Pensions, Benefits and Executive Compensation: What’s on the Horizon
Date: November 16, 2017
The pension industry is undergoing an unprecedented amount of change. In this video, Stephanie Kalinowski highlights some of the developments that are on the horizon, including a new solvency funding regime for defined benefit plans in Ontario, the introduction of administrative monetary penalties, a new regime for target benefit plans and an extended EI parental leave benefit.
I’m Stephanie Kalinowski, Chair of Hicks Morley’s Pension, Benefits and Executive Compensation group, one of the largest groups of its kind in Canada.
Our group has the advantage of being situated within one of Canada’s leading human resources law firms, which allows us to leverage our collective special expertise and familiarity with your workplace to provide practical advice suited to your organization’s needs.
We act for public and private sector employers and plans of all sizes, and our full range of subject-matter expertise makes us capable of handling any issue you have. Issues like joint governance, investment outsourcing, and annuity purchases.
There is an unprecedented amount of change happening right now in our industry.
This fall, Ontario’s new solvency funding regime for defined benefit plans will be rolled out. These new funding rules might trigger changes to your investment policies and have other consequences, such as for collective bargaining.
Soon, Ontario’s pension regulator will be able to impose administrative monetary penalties on administrators, employers and more. Now is the time to tune up your governance practices to make sure you’re meeting your regulatory requirements.
We are also eagerly anticipating details about the new regime for target benefit plans, particularly for non-union employees, as well as regulatory guidance on locating missing plan members.
On the benefits front, employers with top-up plans for pregnancy and parental leave will need to react to the new extended EI parental leave benefit.
Human resources policies and retirement plans will be affected by the matching extension of parental leave under minimum standards legislation that’s also expected.
It’s a lot to navigate!
We will cover these developments and more at our popular Advantage session, which is just around the corner on January 31.
We’re also excited to announce that later in 2018, we plan to hold an in-depth session on administering pension divisions following marriage breakdown, an issue we know all plan administrators struggle with.
Stay-tuned for more details on both of those events, which we’re excited to present.
So that’s what we have coming up in 2017 and 2018. As always, we look forward to helping you navigate your way through your pension, benefits and executive compensation issues!