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CIA Delays Implementation of New Standard for Lump-Sum Transfers
The Practice Standards Council of the Canadian Institute of Actuaries (CIA) recently passed a resolution postponing adoption of a new Standard of Practice for Determining Pension Commuted Values, which was scheduled to take effect on September 1, 2004. While this delay does create some uncertainty, it may make implementation of the new Standard easier for some plan sponsors.
2004 Ontario Budget a Bitter Pill for Employers
The 2004 Ontario Budget, tabled May 18, 2004, contains many health care measures that represent a significant shifting of costs from the government to employers and plan sponsors. The introduction of an Ontario Health Premium, changes to the Employer Health Tax and the delisting of services from OHIP may all combine to make this Budget a bitter pill to swallow.
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