Ontario government to end OHIP+ coverage for young people with private drug plans
An in-depth look at these and other subjects in the current issue of the Morneau Shepell News & Views
TORONTO, Feb. 21, 2019 /CNW/ - Morneau Shepell has released the February 2019 issue of its monthly newsletter, News & Views, in which the company looks at the following topics:
Ontario to end OHIP+ drug coverage for young people with private drug plans ? On January 2, 2019, the Ontario government released a regulatory notice and draft regulation that will make OHIP+ drug coverage only available to Ontarians under the age of 25 who do not have drug coverage through a private drug benefit plan. Changes resulting from the new draft regulation will take effect in March 2019. Those under the age of 25 without private drug benefit coverage will continue to have access to approximately 4,400 drugs included in the Ontario Drug Benefit Formulary.
Canada Revenue Agency releases draft newsletter on annuity purchases from pension plans ? The Registered Plans Directorate of the Canada Revenue Agency released a draft newsletter for public consultation, seeking comments on annuity purchases from pension plans by March 1, 2019. The draft newsletter provides guidance on the tax effects of the purchase of annuities by both plan administrators and individuals from registered pension plans, with a focus on purchases of annuities from defined benefit pension plans.
New provisions added to CPA Canada Handbook on financial reporting for DB pension plan sponsors? The Accounting Standards Board issued a decision summary affecting defined benefit pension plan sponsors that report under Sections 3462 (private enterprise) and 3463 (not-for-profit organizations) of the Chartered Professional Accountants of Canada Handbook. The summary provides guidance on the inclusion or exclusion of the explicit Provision for Adverse Deviations in the financial reporting of these entities.
Alberta adopts joint governance structure for large public sector pension plans ? On December 11, 2018, the province of Alberta adopted Bill 27, which will transition the Local Authorities Pension Plan, the Public Service Pension Plan and the Special Forces Pension Plan to a joint governance structure. This means that new sponsor boards and corporations will be responsible for the plan design and administration, and the Alberta government will no longer act as the plan sponsor and administrator. The plans will continue to be under the jurisdiction of the Employment Pension Plan Act and the Alberta Superintendent of Pensions.
Tracking the funded status of pension plans as at January 31, 2019 ? Morneau Shepell describes the funded status of pension plans at end of 2018 based on three typical investment portfolios. A graph shows the changes in the financial position of a typical defined benefit plan since the end of 2018. A table shows the evolution of the solvency ratio over January 2019 for the three typical investment portfolios.
The impact of pension expense under international accounting as at January 31, 2019? Morneau Shepell has shown the evolution of the pension expense over January 2019 for a typical defined benefit pension plan. Since the beginning of the year, the pension expense has increased by 5 per cent (for a contributory plan) due to the decrease in the discount rates, despite the good returns on assets (relative to the discount rate).
About Morneau Shepell Morneau Shepell is the only human resources consulting and technology company that takes an integrated approach to employee well-being, health, benefits and retirement needs. The Company is the largest administrator of retirement and benefits plans and the largest provider of integrated absence management solutions in Canada. LifeWorks by Morneau Shepell is a total well-being solution that combines employee assistance, wellness, recognition and incentive programs. As a leader in strategic HR consulting and innovative pension design, the Company also helps clients solve complex workforce problems and provides integrated productivity, health and retirement solutions. Established in 1966, Morneau Shepell serves approximately 24,000 clients, ranging from small businesses to some of the largest corporations and associations. With more than 4,500 employees in offices worldwide, Morneau Shepell provides services to organizations around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.
Regulatory News:
POXEL SA (Euronext: POXEL - FR0012432516), a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and...
Koryx Copper Inc. ("Koryx" or the "Company") announces that the Company has closed a non-brokered private placement (the "Offering") for a total gross proceed of $1,505,250. The Offering closed 23,157,692 units of the Company (each, a "Unit") at...
Mishe (say "mish-e"), an innovator in direct healthcare, announces the launch of Downstate's Transparent Access Plan, making SUNY Downstate Health Sciences University the first hospital system in the US to offer transparent upfront pricing for its...
To support ongoing efforts to ensure the effectiveness and integrity of Canada's tax system, the Government of Canada introduced new reporting requirements for trusts.
In recognition that the new reporting requirements for bare trusts have had an...
EV NICKEL INC. ("EVNi" or the "Company") is pleased to announce that it has closed its previously announced private placement of flow-through common shares for aggregate proceeds of $5,119,750 (the "Offering"). The Offering was led by PowerOne...
Stoic Equity Partners has closed on the purchase of another flex industrial property, the third closing associated with its investment fund, SEP Industrial Holdings I, LLC. The asset, a 5-building portfolio located on McDonough Pkwy in McDonough,...