The Wall Street Journal
September 26, 2013

These are among the subjects included in the current issue of the Morneau Shepell News & Views, a monthly publication dedicated to providing insights to its clients in Canada.

TORONTO, Sept. 26, 2013 /CNW/ – Morneau Shepell, in the current issue of its newsletter, News & Views, reports on the findings of the Quebec Committee on Public Finance after its public consultation on the D’Amours report released in April 2013. [EXPAND Read more]

   -- FOLLOW-UP TO THE D'AMOURS REPORT ON PENSION PLAN REFORM IN QUÉBEC - 
      The Québec Committee on Public Finance said that it supports the 
      objectives and values of the report, but that most of the D'Amours 
      recommendations require further study. 

   -- NEW MORTALITY TABLES WILL AFFECT FUNDING OF PENSION PLANS -The Canadian 
      Institute of Actuaries published a draft report on Canadian Pensions 
      Mortality which concludes that Canadians covered by defined benefit 
      pension plans are living longer, leading to higher plan contributions. 

   -- CHANGES TO ACTUARIAL GUIDANCE FOR SOLVENCY VALUATIONS: NEW ANNUITY PROXY 
      AND ALTERNATIVE SETTLEMENT METHODS -The Canadian Institute of Actuaries 
      has refined the guidance that actuaries use for estimating defined 
      benefit pension liabilities for solvency and wind-up valuations, where it 
      is assumed that life annuities will be purchased to settle pension 
      obligations, leading in most cases to higher plan contributions. 

   -- NEW TRANSFER LIMITS WHEN PENSIONS ARE REDUCED -The Department of Finance 
      Canada issued a comfort letter concerning subsection 8517(3) of the 
      Income Tax Regulations, allowing greater sums to be tax-sheltered in 
      certain cases. 

   -- MARKET INDICES - Monthly summary of returns from various market indices 
      such as the TSX Group / PC Bond Indices and Canadian, U.S. and Foreign 
      Equity Indices. Also includes returns from benchmark portfolios used by 
      pension funds. 

   -- TRACKING THE FUNDED STATUS OF DEFINED BENEFIT PENSION PLANS - Impact of 
      past returns on plan assets and the effect of interest rate changes on 
      solvency liabilities. 

   -- IMPACT ON PENSION EXPENSE UNDER INTERNATIONAL ACCOUNTING - Expense impact 
      for a typical defined benefit pension plan.

Morneau Shepell is the largest company in Canada offering human resources consulting and outsourcing services. The Company is the leading provider of Employee and Family Assistance Programs, as well as the largest administrator of pension and benefits plans. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity, and improve their competitive position. Established in 1966, Morneau Shepell serves more than 8,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With approximately 3,000 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States, and around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com. [/EXPAND]