On December 17, 2014, the Ontario government released a consultation paper inviting feedback on key design details and essential components of the Ontario Retirement Pension Plan (“ORPP”), including: defining a “comparable workplace pension plan,” to clarify membership in the ORPP; a minimum earnings threshold below which low-income workers would be exempt from contributions; and retirement…
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FSCO Extends Filing Deadline for EPPA-Related Plan Amendments
As we recently reported, on November 19, 2014, the Alberta government announced that plan sponsors or administrators could request and receive an extension of the deadline for filing plan amendments required under Alberta’s new Employment Pension Plans Act (“EPPA”) from December 31, 2014 to March 31, 2015. The Financial Services Commission of Ontario (“FSCO”) has…
Plans May Request Relief For Alberta EPPA Amendment Filing Deadline
As we recently reported, Alberta’s new Employment Pension Plans Act (“EPPA”) became effective September 1, 2014, and amendments to comply with the new EPPA rules were to be filed with the Alberta pension regulator by December 31, 2014. On November 19, 2014, the Alberta government announced that a plan sponsor (or its legal, actuarial or third…
The Duty of Good Faith and Honesty: An Important Foundational Decision by The Supreme Court Of Canada
The Supreme Court of Canada has issued a significant decision on the duty of good faith in the law of commercial contracts. In Bhasin v. Hrynew, the Court recognized good faith contractual performance as a general organizing principle of contract law and recognized a new “duty of honest performance” in the fulfillment of contractual obligations….
FSCO Consultation on Proposed Investment Guidance Note (Prudent Investment Practices for Derivatives)
On October 24, 2014, the Financial Services Commission of Ontario (“FSCO”) published a new proposed Investment Guidance Note in respect of Prudent Investment Practices for Derivatives (“Derivatives Guidance Note”). Once finalized, the Derivatives Guidance Note will provide plan administrators detailed guidance with respect to prudent investment practices related to derivatives. The Derivatives Guidance Note sets out…
Federal Government Proposes Amendments to Temporary Foreign Worker Program
On October 23, 2014, the federal government introduced Bill C-43, Economic Action Plan 2014 Act, No. 2, omnibus legislation intended to further implement measures first announced in its Budget 2014, Economic Action Plan 2014. Among other matters, Division 24 of Part 4 of Bill C-43 would amend the Immigration and Refugee Protection Act (“Act”) to support a…
FSCO Consultation on Proposed Investment Guidance Notes (Buy-In Annuities)
On October 7, 2014, the Financial Services Commission of Ontario (“FSCO”) announced that it will be publishing Investment Guidance Notes (“Guidance Notes”) with respect to various investment activities of Ontario registered pension plans. The Guidance Notes will set out FSCO’s expectations and identify issues that plan administrators should consider and address in respect of the…
Disclosure Reforms and New Defined Contribution Payment Option for Federally Regulated Pension Plans
On September 19, 2014, the federal government released proposed amendments to the Pension Benefits Standards Regulations, 1985 (“PBSR”). Proposals relating to the pension investment rules that apply more broadly – to federally regulated pension plans[1] as well as pension plans that are regulated by the provincial pension legislation in Ontario, Alberta, British Columbia, Manitoba, Newfoundland…
Five PRPP-Licenced Insurers Now Registered for Implementation
On October 7, 2014, the federal government announced that the following five insurance companies have been given licences under the federal Pooled Registered Pension Plan (“PRPP”) framework and have been registered with the Office of the Superintendent of Financial Institutions and the Canada Revenue Agency: Sun Life, Great West Life, Manulife, Standard Life and Industrial-Alliance….
Proposed Investment Rule Changes for Registered Pension Plans
On September 19, 2014, the Department of Finance Canada released proposed amendments to the federal Pension Benefits Standards Regulations, 1985 (“PBSR”). The proposed amendments would modernize the pension investment rules applicable to pension plans registered in many Canadian jurisdictions. Specifically, these changes will, if adopted as drafted, impact the investments that are permitted to be…