Human Resources Legislative Update
Alberta Extends Deadline for Filing Amendments Relating to EPPA Reform
Date: May 21, 2015
As previously reported, the pension reforms in British Columbia will come into force on September 30, 2015. Amendments to plans registered in British Columbia which reflect the new legislative requirements must be filed by December 31, 2015. While likely to follow suit, the Ontario pension regulator, the Financial Services Commission of Ontario, has not yet confirmed that it will require amendments to Ontario-registered pension plans with British Columbia members to be filed the same day.
The pension reforms complete the harmonization of the British Columbia and Alberta pension regulatory environment. As a result, the Alberta Superintendent of Pensions has extended the deadline for filing plan amendments arising out of the significant changes to the Alberta Employment Pension Plans Act and Regulation. This filing requirement applies to pension plans registered in Alberta and plans registered elsewhere with members whose pension benefits are subject to Alberta pension legislation. The new Alberta filing deadline is now December 31, 2015, extended from the previous deadline of June 30, 2015.
The deadlines for Alberta-registered pension plans to put into place a funding policy (benefit formula provisions), a participation agreement (non-collectively bargained multi-employer plans) and a governance policy have also been extended to December 31, 2015.