Who regulates pensions in BC?
The Superintendent of Pensions
The Superintendent of Pensions in our Pensions Division regulates pension plans registered in British Columbia under the Pension Benefits Standards Act (“PBSA”).
What legislation is in place to help protect pensions?
The Pension Protection Act of 2006, combined with the Employee Retirement Income Security Act of 1974, is responsible for many of the laws that protect workers’ pensions and retirement savings today.
What does the Pension Protection Act mandate?
The Pension Protection Act sought to protect retirement accounts and hold companies that underfunded existing pension accounts accountable. The legislation makes it easier to enroll employees into their 401(k) plan.
Who regulates pension funds in Canada?
The Financial Services Commission of Ontario (FSCO) is responsible for the administration and enforcement of the Ontario Pension Benefits Act (PBA) and its supporting regulations.
What is the Public Service Superannuation Act?
The Civil Service Superannuation Act (CSSA) was passed on July 19, 1924 by Parliament. Its objective was to provide public servants with suitable income upon retiring from the public service. The pension plan established in 1924 was a defined benefit plan and remains so today.
Is a pension plan a legal entity?
Some may feel that this question is easy to answer: pension funds are legal entities separate from the corporation. This distinction was made more explicit with the enactment of the Employees Retirement Income Security Act of 1974 (ERISA).
What is the SECURE Act 2021?
The Secure Act 2.0 passed the House Ways and Means Committee by unanimous vote in May before it was stalled. Bipartisan legislation aimed at helping Americans build their retirement savings, which bogged down in 2021, has better prospects in 2022, according to those in the financial-services industry.
What is the new SECURE Act 2021?
SECURE Act 2.0 would require employers that establish new defined contribution plans to automatically enroll newly hired employees, when eligible, in the plan at a pretax contribution level of 3 percent of the employee’s pay.
What is pension protection?
The Pension Protection Fund (PPF) protects people with a defined benefit pension when an employer becomes insolvent. If the employer doesn’t have enough funds to pay you the pension they promised, the PPF will provide compensation instead.
What is PPA disclosure?
The Pension Protection Act (“PPA”), passed this August, institutes requirements for a number of new notices and disclosures from plan sponsors and administrators. For 401(k) plans, and all other plans that allow for participant directed investments, the PPA requires the distribution of quarterly benefit statements.
Are Canadian pension funds regulated?
The Canada Pension Plan is one such public pension. Although CPP is styled as a joint federal-provincial program, legally speaking CPP is a federally regulated mandatory public pension plan.
Are pension plans legally required?
ERISA does not require any employer to establish a retirement plan. It only requires that those who establish plans must meet certain minimum standards. The law generally does not specify how much money a participant must be paid as a benefit.