Alberta simplifies rules for private pension plans
The updated regulations will provide greater safety and flexibility for 180,000 workers.
The government of Alberta has updated the rules for private pension plans, primarily benefiting construction workers, to ensure the continued security of their future payments. These changes affect the Employment Pension Plans Regulation and are aimed at increasing flexibility for nearly 180,000 members of 20 target pension plans.
Nate Horner, the Minister of Trade and Export, noted that predictable and stable funding rules are a win-win for target pension plans in Alberta. The changes simplify the calculation of benefits, create a significant safety buffer for each plan, and allow the head of pension funds to review calculations to protect the security of members' benefits.
The changes also aim to reduce volatility and ease burdensome requirements, enabling pension plans to improve benefits, such as cost-of-living adjustments. This, in turn, will enhance the pension funds' ability to support their members.
The International Brotherhood of Boilermakers, whose members were actively involved in the changes, expressed gratitude to the Alberta government for its collaboration and modernization of pension regulations. These changes will benefit thousands of retirees across the province, including members of the International Brotherhood of Boilermakers Pension Fund, improving their financial future and security.
