On May 28, 2012, Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts was reported back as amended to the House of Commons following its consideration by the Standing Committee on Finance, and the House passed a motion concurring with the report. Third reading of Bill C-25…
Industry: Energy & Utilities
Ontario Proposes Plan Administrator Disclosure Obligations, Proclamation Dates
On May 14, 2012, the Ontario government published additional draft amendments to General regulation 909 under the Pension Benefits Act (“Act”), and further proposed a proclamation date of July 1, 2012 in respect of certain amendments to the Act. The regulatory amendments would specifically outline the information plan administrators are required to disclose, including: “prescribed…
Ontario WSIB Funding Changes Announced on Heels of Arthurs Report
On May 4, 2012, the Ontario government announced that it would file a new regulation under the Workplace Safety and Insurance Act, 1997, to require the insurance fund of the Workplace Safety and Insurance Board (“WSIB”) to reach sufficiency of 60 per cent funding in 2017, 80 per cent funding in 2022 and a full…
Ontario Releases Proposed Grow-In Benefit Regulations
Further to the release of pension reform proposals, on Thursday, May 3, 2012 the Ontario government published additional draft amendments to General regulation 909 under the Pension Benefits Act (“Act”). As anticipated, the draft regulations prescribe additional “activating events” or circumstances that would trigger grow-in benefits for the purpose of s. 74(1), paragraph 3 of…
Long-Awaited Grow-In, Regulatory Pension Reforms Released
On Monday, April 30, 2012, the Ontario Ministry of Finance published long-awaited, proposed regulatory amendments under the Pension Benefits Act (“Act”), including additional, proposed prescribed “activating events” for the purposes of grow-in benefits that come into force on July 1, 2012, for public commentary.
Regulation Proposed To Extend Filing Deadlines of Public Sector, BPS Pension Plans
The Ontario government has proposed an amendment to Regulation 909 made under the Pension Benefits Act, Filing Extension for Certain Pension Plans in the Public Sector and Broader Public Sector. This regulation would extend the timeframe for these pension plans to file their actuarial valuation reports and extend the time for the commencement of special…
Federal Budget Implementation Bill Introduced (C-38)
On April 26, 2012, the federal government introduced Bill C-38, Jobs, Growth and Long-term Prosperity Act, omnibus legislation intended to give effect to certain key initiatives outlined in its Budget 2012. Among other matters, Bill C-38 would, if passed, amend Part I of the Canada Labour Code (“Code”) to require each party to a collective…
Ontario Announces Consultations on Public Sector Pension Plans
The Ontario government has announced that it will begin consultations on a new legislative framework for jointly sponsored public sector pension plans. Further to its 2012 Budget reform proposals, the proposed framework will include as follows: in case of a new funding deficit, plans would be required to reduce future benefits or ancillary benefits before…
Ontario 2012 Budget Bill Introduced
On March 27, 2012, the Ontario government introduced Bill 55, Strong Action for Ontario Act (Budget Measures), 2012 (“Bill 55”), omnibus legislation designed to implement a number of the proposals contained in its 2012 Budget, “Strong Action For Ontario.” In part, Bill 55 proposes amendments to reform the interest arbitration process in Ontario that would…
Federal Government Tables Budget 2012
On March 29, 2012, the federal government tabled its 2012 Budget, Economic Action Plan 2012 – A Plan for Jobs, Growth and Long-Term Prosperity. Among other things, the Budget includes the following proposals: a requirement that federally regulated private sector employers insure the long-term disability plans they offer to employees; tax changes in respect of…