How Fsco Regulates Pension Plans
The Financial Services Commission of Ontario is responsible for the administration and enforcement of the Ontario Pension Benefits Act and its supporting regulations. The PBA sets minimum legal standards for registered pension plans in Ontario.
Generally, members of registered pension plans who work in Ontario are covered by the PBA and regulations, unless they work in federally regulated industries such as banking, telecommunications, or airline transportation. Pension plans in those industries are covered by federal law and regulated by the Office of the Superintendent of Financial Institutions.
How The Pbgf Is Funded
The PBGF is funded by certain employers who sponsor defined benefit pension plans and qualify for this coverage. They are responsible for making yearly payments into the PBGF, based on the pension plans financial status and the number of Ontario plan beneficiaries who are part of the pension plan.
It is important to know that the PBGF does not cover:
Health Welfare And Pension Benefits
Go to the link under your employer to find out more about the benefits available to you. A description of each benefit can be found in your Benefit Description Handbook and, in some cases, in your job contracts. The 237 Welfare Fund administers the eligibility, enrollment, disability, optical and death benefits directly.
You May Like: Individual Retirement Account Pros And Cons
The Teleworking Survey Results Are In:
Of the 231 responses, the vast majority of members who responded were able to perform all their work remotely during the approximately 18 month period when it was allowed, whereas the remaining 19 individuals reported being able to perform most of their work remotely.
176 people felt that they were able to do their work better remotely than when in the office 50 reported that they were able to accomplish about the same as from the office, and a mere 4 people thought that they could not perform everything as well.
The majority of respondents want the ability to telework 2-3 days per week, whereas a sizable number of our colleagues would like to be allowed to work remotely 4-5 days per week. Only 4 people felt that 1 day per week was ideal, and even fewer people reported being OK with no telecommuting.
Finally, 215 respondents stated that if they are not provided with an option to telecommute, it would negatively impact their morale and/or desire to stay with their agency. By contrast, only 13 people stated that not being allowed to telework would have no negative effect on them.
Hopefully the incoming administration will take note of this valuable information, and provide options that attract and retain skilled professionals in todays workforce. Thank you to the many members who took the time to participate in this anonymous survey. We hear you, loud and clear!
Teamsters Local 237 Funds Sue Mcdonalds For Records In Harassment Allegations
Teamsters Local 237 Welfare Fund, Teamsters Local 237 Supplemental Fund for Housing Authority Employees and Teamsters Local 237 Additional Security Fund, all in New York, filed a lawsuit against McDonald’s Corp., Chicago, demanding the company provide records related to the company’s awareness of sexual harassment and other allegations.
The lawsuit, filed Tuesday in Delaware Chancery Court in Wilmington, demands an “inspection of McDonald’s books and records” related to harassment charges throughout the company since 2006. According to the filing, McDonald’s in May rejected the Teamsters funds’ demands to inspect books and records for reports of sexual harassment and related misconduct.
McDonald’s terminated former CEO Steve Easterbrook in November for cause for having a romantic relationship with another employee and announced Monday it was suing Mr. Easterbrook seeking to claw back his severance compensation, the filing said.
As of Dec. 31, 2018, the Teamsters Local 237 Welfare Fund Pension Plan had $29 million in assets, according to the fund’s most recent Form 5500 filing. Assets in other plans were not known.
Read Also: Wesleyan Retirement Home Georgetown Texas
Testimony Of Csba President Saul Fishman Before The Pandemic Practices Working Group June 7 2022
Good morning Distinguished Judges, Jurists, concerned panelists on the Future of the Courts and the Pandemic Practices Working Group:
I thank you on behalf of the members of the Civil Service Bar Association, the nearly 900 non-managerial Agency Attorneys employed by the City of New York in approximately 40 city agencies, people who themselves have generally risen from working class families and are dedicated to giving back and helping less fortunate New Yorkers. It is an honor to speak with you about their collective needs and experiences. Im Saul Fishman, their President, with the privilege of serving for the past decade.
Diversity Equity & Inclusion
This organization has not provided information regarding the diversity, equity and inclusion practices it is presently implementing. As such, the organization has not earned a score on this metric. Charity Navigator believes nonprofit organizations implementing effective DEI policies and practices can enhance a nonprofit’s decision-making, staff motivation, innovation, and effectiveness.
Don’t Miss: Estimate My 401k At Retirement
Business Master File Data
Below are some key data points from the Exempt Organization IRS Business Master File for this organization. Learn more about the BMF on the IRS website
Sick, accident, death, or similar benefits
Other services or benefits to members or employees
All organizations except 501
Subordinate – the organization is a subordinate in a group ruling.
Caring For Your Mental Health During The Coronavirus Outbreak
While caring for your mental health is always very important, its even more important when there are serious issues that affect all of society in frightening ways. For many Americans, the outbreak of the novel Corona Virus has brought about more than physical sickness and financial difficulties, it has also brought about an increase in persistent worry, sadness and for some, or even a fixation on germs. For many of our members, this may be especially true because they are essential employees and are continuing to travel to work everyday. For our members with pre-existing mental health challenges, whether they are currently at the job or working from home, this may also be a particularly stressful time.Why is your stress level so important? Because when people undergo chronic mental stress, they do not fare as well and cannot perform at their best. We care about our members and your families functioning. We want the best for you.According to the CDC, these are some symptoms to look out for:
- Fear and worry about your own health and the health of your loved ones
- Changes in sleep or eating patterns
- Difficulty sleeping or concentrating
- Worsening of chronic health problems
- Increased use of alcohol, tobacco or other drugs.
If you or someone who you care about has begun to experience any of these symptoms, here are steps that can be taken to feel better:
Don’t Miss: T Rowe Price Retirement 2010 Fund
The Pension Benefits Guarantee Fund
If you belong to a defined benefit pension plan and your employer becomes insolvent or bankrupt, there may not be enough money in the pension fund to pay all of the pension benefits that were promised to you. The Pension Benefits Guarantee Fund may then apply to guarantee payment of certain benefits from your pension plan.
The PBGF is a special fund that was established by the Government of Ontario to cover pension benefits for certain defined benefit pension plans if they are wound up, because the employer is insolvent and there is a funding shortage.
Voluntary Employees’ Beneficiary Association
Mission:TO PROVIDE VARIOUS WELFARE BENEFITS TO ELIGIBLE MEMBERS AND THEIR DEPENDENTS.
INTERNATIONAL BRTHRHD OF TEAMSTERS LOCAL 237 RETIREES BENEFIT FUND is a 501 organization, with an IRS ruling year of 1989, and donations may or may not be tax-deductible.
Encompass Rating System by Charity Navigator
You May Like: Life Insurance For Retired Federal Employees
Local 237 Member Benefits
Job security, pensions and good benefits are just of the few the reasons that workers join unions. Local 237 member benefits are among the best in New York and the nation. Our union has fought for them at the bargaining table both in the last round of contract negotiations and in every contract preceding that.
Health, Welfare and Pension Benefits In addition to employer-provided health and pension benefits, most Local 237 members participate in our unions Welfare Benefit Funds, which provide medical benefits such as prescription drugs, optical and dental care. Additionally, 237 members have access to free legal services, educational programs, financial planning, and retirement planning.
Enhanced Life Insurance Coverage
President Gregory Floyd and the Welfare Fund Trustees are pleased to provide an enhanced benefit for our Group Term Life Insurance. Effective May 1, 2020, member life insurance benefits have been increased to $15,000 per member and to $5,000 for a dependent child. For detailed information regarding this enhanced benefit, please go to the links below for a short video presentation which explains the benefits in detail.
MetLife is our new insurance carrier for our Group Term Life policy. In addition to the Welfare Fund GTL for Active city employees MetLife is also offering supplemental life by way of payroll deduction. To enroll for supplemental benefits, go to www.metlife.com/mybenefits
Don’t Miss: What Should I Do For Retirement
Salary Of Key Persons
Presented here are up to five of this organization’s highest compensated employees. This compensation data includes salary, cash bonuses, and expense accounts and is displayed exactly how it is reported to the IRS. The amounts do not include nontaxable benefits, deferred compensation, or other amounts not reported on Form W-2. In some cases, these amounts may include compensation from related organizations. Read the IRS policies for compensation reporting
This Organization Cannot Be Evaluated Because It Is Not A 501 Irs Registered Nonprofit
Charity Navigator currently only evaluates nonprofits registered with the IRS as 501 organizations. 501 nonprofits are tax-exempt and eligible to receive tax-deductible contributions.
Note: The absence of a score does not indicate a positive or negative assessment, it only indicates that we have not yet evaluated this organization.
This beta feature is currently viewable only on desktop or tablet screens. Check back later for updates.
Retiree Division Events And Announcements
Important update about the new NYC Medicare Advantage Plus Plan – 7/20/22
Empire/Anthem withdrew from participating in the Medicare Advantage program. The City unions and the City are discussing the next steps. We will continue to fight for the best healthcare program for our active and retiree members. We will continue to inform you of later developments.
Our union and fund offices are open to retirees for unscheduled appointments. We suggest wearing a mask when visiting our offices. For the safety of our staff and members, Retiree meetings and/or workshops are still being held virtually or via conference call. You can still contact the Retiree Division by phone at 212-807-0555 or via email at
Every Tuesday at 11:00 a.m. – Telephone Peer to Peer support groupPeer to peer support group, through sharing experiences group members receive support, encouragement, and comfort from each other, the group is facilitated by a clinical social worker. Call in code: 425-436-6369, access code 561479 Oct. 11 at 11:00 a.m.- Telephone Legal Workshop Call in code: 319-527-9831Gaining a better understanding of Elder Abuse: Signs and SymptomsCall in code: 425-436-6369, access code 561479
Data Sources: Irs Forms 990
The Form 990 is a document that nonprofit organizations file with the IRS annually. We leverage finance and accountability data from it to form Encompass ratings. .
Impact & Results
This score estimates the actual impact a nonprofit has on the lives of those it serves, and determines whether it is making good use of donor resources to achieve that impact.
Impact & Results Score
Also Check: Can One Retire On 1 Million Dollars
Fsco’s Responsibilities Relating To Pension Plans Include:
- Administering the and collecting PBGF assessments.
- Monitoring pension plans and pension funds to ensure they are being administered, invested and funded in compliance with legislated requirements.
- Registering new pension plans and pension plan amendments.
- Processing required filings and applications from plan administrators.
- Regulating certain multi-jurisdictional pension plans .
FSCO works with national and international pension regulators and associations to conduct research and share information and data.
FSCO is a member of the Canadian Association of Pension Supervisory Authorities a national inter-jurisdictional association of pension regulators that develops practical solutions to help coordinate and harmonize the work of pension regulators across Canada.
As a member of CAPSA, FSCO is able to participate in other regulatory forums, such as:
- The National Pension Compliance Officers Association, which works to harmonize policies and processes related to the registration and monitoring of pension plans.
- The Joint Forum of Financial Market Regulators, where pension, securities and insurance regulators coordinate, harmonize and streamline Canadian financial products and services regulation.
- The International Organisation of Pension Supervisors, an independent international body that works to improve the quality and effectiveness of private pension system supervision.