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Québec Bill 68 will allow target benefit pension plans

Investments|Retirement
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October 27, 2020

Bill 68 will allow Québec employers to establish TBPPs and introduces other amendments to rules for pension plans, VRSPs and QPP

On October 7, 2020, the Québec government tabled Bill 68, An Act mainly to allow the establishment of target benefit pension plans, in order to allow employers in Québec to establish target benefit pension plans (TBPPs) and to make other amendments to rules related to pension plans, Voluntary Retirement Savings Plans and the Québec Pension Plan.

TBPPs are already allowed in a few Canadian provinces. In Québec, the TBPP design would be available to Québec members of new and certain existing private sector pension plans, as well as pension plans sponsored by municipalities or universities. The main rules respecting TBPPs are provided under Bill 68 and will be completed in forthcoming regulations.

This Advisory will be of interest to sponsors of pension plans who are considering plan design changes to share costs and risks with plan members.

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