On February 27, 2018, the federal government tabled its Budget 2018, Equality + Growth: A Strong Middle Class. We are currently reviewing the Budget and an FTR Now which highlights initiatives of particular interest to employers, human resource professionals and pension plan administrators will be available shortly on our website. (Editor’s Note: Our FTR Now,…
Industry: Construction
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…
Securities Act Amendments Allow Employees to Bring a Civil Action for Reprisal Against Whistleblowing
Recent amendments to the Ontario Securities Act (Act) now permit an employee to commence a civil action in court for reprisal against whistleblowing. Section 121.5 of the Act imposes new potential liability for employers. It states: 121.5 (1) No person or company, or person acting on behalf of a person or company, shall take a…
New Definition of “Spouse” in Ontario to Affect Plan Administration, Insurance & Succession Rules
Pending legislative changes to the definition of “spouse” in Ontario are set to impact pension plan administration and insurance claims in Ontario, further to amendments recently enacted by Bill 28, All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendment), 2016…
WSIB Rate Framework Approved
On November 14, 2016, the Board of Directors of the Workplace Safety and Insurance Board (WSIB) approved its new Rate Framework which fundamentally changes the way the WSIB classifies Schedule 1 employers and sets their premium rates. The Rate Framework has a targeted implementation date of January 2019. On the same date, the Board of…
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…
Ontario PRPP Legislation Now in Force
On November 8, 2016, the Ontario Pooled Registered Pension Plans Act (Act) came into force. As we previously reported, pooled registered pension plans (PRPPs) are a relatively new type of savings plan, operating much like a defined contribution pension plan that holds assets pooled together from multiple participating employers and employees. PRPPs are administered by…
New Rules for Administrator Appointment & Advisory Committee Establishment
On October 31, 2016, the Ontario government filed new regulations under the Pension Benefits Act (PBA) to implement the measures set out below. Appointment of administrator. Effective October 31, 2016, the PBA regulations are amended to set out the prescribed circumstances in which the Superintendent may appoint an administrator for a pension plan or act…
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…