Acronyms run rampant - lingo overdose

|CHRR, Guide to Pensions & Benefits|Last Updated: 05/27/2002

Ever stopped to think how much we rely on acronyms? Insidious and sometimes humorous, they run rampant. Over the years, the retirement benefits industry has created a stream of acronyms worthy of bringing HR professionals to their knees. Think you know a bit about retirement benefits? See if you can follow this…

Pension benefits can be offered to your employees using an RPP, DPSP, EPSP or RRSP. An RPP can be DB, DC or MP. It must comply with the tax rules of the ITA and ITR and will be monitored by the big tax department, the CCRA (formerly DNR or MNR).

Depending on the provincial jurisdiction, your RPP must comply with the PBA, PBSA, QSPP or EPPA and you must file endless documents with FSCO, OSFI, RRQ and others. It is less complicated if your employees are located in P.E.I. or N.W.T.