Articles

Articles

Read about what's going on in the industry to ensure you're always in the know and up to speed on industry changes and policies.

The changing landscape of privacy legislation and how it impacts your plan
 

With the major data breaches in the news recently, privacy has become a hot topic. From a plan sponsor’s standpoint, it’s important to know your members’ personal information is protected. Data privacy and security has become a key issue where the collection, use, disclosure and storage of personal information is involved. And that includes the administration of pension and benefits plans, where data-sharing can involve many third parties acting as plan agents.

In his recent article, Eckler's Domenic Barbiero discusses the implications of privacy laws worldwide, focusing on the introduction of EU's General Data Protection Regulations (GDPR) and what it means for plan sponsors. Whether plan administrators choose to implement changes immediately to be fully compliant with the GDPR or set a course of action to reach compliance over time, compliance with more stringent privacy laws seems inevitable – and costly to ignore.

Making Postretirement Plans and Senior Care More Effective
 

Over the past decade, a movement to reduce – or eliminate – retiree coverage within employer-sponsored benefit plans has become the trend, creating serious concern for the future welfare of Canada’s seniors from both health and financial perspectives. 

Ellen Whelan, Principal and Group Benefits practice leader at Eckler Ltd., explores what can be done today to avoid pushing Canada’s retirees into financial crisis tomorrow. 

Reproduced with permission from Plans & Trusts, Volume 36 Number 4, pages 18-22, July/August 2018, published by the International Foundation of Employee Benefit Plans (www.ifebp.org), Brookfield, Wisconsin. All rights reserved. Statements or opinions expressed in this article are those of the author and do not necessarily represent the views or positions of the International Foundation, its officers, directors or staff. No further transmission or electronic distribution of this material is permitted.

Reforms May Be the Death Knell for Target Benefit Plans
 

Recent and proposed pension reforms for target benefit plans (TBPs) – removing solvency funding requirements in favour of more stringent going-concern standards – are a move in the right direction. However, in the process, governments appear to have lost sight of the ultimate purpose of pension plans: providing members with reasonable pensions based on fixed contributions made by members and employers. This singular focus on protecting benefits at the expense of providing adequate pension levels will have unexpected consequences and could threaten the growth, or even the survival, of TBPs.