Alberta introduces PRPP legislation • Quebec introduces bill for VRSPs • Yukon amendments help parents of murdered, missing or critically ill children
ALBERTA
Alberta introduces PRPP legislation
The government of Alberta has introduced pooled registered pension plan (PRPP) legislation that will give residents access to a “viable, low-cost private pension option,” according to Minister of State (Finance) Ted Menzies.
Bill 18, the Pooled Registered Pension Plans Act, will allow employers, employees and the self-employed to access PRPPs. These large, defined contribution plans will be managed by plan providers, such as banks and insurance companies, and be open to any employer or individuals.
Pooled pension plans have low fees, meaning members will pay less for the management of their plan and, as a result, save more for their retirement, said the Alberta government. And portability of the pension plans will allow members’ accumulated benefits to move with them from job to job.
QUEBEC
Quebec introduces bill for VRSPs
Quebec has introduced a bill to establish voluntary retirement savings plans (VRSPs) in the province.
The plans would be accessible to all individuals, including self-employed workers and workers at employers that do not subscribe to such a plan.
Any individual may contribute to a VRSP, as may any employer on behalf of the employees. However, as of January 2014, employers must automatically enroll employees in the plan if they have five eligible employees or more who have one year of uninterrupted service, and if they do not have a registered retirement savings plan or tax-free savings account for which payroll deductions could be made, or a registered pension plan.
These employees, however, can opt out of the plan, according to Bill 39.
YUKON TERRITORY
Yukon amendments help parents of murdered, missing or critically ill children
Parents who need to take time off work to care for a critically ill child or deal with the trauma of a murdered or missing child will be protected from job loss with the passing of amendments to Yukon’s Employment Standards Act.
The amendments provide job protection provisions and enable parents to take leaves of absence without pay to access federal benefit programs created for these circumstances.
The federal Employment Insurance Act will allow up to 35 weeks of financial benefits for parents who are away from work to care for a critically ill child. The benefits are expected to take effect this summer, once Canada’s Bill C-44 is proclaimed, amending the Employment Insurance Act.
