TORONTO--(BUSINESS WIRE)--The Segal Company, Ltd. has issued a Bulletin discussing Bill 10, which would repeal and replace Alberta’s Employment Pension Plans Act. According to Phil M. Rivard, FSA, FCIA, vice president and actuary for Segal, “The intent of Bill 10, which has been expected for some time, is to modernize Alberta’s pension law and harmonize it more closely with British Columbia’s pension legislation. In general, Alberta and British Columbia members will be subject to identical rules and requirements.”
The Bulletin summarizes the following key features of Bill 10:
- Immediate vesting upon plan membership is mandatory.
- Plans will be permitted to register and provide target benefits.
- Alternative risk-sharing and plan-design arrangements can be considered.
- Additional formal governance requirements will apply.
- Self-assessments will be required periodically.
- Funding requirements and strategies may change.
- There is a new tool to address missing members.
Two versions of the Bulletin are now available:
- For multi-employer plans: http://www.segalco.ca/publications/jan2013bulletinMulti.pdf
- For public sector employers: http://www.segalco.ca/publications/jan2013bulletinPS.pdf
The multi-employer Bulletin briefly covers the differences between Alberta’s Bill 10 and British Columbia’s Bill 38, while the public sector version covers the accounting implications for entities following International Accounting Standard 19. They both conclude with observations on details that need to be addressed in regulations.
For more information, or to speak with Mr. Rivard, contact Mary Feldman.
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The Segal Company, Ltd., (www.segalco.ca) is a leading employee benefits, human resources and actuarial firm in Canada.