|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
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
May. 4, 2015 11:15 AM EDT Reads: 1,000
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
May. 4, 2015 11:00 AM EDT Reads: 5,637
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
May. 4, 2015 11:00 AM EDT Reads: 3,776
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
May. 4, 2015 11:00 AM EDT Reads: 2,823
Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
May. 4, 2015 11:00 AM EDT Reads: 1,162
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company...
May. 4, 2015 11:00 AM EDT Reads: 1,000
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, ...
May. 4, 2015 10:45 AM EDT Reads: 2,137
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
May. 4, 2015 10:45 AM EDT Reads: 4,224
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
May. 4, 2015 10:30 AM EDT Reads: 5,259
There are 182 billion emails sent every day, generating a lot of data about how recipients and ISPs respond. Many marketers take a more-is-better approach to stats, preferring to have the ability to slice and dice their email lists based numerous arbitrary stats. However, fundamentally what really matters is whether or not sending an email to a particular recipient will generate value. Data Scientists can design high-level insights such as engagement prediction models and content clusters that a...
May. 4, 2015 10:15 AM EDT Reads: 4,333
It's time to put the "Thing" back in IoT. Whether it’s drones, robots, self-driving cars, ... There are multiple incredible examples of the power of IoT nowadays that are shadowed by announcements of yet another twist on statistics, databases, .... Sorry, I meant, Big Data(TM), tiered storage(TM), complex systems(TM), smart nations(TM), .... In his session at WebRTC Summit, Dr Alex Gouaillard, CTO and Co-Founder of Temasys, will discuss the concrete, cool, examples of IoT already happening tod...
May. 4, 2015 10:04 AM EDT Reads: 280
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
May. 4, 2015 10:00 AM EDT Reads: 5,447
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Ras...
May. 4, 2015 10:00 AM EDT Reads: 3,849
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
May. 4, 2015 09:45 AM EDT Reads: 5,779
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
May. 4, 2015 09:45 AM EDT Reads: 3,313