NB bulletins

Normandin Beaudry’s Best Wishes! 

Our specialists prepared a reference guide with the key social security parameters for 2025. This quick and easy-to-use document is your reference for public pension plans and other retirement plans. Feel free to add the web page to your bookmarks!

In recent months, we have monitored various activities concerning Ontario pension plans initiated by either the Financial Services Regulatory Authority of Ontario (FSRA) or Ontario’s Ministry of Finance. This bulletin summarizes publications on the following recent topics and provides a summary of FSRA’s activities in 2024.

As has been the case every five years since 2010, the year 2025 will bring about a new pay equity deadline for many organizations with employees in Quebec, who will be required to conduct a pay equity audit. The deadline for fulfilling your obligations is approaching and it’s time to prepare.

In mid-October, the Public Sector Accounting Board (PSAB) published a re-exposure draft on section PS 3251, the new standard for employee benefits that would apply to Canadian public sector entities and would replace sections PS 3250 and PS 3255.

On November 7, the Quebec government introduced Bill 80 to the National Assembly in order to implement provisions announced in the Budget Speech delivered on March 12, 2024. This bill reaffirms Quebec’s leadership in decumulation by specifying the legislative framework for the implementation of dynamic pension funds, also known as variable payment life annuities (VPLAs).

Vaccines are effective in preventing infectious diseases, but whether their cost is reimbursed or not varies from case to case, and it can sometimes be difficult to understand the coverage offered by private or public insurance plans. Let’s try to unravel the issue!

In Q3 2024, the average pension plan’s going concern and solvency financial positions remained stable.

On September 9, 2024, the Canadian Association of Pension Supervisory Authorities (CAPSA) released two new guidelines for pension and group savings plan administrators and sponsors: Guideline No. 10 for risk management for plan administrators and Guideline No. 3 for capital accumulation plans . As a reminder, CAPSA is an association of pension regulators for provincial and federal plans whose mission is to promote the establishment of an efficient and effective pension regulatory system in Canada.

On September 9, 2024, the Canadian Association of Pension Supervisory Authorities (CAPSA) released an updated version of Guideline No. 3 for pension and group savings plan administrators and sponsors, as well as Guideline No. 10 on risk management for plan administrators. Although CAPSA reviews Guideline No. 3 every five years, the 2024 version is the first major update in 20 years.

On September 14, the Department of Finance published a draft regulation to amend the Pension Benefits Standards Regulations, 1985 (the Regulations) applicable to federally regulated defined benefit pension plans. The proposed amendments are designed to allow the establishment of solvency reserve accounts and to ease solvency funding requirements for multi-employer pension plans.

Montréal, Québec – July 16, 2024 – Normandin Beaudry, a leader in actuarial and total rewards consulting services, is pleased to announce the appointment of Sonia Gélinas as the organization’s newest partner with the Pension team. An experienced actuary with a proven track record in consulting to large plans under Québec’s municipal and university regulation, Ms. Gélinas is set to elevate Normandin Beaudry’s service offerings.

The average funded ratio and solvency ratio of pension plans improved slightly in Q2 2024.

Every year on July 1, the Régie de l’assurance maladie du Québec (RAMQ) adjusts the rates for the public prescription drug insurance plan to take into account changes in plan costs.

On June 19, the Quebec government adopted the Regulation amending the Regulation respecting supplemental pension plans (Regulation), intended to offer greater flexibility in the use of retirement savings as of age 55.

Normandin Beaudry, a leader in actuarial and total rewards consulting services, today issued Canadian insights following MBWL International’s release of its 2024 Global Benefits Forecast survey.

The Financial Services Regulatory Authority of Ontario (FSRA) has recently issued guidance on the following topics, which directly affect Ontario pension plans and their management. This bulletin summarizes the content and outlines of these guidelines.

Many private-sector organizations must include in their financial statements the recognition of their obligations toward defined benefit pension plans (DB pension plans) and other post-employment benefit plans, such as medical care plans offered to retirees (other benefits).

Similarly to last year, Normandin Beaudry’s specialists have analyzed the annual reports of Canadian organizations listed on the S&P/TSX 60 Index (the 60 largest organizations) and on the S&P/TSX Mid Index (mid-cap organizations) for which the fiscal year ended between September 30, 2023, and February 9, 2024.

The federal budget released on April 16, 2024, contains measures that could have a direct or indirect impact on your organization’s total rewards offering. Our experts have put together a watch list in light of the available information.

The year 2024 is off to a positive start for pension plans, with favourable stock market returns and rising interest rates, which tend to reduce the value of pension plan liabilities.

On April 11, the Supreme Court of Canada denied the application for leave to appeal the challenge to the Act to foster the financial health and sustainability of municipal defined benefit pension plans (Bill 15).

Discover our first market monitoring report on annuity purchases in Canada in 2023!

Following the announcement of an agreement between the Liberal Party of Canada and the New Democratic Party of Canada (NDP), Bill C-64, An Act respecting pharmacare, was introduced on February 29.

For the 2023 tax year, Canadian taxpayers could be entitled to a tax credit ranging from 4% to 20% for medical expenses incurred for themselves or their dependants. This credit is subject to certain conditions and depends on the province or territory of residence.

For job seekers, group benefits are the second most important factor after salary. With the growing labour shortage, it is more important than ever to offer a group benefit plan that fosters talent retention and performance, while improving the employee experience.

In this context, there are various ways to promote a plan among groups of employees and HR departments.

On December 27, 2023, the Quebec government published proposed regulation amending the Regulation respecting supplemental pension plans (Proposed Regulation)¹, intended to offer greater flexibility in the use of retirement savings as of age 55. This flexibility may be interesting for individuals who wish to make larger withdrawals in the early years of their retirement so they can defer government pensions.

On January 23, the Government of Quebec adopted the Regulation respecting the funding of defined-benefit pension plans of the municipal and university sectors (Regulation). The Regulation will come into force on February 22, 2024, and amendments will apply for actuarial valuations as at December 31, 2023.

A look back at the highlights of 2023 in this ninth edition of our top drug insurance developments of the past year.

After a significant rise in interest rates in previous quarters, the year ended with slightly lower rates than at the beginning of 2023. Despite the large variation of this key indicator, the financial position of the average pension plan remained relatively stable over the year. This favourable financial position allows many administrators and pension committees to prioritize and implement strategies that benefit their organization.