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February 24, 2022

PENSION PLAN CONTRIBUTION HIGHLIGHTED

Two new reports highlight the economic contribution and social value generated across Ontario by pension plans. The reports, conducted by the Canadian Centre for Economic Analysis (CANCEA) on behalf of OMERS, reflect OMERS belief that jointly sponsored public sector pension plans in Canada bring value to the lives of members and confirm that this value extends beyond the individual member and into their communities. The first examines the 2020 economic contribution of OMERS activities to Ontario based on member spending of their retirement benefits payments and the plan’s investments and operations in Ontario. Jonathan Simmons, OMERS chief financial and strategy officer, says, “The high-quality investments we make across the province and the billions of dollars in pension benefits we pay every year produce meaningful direct and indirect economic benefits that extend into communities. Our members also report higher levels of good health and less reliance on public income supports, freeing up resources to be used elsewhere.” The second report explores the social value generated by pension plans. This study found that providing a secure and stable source of income in retirement delivers value beyond pure monetary benefits.

February 24, 2022

EMPLOYERS CAN PROVIDE ACCESS FOR CHILDREN

Children need more access to online tools and services that can proactively help them address their mental health challenges and employers can benefit from playing a greater role in that process, says  Matthew Segal, the creator of Charlie Wellbeing. An estimated 1.2 million Canadian youth are affected by mental illness and the demand for youth mental health crisis services is increasing 30 to 40 per cent per year. Youth mental health crisis is a significant workplace issue as employee performance and safety is being compromised by the distraction of family mental health issues, costing Canadian employers millions in absenteeism and lost productivity. Charlie Wellbeing provides teens with confidential online access to licensed therapists and psychologists via desktops, iPads, or mobile phones. Children join Charlie through their parents or their parent’s employee benefits program.

February 24, 2022

CONTRIBUTION ERRORS CAN BE FIXED

Pension plan administrators will be able to correct contribution errors relating to defined contribution registered pension plans under a set of draft legislative proposals to implement previously announced tax measures, says Osler Hoskin & Harcourt LLP. Section 147.1 of the Income Tax Act (ITA) sets out rules relating to the registration, amendment, administration, and revocation of registration of a registered pension plan. This legislative section also contains the pension adjustment limits and the restriction on the payment of past service benefits. It does not currently permit administrators to accept retroactive contributions to employee accounts to correct prior year under