friend of the Coalition, to the federal finance committee. The Brief highlights various measures to enhance income security for seniors in Canada. We thought this may be of interest to you.
Pension Coalition NB
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Vous trouverez ci- bas, un bref présenté par M. Bernard Dussault, ancien actuaire en chef du Régime Canadien de Pension (CPP), et ami de la Coalition. Ce bref a été déposé récemment auprès du Comité fedéral des Finances et suggere diverses mesures, afin d' améliorer la sécurité du revenu pour les personnes agés.
Pension Coalition NB
Public Servants living long and putting death benefit account into surplus - Ottawa Citizen
Kathryn May, Ottawa Citizen February 19, 2016
Shannon Bittman, VP of the Professional Institute of the Public Service is concerned about the surplus in the death benefit.
Canada’s public servants are living so long their death-benefits account has a $2.6-billion surplus.
That has some worried that the federal government could use the overage to offset its mounting deficit. The latest actuarial report by the Office of the Chief Actuary into the 60-year-old plan showed had a $2.6-billion surplus after setting aside $642 million in death benefits obligations for 2014. The plan has been running surpluses for years and the report estimates it will hit $4.3-billion by 2039.
The premiums and interest are not set aside but instead go into the consolidated revenue account, from which the government also pays all benefits.
That’s one reason why the Professional Institute of the Public Service of Canada, which represents professionals from federal engineers to scientists, has long argued the fund should be transferred from the consolidated revenue account into a segregated fund.