OSFI Publishes Guidance Note for Member Choice DC Plan Default Investments

The Office of the Superintendent of Financial Institutions (OSFI) has published a new Guidance Note providing its interpretation and expectations relating to the requirements for the default investment selected by the administrator. The Guidance Note (Default Option for Member Choice Defined Contribution Plans) relates to defined contribution (DC) accounts or additional voluntary contribution accounts in…

Ontario’s Proposed New Anti-Racism Standards

As we previously reported, the Ontario Anti -Racism Act (ARA) came into force on June 1, 2017. One of the purposes behind the ARA is to allow certain organizations to collect information that will be used to identify and monitor systematic racism and racial disparities for the purpose of eliminating systemic racism and advancing racial…

Ontario Publishes Description of Proposed Variable Benefits Regulations for DC Plans

The Ontario government posted a description of proposed regulations on March 20, 2018 enabling it to implement the variable benefit (VB) provisions applicable to defined contribution (DC) plans under the Ontario Pension Benefits Act (PBA). Background – DC Decumulation Currently, Ontario members of DC plans who have terminated their employment with the plan sponsor and…

FSCO Launches Targeted Compliance Review of Member Option Statements

In March, 2018, the Financial Services Commission of Ontario (FSCO) will commence a targeted review of pension plan member option statements to verify compliance with key requirements under the Pension Benefits Act (Act) and FSCO policies. In particular, FSCO will focus its targeted review on whether plan administrators are: meeting requirements for statement content and…

Ontario Proposes Creation of Employer “Health and Safety Management Systems” under OHSA

On November 16, 2016, the Ontario government introduced Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016, omnibus legislation that would, among other things, amend the Occupational Health and Safety Act (OHSA) to provide for the establishment of employer “health and safety management systems.” Specifically, the amendments would: define “health and safety management…

Ontario Proposes Significant Overhaul of Pension Regulatory Framework

On November 16, 2016, the Ontario government introduced Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016, omnibus legislation that would, among other things: enact the Financial Services Regulatory Authority of Ontario Act, 2016 to establish a new framework for the creation of the Financial Services Regulatory Authority of Ontario (FSRA), replacing both…

Federal Government Introduces Legislation to Establish Target Benefit Plans Framework

On October 19, 2016, the federal government introduced Bill C-27, An Act to amend the Pension Benefits Standards Act, 1985, legislation that would, if passed, provide a framework for the establishment, administration and supervision of target benefit plans (TBPs). TBPs provide for fixed or capped contributions, a targeted “defined benefit type” pension formula and flexibility…

Federal Government Introduces Amending Legislation to Support CPP Enhancement

On October 6, 2016, the federal government introduced Bill C-26, An Act to amend the Canada Pension Plan, the Canada Pension Plan Investment Board Act and the Income Tax Act, new omnibus legislation to support Canada Pension Plan (CPP) enhancement. If passed, Bill C-26 would, among other things, amend the CPP to: increase the maximum…