COURSE OUTLINE PROGRAM: HRPD 411. Winter APPROVED BY: Chair/Dean

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1 COURSE OUTLINE SCHOOL: DEPARTMENT: Post Diploma in Human Resource Management Pensions and Benefits PROGRAM: HRPD 411 COURSE TITLE: 45 COURSE CODE: TOTAL COURSE HOURS: PRE-REQUISITES/CO- REQUISITES: COURSE ELIGIBILITY FOR PRIOR LEARNING ASSESSMENT AND RECOGNITION (PLAR): Program Eligibility Yes Post Diploma in Human Resource Management Pensions and Benefits ORIGINATED BY: Phil Cunnington Winter 2004 DATE: SUMMER 2008 APPROVED BY: Chair/Dean Students should keep all course outlines for each course taken at Centennial College. These may be used to apply for transfer of credit to other educational institutions. A fee may be charged for additional or replacement copies.

2 Course Title: Pensions and Benefits CENTENNIAL COLLEGE Course Code: HRPD-411 COURSE DESCRIPTION: Pensions and benefits are indirect compensation received by employees and an integral part of an organization s overall compensation strategy. One of the greatest challenges faced by organizations is to develop approaches to manage the rapidly increasing costs of employee benefits, particularly in the areas of health care, dental insurance and long-term disability costs. Moreover, with the imminent retirement of baby boomers in large numbers, pensions and pension related issues have assumed increasing importance. This course introduces students to the varied and complex area of pensions and benefits. COURSE LEARNING OUTCOMES: Upon successful completion of the course, students will have demonstrated the ability to: 1. Develop pension and benefit strategies that are equitable and meet the needs of diverse communities. 2. Describe the role played by employers, employees and government in pensions and benefits. 3. Describe the range of indirect payments and services that may be provided as benefits. 4. Describe a defined benefit pension plan and recognize the circumstances under which it would be appropriate. 5. Describe a defined contribution pension plan and recognize the circumstances under which it would be appropriate. 6. Analyze the investment strategies to fund a pension plan. 7. Analyze the liabilities of a pension plan that must be funded including the basic actuarial assumptions that form the foundation of the liabilities. 8. Describe the main legislative requirements concerning pensions and benefits, specifically: the minimum benefit levels or funding requirements specified in Pensions Benefits Acts and the maximums specified in Income Tax Act rules regarding tax deductibility. 9. Describe the goals of taxation policy with respect to pension plans, registered retirement savings plans and defined profit sharing plans. 10. Describe the major classes of insured benefits, both public and private. 11. Describe how an organization contracts with an insurance company to purchase benefits for its employees. 12. Discuss the relationship between premiums and the cost of benefits provided. 13. Describe various methods of cost control for insured benefit plans. Issued & Revised by COLT: June 2007 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar)

3 ESSENTIAL EMPLOYABILITY SKILLS (EES); This course supports the students ability to: Analyze information and determine relevancy to an organization s financial reporting system. Create and analyze reports Choose the best method to communicate financial results from a variety of reporting choices. Work, individually and in groups, to design and present financial reports. PRIOR LEARNING ASSESSMENT & RECOGNITION PROCESS (ES): This course is eligible for PLA. Applicant will 1. Be interviewed by a course instructor 2. Successfully complete a comprehensive written examination 3. Exhibit working knowledge of project management software (MS Project 2000 EVALUATION & GRADING SYSTEM: The criterion used to determine whether a student has achieved a passing grade in this course is as follows: An overall 50% success rate based on the grading scheme given below: Mid-Term Exam 15% Final Exam 25% Term Work* 55% Total 100% * Term work is to be completed on an individual or group basis as assigned and may consist of any or all of the following: quizzes, assignments, presentations, case studies, games, simulations/ experiential exercises, etc. Evaluative instruments worth 40% of the final grade must be administered, graded and returned to students before the date for withdrawal without academic penalty. Each instructor will distribute a detailed schedule of term assignments and related due dates. STUDENT ACCOMMODATION: All students have the right to study in an environment that is free from discrimination and/or harassment. It is College policy to provide accommodation based on grounds defined in the Ontario Human Rights Code. Accommodation may include changes or modifications to standard practices. Students with disabilities who require academic accommodations must register with the Centre for Student with Disabilities. Please see the Centre for Students with Disabilities for details.

4 Students requiring accommodation based on human rights grounds should talk with their professors as early as possible. Details are available on the Centennial College website ( ) If students are unable to write an examination due to a medical problem or unforeseen family problems, they should immediately contact their professor or program Chair for advice. In exceptional and well-documented circumstances (e.g. unexpected family problems, serious illness, or death of a close family member), students should be able to write a make-up examination to replace an examination missed. TEXT AND OTHER INSTRUCTIONAL/LEARNING MATERIALS: As assigned by instructor REFERENCE MATERIALS Greenan, Jennifer, The Handbook of Canadian Pension and Benefit Plans, 12 th Ed, CCH Canadian Limited Ilkiw, John, The Portable Pension Fiduciary, 3 rd Ed, Frank Russell Canada Limited Koskie, Raymond et al, Employee Benefits in Canada, 3 rd Rev., The International Foundation of Employee Benefit Plans. USE OF DICTIONARIES: Students are permitted to use a bilingual paper dictionary during tests and exams. The invigilator reserves the right to examine the dictionary for any supplemental notations. There is to be no use of electronic devices including dictionaries. Probationary Policy: Please contact your academic department for details.

5 Course Title: Pensions and Benefits Centennial College Course Code: HRPD-411 WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED 1 Overview of Retirement Income Arrangements History Establishing Pension Plans Legislative Environment Types of Employer-Sponsored Retirement Income Plans Plan Design Considerations COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) 2 Employer Pension Plans: Terms and Conditions 3 Government Pension Programs Administration and Communication of Pension Plans 4 Financial Management of Pension Plans Eligibility Requirements Pension Formula Pensionable Service Employee Contributions Retirement Age Normal and Optimal Forms of Pension Death Benefits Before Retirement Termination Benefits Inflation Protection Old Age Security Canada Pension Plans Roles and Responsibilities Establishing a Plan Selection of Service Providers The Registration Process Operation of the Plan Communication of Pension Plans Financial and Retirement Counselling Funding Policy Issues Funding Methods Issued & Revised by COLT: June 2007 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar)

6 WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED Actuarial Assumptions and Methods Accounting for Pension Costs and Obligations COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) 5 Pension Fund Investment Management 6 Registration of Pension Plans under the Income Tax Act and Taxation of Retirement Benefits Regulatory Environment Roles of the Parties in Pension Fund Management Elements of the Investment Management Process Recent Trends and Issues History of Registration Retirement Savings Limits Registration Rules and Contribution Limits Rules for All Plans Rules for Defined Contribution Plans Rules for Defined Benefits Plans Transfer of Assets Between Pension Plans and Registered Retirement Savings Arrangements 7 Mid-term Exam (15%) 8 Pension Standards History of Legislation Legislation and Case Law Minimum Standards Affecting Pension Plans Financial Issues Case Law 9 Supplementary Pension Arrangements Emergence of Supplementary Arrangements Design Issues Funding Other Retirement Income, Savings and Deferred Compensation Arrangements Registered Retirement Savings Plans Profit Sharing Plans Deferred Compensation Arrangements 10 Provincial Hospital and Legislation Scope of Coverage Issued & Revised by COLT: June 2007 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar)

7 WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED Medical Insurance Plans Financing Taxation COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) 11 Hospital, Medical, Drug and Vision Care Plans Features and Terminology Hospital Plans Drug Plans Extended Health Care Plans Vision Care Dental Plans Income Tax on Health Plans 12 Disability Income Plans Background Short-term Disability Plans Long-term Disability Plans Design Issues The Management of Disability Claims Issues Taxation Issues Group Life and Accident Insurance Background Governing Guidelines Death Benefits Under Government Plans Structure of Group Plans Benefit Provisions Variations on Group Life Plans Taxation Issues 13 Post-Retirement Benefits Background Types of Post-Retirement Benefits Retiree Post-Retirement Cost Containment Changing the Terms of Post-Retirement Plans Legal Issues Effect of Flexible Benefits on Post-Retirement Coverage Issued & Revised by COLT: June 2007 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar)

8 WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED Taxation Issues Accounting Considerations COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) Administration and Communication of Employee Benefits Financial Management of Employee Benefit Plans Administration Communication Background Financing Employee Group Benefits Plans Funding Disability Issues Insurance Companies Multi-Employer Issues 14 Flexible Benefits Background History and Evolution Elements of Flexible Benefits How to Flex Administration Communication Strategic Pricing Taxation Issues 15 Final Exam (25%) Issued & Revised by COLT: June 2007 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar)

9 POLICY STATEMENTS College Policies The following statements are selected from Centennial College policies approved by the Board of Governors. Student Responsibilities Students are expected to know the contents of the course outline and to discuss with the professor any areas where clarification is required. Students should keep all course outlines for each course taken at Centennial College. These may be used to apply for transfer of credit to other educational institutions. A fee may be charged for additional or replacement copies. Other Policies Students should familiarize themselves with all College Policies that cover students rights, responsibilities, and the Academic Appeal process. For further information, consult the Academic Matters Section in the full-time and continuing education calendars. The Academic Appeal Application form is available from any Enrolment Services (Registrar) Office. Proof of Student Status Students are obliged to produce official photo identification at any time during the semester when requested to do so by any professor. (The official piece is the Centennial Student Card.) Continuing Education students do not have Centennial Student Cards, and so they may use other forms of photo identification, such as a driver s license, health card, or other governmentissued photo identification. Final Examinations When writing a test or examination, students must put their official photo-id cards in full view, for review by the invigilator. Students who do not have official photo-id will be permitted to write the examination with a substitute photo-id, but they will be required to produce photo-id at the program or department office within 24 hours or the next business day following the examination, or else the examination results will be void. Faculty Consultation Professors are available to see students outside of class time. Students can contact professors via voice mail, , or through their program or department office. Information regarding how to contact teachers will be provided at the beginning of the course and is also available in the program or department office. Human Rights Statement It is the policy of the College that all programs will strive for a learning, teaching, and working environment that promotes inclusion, understanding and respect for all students and employees, consistent with the Ontario Human Rights Code and the Centennial College's Statement of Diversity.