Sunday, March 29th5.3°C
25657
25546

Ottawa to table shared-risk pension plan legislation next year: Sorenson

OTTAWA - Junior finance minister Kevin Sorenson says the government is going ahead with creating so-called shared-risk pension plans in the federally regulated sphere.

Sorenson says the government has just completed two months of consultations on the issue and draft legislation will likely be placed before Parliament in early 2015.

The minister of state for finance says the shared-risk plans — which have also been referred to as target benefit plans — are needed because defined-benefit plans are becoming scarcer.

The shared-risk plans allow for both employers and employees to adjust contributions and benefits to reflect the financial state of the plans.

Sorenson says there are over 1,200 federally regulated plans, including Crown corporations, and that both defined-contribution and defined-benefit plans would be able to convert to the third option on a voluntary basis.

One issue that would still need to be clarified in the upcoming regulations is what would constitute agreement on the part of the employee group or those already retired.

The Canadian Press


Read more Business News

25603


Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0082
Gold1196.30-8.80
Oil48.43-3.00
Lumber282.40-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 





FEATURED Property
2244252Lot 1-80 Kettle View Road
10096254 bedrooms
$469,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_








Member of BC Press Council


25579