Employment Benefits

Current Status Next Steps

PSAB is deliberating comments received on its Invitation to Comment.

Second quarter of 2017 – Second invitation to comment being developed.

BACKGROUND

Identified as the top priority in PSAB’s 2014 Project Priority Survey, the Board has approved a project to review Section PS 3250, Retirement Benefits, and Section PS 3255, Post-employment Benefits, Compensated Absences and Termination Benefits. Since the issuance of these Sections decades ago, new types of pension plans have been introduced and there have been changes in the related accounting concepts.

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The first stage of this project will involve looking at issues such as deferral of experience gains and losses, and discount rates. The second stage will involve determining how to account for shared risk plans, multi-employer defined benefit plans and vested sick leave benefits. Other improvements to existing guidance will also be considered.

A new, comprehensive Handbook Section on employment benefits will replace the two existing Sections.

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PROJECT NEWS & DECISION SUMMARIES

PSAB Decision Summary – March 16-17, 2017
PSAB received an update about the project and reviewed a project plan. PSAB discussed if the process can be streamlined and requested staff to provide options and related risks for its consideration for the June 2017 PSAB meeting.

PSAB Matters Article – Actuarial Gains and Losses: To Defer or Not to Defer?
February 2, 2017. Whether actuarial gains and losses should continue to be deferred and amortized is a subject of debate in the Canadian public sector. Read this article for the arguments and find out how you can participate in this debate and influence PSAB’s deliberations on this issue.

Webinar – Employment Benefits Project Update and Invitation to Comment on Deferral Provisions
December 6, 2016. Tune in to this webinar on January 30, 2017 (English) or January 31, 2017 (French) to get the latest information on PSAB’s Employment Benefits project, including information on the Invitation to Comment, “Employment Benefits: Deferral Provisions in Sections PS 3250 and PS 3255.”

Invitation to Comment – Employment Benefits: Deferral Provisions in Sections PS 3250 and PS 3255
November 25, 2016. PSAB has issued an Invitation to Comment to seek stakeholder input before forming its preliminary views on the deferral provisions in the employment benefits standards. Stakeholders are encouraged to submit their responses, on the form provided, by March 3, 2017.

PSAB Decision Summary – September 26-27, 2016
PSAB approved the Invitation to Comment, “Employment Benefits: Deferral Provisions in Sections PS 3250 and PS 3255.” The document is expected to be issued in the fall of 2016.

PSAB Matters Article – Progress on our Employment Benefits Project
August 26, 2016. Stay informed on our Employment Benefits project and upcoming opportunities to share your views.

PSAB Decision Summary – June 16-17, 2016
PSAB received an update on the project, including consideration of the approach to an invitation to comment, and provided feedback to the task force.

Volunteer Opportunity – Employment Benefits Task Force
December 23, 2014. PSAB is currently seeking members for its Employment Benefits Task Force. If you are interested, please submit a resumé by February 16, 2015.

PSAB Decision Summary – December 15-16, 2014
PSAB approved an Employment Benefits project. The objective is to review Section PS 3250, Retirement Benefits, and Section PS 3255, Post-employment Benefits, Compensated Absences and Termination Benefits. Key issues include, but are not limited to, deferral of experience gains and losses, discount rate, shared risk plans, multi-employer defined benefit plans and vested sick leave benefits.

 

Disclaimer: This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.