|By Marketwired .||
|April 28, 2014 10:08 AM EDT||
TORONTO, ON--(Marketwired - April 28, 2014) - The federal government's launch of discussions on a framework for Target Benefit Plans for federally regulated pensions highlights the potential of the Target Benefit approach to meet the changing needs of private- and public-sector plan sponsors and participants, says Aon Hewitt, the global human resources business of Aon plc (NYSE: AON). Announced on April 24, the federal consultation process means that almost every jurisdiction in Canada is now at least considering regulatory reform to allow for Target Benefit Plans -- an important step in providing pension stakeholders across the country with more flexibility to ensure long-term sustainability of their plans.
The Target Benefit approach is similar to the Defined Contribution model in that it involves fixed contributions, or a fixed range of contributions, which are set independently of the funded position of the plan. Benefits are based on affordability projections, and are directly linked to contributions in a way that does not currently exist in traditional Defined Benefit or Defined Contribution plans. While gaining in popularity, the adoption of Target Benefit Plans has been affected by complex pension rules that differ by jurisdiction. However, the jurisdictional scenario is changing; New Brunswick, Quebec, British Columbia and Alberta already have or are widely expected to adopt regulations governing Target Benefit plans, and other provinces have been actively assessing the regulatory reform. While the federal government proposal would directly impact only federally-regulated employers and there is no indication as to when or whether legislation might be introduced following the 60-day consultation period, the fact remains that the proposal brings Target Benefit Plans one step closer to reality across the country.
"For some plan sponsors and members, the Target Benefit approach has significant potential to provide good lifetime incomes for Canadians and to address the shortcomings of Defined Benefit and Defined Contribution designs," said William da Silva, Senior Partner, Retirement Practice, Aon Hewitt. "While we don't think that the approach is for everyone, we do believe that all pension stakeholders should at least understand it, as there are elements in Target Benefit design that can be used to improve the sustainability of any type of pension plan."
"The Target Benefit approach offers alternatives to plan sponsors who may be considering a move to Defined Contribution as they struggle with the affordability of their Defined Benefit Plans. It also provides options for Defined Contribution Plan members who have limited visibility on the retirement income their savings will provide, as well as limited ability to turn savings into a lifetime pension," says Karen Hall, Aon Hewitt Associate Partner and Chair of the firm's National Target Benefit Task Force. "The Target Benefit approach can also provide all plan stakeholders with greater insight into their plans' ability to balance pension contributions with benefits."
Aon Hewitt has established itself as a Canadian leader in Target Benefit Plan design, assisting clients across the country in implementing and maintaining this pension approach, as well as publishing a series of Guides to Target Benefit plans and creating an information-sharing website that provides relevant news, in-depth analysis, status updates on legislation, and more. Further information can be found at www.targetbenefits.ca.
About Aon Hewitt
Aon Hewitt empowers organizations and individuals to secure a better future through innovative talent, retirement and health solutions. We advise, design and execute a wide range of solutions that enable clients to cultivate talent to drive organizational and personal performance and growth, navigate retirement risk while providing new levels of financial security, and redefine health solutions for greater choice, affordability and wellness. Aon Hewitt is the global leader in human resource solutions, with over 30,000 professionals in 90 countries serving more than 20,000 clients worldwide. For more information on Aon Hewitt, please visit www.aonhewitt.com.
Aon plc (NYSE: AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 65,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
Sign up for News Alerts: aon.mediaroom.com
Follow Aon Hewitt on Twitter @aonhewittCA
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Apr. 29, 2016 05:45 AM EDT Reads: 2,390
SYS-CON Events announced today TMCnet has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business-to-business and integrated marketing media company, servicing niche markets within the com...
Apr. 29, 2016 04:45 AM EDT Reads: 2,339
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
Apr. 29, 2016 03:45 AM EDT Reads: 1,636
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
Apr. 28, 2016 09:45 PM EDT Reads: 361
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Apr. 28, 2016 08:45 PM EDT Reads: 1,720
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
Apr. 28, 2016 07:30 PM EDT Reads: 1,763
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
Apr. 28, 2016 07:15 PM EDT Reads: 2,368
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
Apr. 28, 2016 07:00 PM EDT Reads: 1,466
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Apr. 28, 2016 05:30 PM EDT Reads: 821
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Apr. 28, 2016 05:00 PM EDT Reads: 991
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
Apr. 28, 2016 04:45 PM EDT Reads: 1,729
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
Apr. 28, 2016 04:30 PM EDT Reads: 1,618
Based on the open source Cloud Foundry technology, IBM Bluemix is an open-standard, cloud-based platform for building, managing, and running applications of all types such as web, mobile, Big Data, and new smart devices. Bluemix abstracts and hides most of the complexities that are associated with hosting and managing cloud-based applications. As an application developer, you can focus on developing your application without having to manage the infrastructure that is required to host it. For mob...
Apr. 28, 2016 04:00 PM EDT Reads: 937
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
Apr. 28, 2016 04:00 PM EDT Reads: 1,640