Administrators beware: as of January 1, 2018, the Superintendent of Financial Services (Superintendent) will have the power to levy significant new administrative monetary penalties (AMPs) for certain violations of Ontario’s Pension Benefits Act (PBA)…
Category: Pension and Benefits
Change on the Horizon: Ontario Pension Plan Funding Reform is Coming Soon
Earlier this year, the Ontario government announced proposed reforms to pension plan funding that will have a significant impact on employers and plan administrators with plans registered in Ontario. These changes are expected to be part of the government’s Fall agenda, and will be of particular interest to employers who provide single employer defined benefit (DB) pension plans or participate in multi-employer pension plans (MEPPs) in Ontario.
Addressing the Retirement System “Gap”: PRPPs Now Available in Ontario
In 2012, the federal government introduced a new type of tax-preferential workplace pension plan, the Pooled Registered Pension Plan (PRPP). Ontario is one of six Canadian provinces to have incorporated PRPP legislation into its existing provincial retirement framework, through the implementation of legislation last Fall. In this FTR Now, we explain the key features of…
New and Longer EI Benefits are Coming
Much anticipated legislative reforms to the Employment Insurance (EI) regime in Canada will extend parental and maternity EI benefits and expand access to critically ill children benefits. Find out what the changes could mean for your organization in this FTR Now…
Executive Compensation for Ontario BPS Organizations – A Summary of Recent Changes
On June 8 and 9, 2017, the Ontario government made a series of significant changes to the BPSECA Executive Compensation Framework. The changes include amendments to the content required of compensation programs, the timing of the development of those programs, and the process organizations must follow to implement their compensation programs…
Ontario Government Amends Executive Compensation Regulation
On June 8, 2017, the Ontario government filed O. Reg. 187/17 which amends the “Executive Compensation Framework” regulation (O. Reg. 304/16) made under the Broader Public Sector Executive Compensation Act, 2014 (BPSECA). On June 9th the government issued a new Broader Public Sector Executive Compensation Program Directive and amended the existing Broader Public Sector Executive…
Workplace Safety and Insurance Act Amended to Allow Benefit Entitlement for Chronic Mental Stress
The government’s budget implementation legislation, Bill 127, Stronger, Healthier Ontario Act, recently received Royal Assent. Bill 127 includes amendments to the Workplace Safety and Insurance Act, 1997 (WSIA) to allow entitlement to chronic mental stress for workplace injuries that occur on or after January 1, 2018. Previously, subsections 13(4) and (5) of the WSIA and…
Federal Budget Implementation Legislation Introduced
On April 11, 2017, the federal government introduced Bill C-44, the Budget Implementation Act, 2017, No. 1, omnibus legislation that would enact various measures outlined in its 2017 Budget. The accompanying Department of Finance Backgrounder indicates that Bill C-44 would, among other things, amend the Employment Insurance Act to: allow parents to choose to receive Employment…
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…
2016 Ontario Budget and Budget Bill Released
On February 25, 2016, the Ontario government tabled its 2016 Budget “Jobs for Today and Tomorrow” (“Budget”) and the corresponding Budget Bill, Bill 173, Jobs for Today and Tomorrow Act (Budget Measures), 2016 (“Bill 173”), supporting omnibus legislation designed to implement some of the proposals contained in the Budget. Our FTR Now of February 29, 2016, “Ontario Budget 2016”…