Wednesday, February 19, 2020
The Evolving Pension Landscape in BC
British Columbia has recently implemented significant changes to the funding framework for defined benefit pension plans and the new option of single employer target benefit plans.
Like funding reform in Ontario and Quebec, the new BC regulations aim to provide employers with greater contribution predictability and affordability, while supporting the long term sustainability of defined benefit pensions. The changes include reductions to solvency funding requirements in favour of a more sustainable enhanced going concern funding approach. The BC approach is notably different from the approach taken in other provinces in that the margin in the enhanced going concern funding measures depends primarily on long term bond rates rather than the plan’s investment strategy or maturity. The BC regulatory changes became effective December 31, 2019. The funding reforms apply to plans on their first review date.
Our speakers will discuss the review process, regulatory changes and implications for plan sponsors:
- Cynthia Callahan-Maureen led the public consultation and solvency funding reform project; she is the Director of Pensions, BC Ministry of Finance.
- A member of the actuarial working group supporting the project, Jaime Omichinski will highlight what plan sponsors need to know and what they should be thinking about; she leads Willis Towers Watson’s Vancouver Retirement practice.
Kicking things off, Michael Peters, Deputy Superintendent of Pensions and Vice President of the new Financial Services Authority, will provide a short update on the agency’s transition and then introduce our speakers.
Cynthia Callahan-Maureen, Director of Pensions and Personal Property Security, Ministry of Finance
Jaime Omichinski, Head of Retirement Business, Vancouver, Willis Towers Watson
Michael Peters, Deputy Superintendent of Pensions and Vice President, British Columbia Financial Services Authority
DATE: Wednesday, February 19, 2020
LOCATION: Fairmont Hotel Vancouver, 900 W Georgia St, Vancouver, BC
7:30am-8:00am – Registration & Hot Breakfast
8:00am-9:30am – Presentations
Members: $80 + 5% GST = $84.00
Non-members: $130 + 5% GST = $ 136.50
Plan Sponsor* Members: $60 + 5% GST = $63.00
Plan Sponsor* Non-Member: $110 + 5% GST = $115.50
Table of Six: $480 + 5% GST = $504.00
Plan Sponsor* Table of Six: $360 + 5% GST = $378.00