On January 1, 2011, Regulations Amending the Canada Pension Plan Regulations came into force (SOR/2010-300). The regulations implement the legislative amendments in the Economic Recovery Act (stimulus) (which received Royal Assent on December 15, 2009) and are intended to restore and enhance the actuarial adjustments made to Canada Pension Plan retirement pensions taken before and…
Industry: Education
FSCO Releases Plan Administrator Guideline for Public Consultation
On December 15, 2010, the Financial Services Commission of Ontario (“FSCO”) posted a draft consultation policy (the “policy”) regarding the management of inquiries and complaints by plan administrators. FSCO also posted a draft consultation guideline for developing a written policy (the “guideline”) on managing inquiries and complaints from plan beneficiaries for public review and commentary….
House of Commons Adjourns Until January 31, 2011
On Thursday, December 16, 2010, the federal House of Commons adjourned until 11:00 a.m. (EDT) on Monday, January 31, 2011.
Federal Economic Recovery Bill Passes
On December 15, 2010, Bill C-47, the Sustaining Canada’s Economic Recovery Act, received Royal Assent. The Bill is omnibus legislation and addresses numerous measures of interest to employers, including: income tax reforms relating to stock option plans and employee life and health trusts as outlined in the March 2010 Budget previously reported on August 30,…
Expert Panel Tables Recommendations To Improve Health and Safety
On December 16, 2010, the Expert Advisory Panel on Occupational Health and Safety tabled its Report and Recommendations to the Minister of Labour (“Report”) on ways to improve workplace health and safety in Ontario. As recommended by the Report, the government announced the creation of a Chief Prevention Officer position, which will be tasked with…
Federal Pension Regulations Proposed
On Tuesday, December 14, 2010, the federal government proposed a number of regulatory amendments to the Pension Benefits Standards Regulations, 1985 for public commentary. The proposed amendments are designed to increase protection of plan members and retirees and would, in part: permit plan sponsors to secure properly structured letters of credit in lieu of making…
Ontario Legislative Assembly Adjourns Until February 22, 2011
On December 9, 2010, the House adjourned for the winter break. It is scheduled to resume sitting on February 22, 2011.
Ontario’s Phase II Pension Reform Bill Receives Royal Assent
On December 8, 2010, Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, received Royal Assent. As previously reported, the Bill passed at Third Reading on December 7, 2010 after being amended by the Standing Committee on Finance and Economic Affairs under an accelerated schedule for consideration and debate.
Ontario Passes Pension Reform Bill
On Tuesday, December 7, 2010, the Ontario government passed Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010. As previously reported, Bill 120 was amended by the Standing Committee on Finance and Economic Affairs and ordered for Third Reading on December 1, 2010 under an accelerated schedule for consideration and debate….
Ontario Passes Accountability Bill
On December 2, 2010, the Ontario government passed Bill 122, the Broader Public Sector Accountability Act, 2010. As previously reported, the Bill was amended by the Standing Committee on Social Policy and ordered for Third Reading on November 30, 2010 under an accelerated schedule for consideration and debate.