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 â€” which have also been referred to as target benefit plans â€” 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.
Read more Business News
- Fruit processing plant fireVernon / N. Okanagan - 10:10 am
- WWII bomber at airportPenticton / S. Okanagan - 1:00 pm
- Gangsters told to beat itKelowna - 5:00 am
- Highway re-openedBC - 11:12 am
|QHR Technologies Inc||1.19||+0.04|
|Anavex Life Sciences||0.33||-0.018|
|Copper Mountain Mining||2.83||+0.14|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.19||+0.01|
The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...
Big Picture Euro debt woes re-emerge Europe’s debt woes jumped back into the headlines this week trumping other economic, geopolitical and corporate developments. Word that one of Portugal&rsquo...