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Sorting Out Ontario’s New Family Day
Starting on February 18, 2008, Ontario will observe Family Day on the third Monday in February. While most workers welcome the addition of the ninth provincial statutory holiday, there is no guarantee that all of them will actually get a day off, particularly if they have a collective agreement, employment contract or holiday/vacation policy that currently provides benefits in excess of statutory minimums.
Alberta Introduces Letter of Credit Financing
Alberta-registered pension plans will now be able to use Letters of Credit to fund solvency deficiencies following amendments to the Alberta Employment Pension Plans Regulation. Plan sponsors will need to consider the advantages and disadvantages of implementing LOC financing, including cost, plan member and union perceptions and use of credit weighed against the ability to free trapped capital and the reduction of cash payments to the pension plan.
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