FTR Now

Key Highlights of Federal Budget 2021

· 26 min read

On April 19, 2021, the federal government tabled its 2021 Budget “A Recovery Plan For Jobs, Growth, And Resilience” (Budget). The Budget sets out a broad range of proposals stemming from the pandemic, such as an extension of the Canada Emergency Wage Subsidy (CEWS) and an increase to the length of Employment Insurance (EI) sickness…

FTR Now

In the latest evolution of the federal government’s response to the ongoing global COVID-19 pandemic, on February 19, 2021, the government announced that it would be introducing regulatory and legislative amendments to increase the number of weeks of benefits available for Employment Insurance (EI) regular benefits, as well as the Canada Recovery Benefit (CRB), the…

FTR Now

The Canadian government has announced the details of the extension of the Canada Emergency Wage Subsidy (CEWS) program into June 2021. CEWS was established in March 2020 to support employers, and their employees, during the COVID-19 pandemic by providing a subsidy with respect to eligible remuneration paid by eligible employers who have experienced reduced revenues…

FTR Now

On October 14, 2020, the Department of Finance Canada released its latest backgrounder regarding the CEWS. The Extending the Canada Emergency Wage Subsidy backgrounder (Backgrounder) summarizes a number of new and recently announced changes to the CEWS, including the extension of the CEWS to June 2021.

FTR Now

The federal government has announced that it intends to extend the current treatment of employees on leave with pay under the Canada Emergency Wage Subsidy (CEWS) program by a further four weeks, from September 27, 2020 to October 24, 2020 (CEWS claim period 8).

FTR Now

The federal government has announced that it proposes to extend the current treatment of employees on leave with pay under the Canada Emergency Wage Subsidy (CEWS) program by four weeks, from August 30, 2020 to September 26, 2020 (CEWS claim period 7).

FTR Now

In the latest evolution of the federal government’s response to the ongoing global COVID-19 pandemic, on August 19, 2020, amendments to the Employment Insurance Act (EI Act) were published and, on August 20, 2020, the government announced new measures to support affected Canadians who continue to be unable to work due to COVID-19.

FTR Now

On July 27, 2020, the federal government passed Bill C-20, An Act respecting further COVID-19 measures (Bill C-20), which amends the Canada Emergency Wage Subsidy (CEWS) first enacted in April 2020 with Bill C-14, the COVID-19 Emergency Response Act, No. 2 (Bill C-14). Since April, there have been a number of changes to the CEWS. Bill C-20 implements the modified rules for the CEWS program that apply from June onward.

In this FTR Now we provide a comprehensive summary of the CEWS, including the new details of the CEWS extension to December 19, 2020, and we incorporate content from our previous firm communications dated March 30, 2020, April 2, 2020, April 9, 2020, April 13, 2020, and April 20, 2020.

FTR Now

Participating employers in the Ontario Municipal Employees Retirement System (OMERS) should be aware of five amendments to the OMERS Primary Pension Plan (Primary Plan) approved by the OMERS Sponsors Corporation Board (SC Board) on June 24, 2020. The changes will be of interest to employers in the municipal and school board sectors with employees who participate in OMERS and include several amendments to address COVID-19-related issues. In addition, two non-COVID-19-related amendments were adopted, including a major change to eligibility for non-full-time employees.

FTR Now

During these uncertain times, pension plan administrators must continue to administer their pension plans and provide benefits to members, former members and retired members. Employers and pension plan administrators face a number of upcoming filing and disclosure deadlines and may have challenges in meeting those deadlines as a result of the COVID-19 pandemic.

FTR Now

Bill C-13, COVID-19 Emergency Response Act, received Royal Assent on March 25, 2020 after swift passage by Parliament and the Senate. This federal legislation implements the income support and other fiscal measures announced by the federal government on March 18, 2020.

Human Resources Legislative Update

On November 7, 2019, Bill 132, Better for People, Smarter for Business Act, 2019 (Bill 132), passed Second Reading and was referred to the Standing Committee on General Government. Bill 132 is omnibus legislation which, if passed, will amend a number of statutes, including the Ontario Pension Benefits Act (PBA). Proposed amendments to the PBA…

FTR Quarterly

FTR Quarterly – Issue 14

· 18 min read

In This Issue An Update on Reasonable Notice Periods An Update on Executive Compensation Through the Notice Period Featured Lawyer – Kimberly D. Pepper Featured Topic – Employment Law Featured Articles An Update on Reasonable Notice Periods By: Mitchell R. Smith and Evon Gayle Determining an employee’s reasonable notice upon termination of employment used to…

Human Resources Legislative Update

On May 21, 2019, the Ontario government filed Regulation 105/19 amending Regulation 909 (General Regulation) under the Pension Benefits Act (PBA). The amendments mainly relate to clarifying elements of the defined benefit (DB) funding rules that took effect on May 1, 2018. Many of the new clarifications have been requested by the pension industry over…

FTR Now

On April 11, 2019, the Ontario government tabled its 2019 Budget, Protecting What Matters Most (Budget), and introduced supporting implementation legislation, Bill 100, the Protecting What Matters Most Act (Budget Measures), 2019 (Bill 100).

The Budget outlines key initiatives around broader public sector compensation, reforms within the healthcare sector, registered pension plans, freedom of information, and more. In this FTR Now, we highlight the proposals that are of particular interest to employers, benefits plan administrators and human resources professionals.

Human Resources Legislative Update

Bill 66 Passes, Amends ESA, LRA and PBA

· 3 min read

On April 3, 2019, Bill 66, Restoring Ontario’s Competitiveness Act, 2019, received Royal Assent. Bill 66 is omnibus legislation which amends various statutes, including the following employment-related statutes: Employment Standards Act, 2000 (ESA) The ESA has been amended to remove the need for employers to obtain the approval of the Director of Employment Standards in…

FTR Now

On December 6, 2018, Bill 57, Restoring Trust, Transparency and Accountability Act, 2018 passed Third Reading and received Royal Assent. On the same date, the government tabled Bill 66, Restoring Ontario’s Competitiveness Act, 2018, omnibus legislation which, if passed, will make significant amendments to the Employment Standards Act, 2000 (ESA), the Labour Relations Act, 1995 (LRA), the Pension Benefits Act (PBA) and other statutes.

FTR Now

Recently approved pension changes to the Ontario Municipal Employees Retirement System may increase employer pension costs and have impacts on workforce management. The OMERS Sponsors Corporation recently completed a Comprehensive Plan Review, which involved consideration of several proposed changes to the plan design and benefits.

FTR Now

The Ontario government’s Economic Outlook and Fiscal Review (Fiscal Review) and supporting omnibus legislation, Bill 57, the Restoring Trust, Transparency and Accountability Act, 2018 (Bill 57), propose a number of significant reforms and initiatives to pension, benefit, tax and employment-related legislation that will impact your workplace and pension plan administration. Bill 57 also contains proposals related specifically to fire services, which were outlined in our prior communication, Ontario Government Tables Legislation Impacting Bargaining and Interest Arbitration in the Fire Sector.

FTR Now

On November 15, 2018, the Ontario government introduced Bill 57, the Restoring Trust, Transparency and Accountability Act, 2018, omnibus legislation supporting key reforms outlined in the 2018 Ontario Economic Outlook and Fiscal Review (Fiscal Review), titled, “A Plan For the People,” which was also released on that date.

FTR Quarterly

FTR Quarterly – Issue 11

· 10 min read

In This Issue Considering Cannabis Coverage under Benefits Plans Recreational Cannabis and Your Workplace: Five Steps to Consider Featured Lawyer – Maureen M. Quinlan Featured Topic – Cannabis Expertise Featured Articles Considering Cannabis Coverage under Benefits Plans By: Natasha D. Monkman With the legalization of recreational cannabis on October 17, 2018, employers across Canada have been…

Human Resources Legislative Update

The government has announced that the new federal Parental Sharing Benefit will launch on March 17, 2019. As we previously reported, the 2018 federal Budget (Budget) proposed to establish an additional Parental Sharing Benefit with the goal of encouraging parents to share Employment Insurance (EI) benefits. The intended goal of this reform was to allow…

FTR Now

Pension plans that meet the definition of specified Ontario multi-employer pension plans (SOMEPPs) are one step closer to having the option to convert accrued defined benefits (DB) to target benefits (TB) – and one step closer to a permanent exemption from solvency funding. If your organization participates in a SOMEPP, find out what this could mean for your organization in this FTR Now.

FTR Now

Ontario Budget 2018

· 14 min read

On March 28, 2018, the Ontario government tabled its 2018 Budget, A Plan for Care and Opportunity and introduced Bill 31, the Plan for Care and Opportunity Act (Budget Measures), 2018. The Budget outlines key initiatives around retirement security and pension reform, healthcare, education, further initiatives to specifically address gender equality issues, representation of women, and more…

FTR Now

Federal Budget 2018

· 16 min read

On February 27, 2018 the federal government tabled its 2018 Budget, Equality & Growth: A Strong Middle Class (Budget). The Budget contains several key initiatives, including a new Employment Insurance parental sharing benefit, the permanent extension and expansion of the Employment Insurance Working While on Claim pilot project…

Human Resources Legislative Update

Much anticipated proposed regulatory amendments respecting the formula for calculating Pension Benefits Guarantee Fund (PBGF) assessments were published by the Ontario government on January 19, 2018 (Proposed Regulations).  With unproclaimed amendments to the Pension Benefits Act (Ontario) set to enhance PBGF protection by increasing the guarantee from $1,000/month to $1,500/month, the proposed changes to the PBGF assessment formula are intended to maintain the viability of the PBGF.

Human Resources Legislative Update

On December 14, 2017, the Ontario government published the long-awaited details to support the proposed reforms to funding rules for Ontario pension plans. The proposed regulations describe the amendments to the Pension Benefits Act Regulations that will, among other things: Alter solvency funding obligations, by reducing the solvency deficiency required to be funded (such that…

FTR Now

Ontario’s Next Wave of Pension Reform

· 15 min read

New legislation has been tabled that will, if passed, change the retirement framework in Ontario – and the rules around pension plan administration, governance and funding. The proposals outlined in Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017, include permanent solvency funding measures, discharges for annuity purchases, a new registry for missing beneficiaries, multi-employer pension plans and target benefits changes and a host of other key amendments. Learn more about these important Bill 177 pension proposals and how they could impact your organization in this FTR Now.

FTR Quarterly

FTR Quarterly – Issue 7

· 17 min read

In This Issue Extended EI Benefits – Top 3 Ways Your Workplace Could be Affected FTRQ&A – Chronic Mental Stress Pension Plan Funding Reform: At the Precipice Featured Lawyer – Stephanie J. Kalinowski Pension, Benefits & Executive Compensation Featured Articles Extended EI Benefits – Top 3 Ways Your Workplace Could be Affected By: Alyson Frankie and…

Human Resources Legislative Update

The Canada Employment Insurance Commission (CEIC) has set the 2018 Employment Insurance (EI) premium rate at$1.66 per $100 of insurable earnings. This represents a 3 cent increase for employees over the 2017 rate, and 4 cents for employers who pay 1.4 times the employee rate. For Quebec residents covered under the Quebec Parental Insurance Plan,…

FTR Now

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.

FTR Now

Ontario Budget 2017

· 10 min read

On April 27, 2017, the Ontario government tabled its 2017 Budget “A Stronger, Healthier Ontario” (Budget) and Bill 127, Stronger, Healthier Ontario Act (Budget Measures), 2017 (Budget Bill), omnibus legislation designed to implement some of the proposals contained in the Budget. In this FTR Now, we highlight key proposals that are of particular interest to…

FTR Now

On November 16, 2016, the Ontario government introduced Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016 (Bill 70). Bill 70 is omnibus legislation that includes various pension-related initiatives, including substantive changes to certain pension minimum standards…

Human Resources Legislative Update

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…

Human Resources Legislative Update

On October 31, 2016, the Ontario government filed new regulations under the Pension Benefits Act (PBA) to implement additional solvency funding relief for certain broader public sector (BPS) plans. Subsequent solvency funding relief re stage two. Effective October 31, 2016, O. Reg. 350/16, amending O. Reg. 178/11 (Solvency Funding Relief For Certain Public Sector Pension…

Human Resources Legislative Update

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…

FTR Now

As described in our FTR Now of July 26, 2016, Marshall Consultation Paper on Ontario Pension Solvency Funding Framework Released, the Ontario government is undertaking a review of the current solvency funding framework (the Marshall Review) under the Ontario Pension Benefits Act (PBA)…

FTR Quarterly

Pension plan governance has long had headline-grabbing status – and most plan sponsors regularly review their governance framework to identify and address any governance gaps. At the same time, employers who sponsor group benefits plans too rarely build regular reviews of their benefits plans into their larger governance responsibilities. They should – because the stakes…

FTR Now

Ontario Budget 2016

· 17 min read

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”). In this FTR Now, we highlight some of the key proposals that are of particular interest to employers, human resources…

FTR Now

ORPP Implementation Delayed to January 1, 2018

· 3 min read

On February 16, 2016, the Ontario government announced that the first wave of Ontario Registered Pension Plan (“ORPP”) implementation has been delayed by one year to January 1, 2018. This change, which impacts certain large employers with more than 500 employees, is one of several significant developments outlined in this FTR Now. THE ANNOUNCEMENT The…

FTR Now

The Ontario Retirement Pension Plan (“ORPP”) is coming and all municipal sector employers need to consider and prepare for the potential of ORPP participation and associated additional payroll costs commencing as early as January 1, 2017. In this FTR Now we provide an overview of the ORPP and highlight key issues that you should be…

FTR Now

Editor’s Note: Following publication of this communication, the Ontario government announced that the first wave of ORPP implementation will be delayed by one year to January 1, 2018. Please be sure to read our FTR Now of February 17, 2016 for updated information on this significant development, or contact your regular Hicks Morley lawyer for…

FTR Now

Editor’s Note: Following publication of this communication, the Ontario government announced that the first wave of ORPP implementation will be delayed by one year to January 1, 2018. Please be sure to read our FTR Now of February 17, 2016 for updated information on this significant development, or contact your regular Hicks Morley lawyer for…

FTR Now

Editor’s Note: Following publication of this communication, the Ontario government announced that the first wave of ORPP implementation will be delayed by one year to January 1, 2018. Please be sure to read our FTR Now of February 17, 2016 for updated information on this significant development, or contact your regular Hicks Morley lawyer for…

FTR Now

Ontario Budget 2015

· 14 min read

On April 23, 2015, the Ontario Minister of Finance tabled the 2015 provincial Budget, “Building Ontario Up” (“Budget”), and Bill 91, Building Ontario Up Act (Budget Measures), 2015 (“Bill 91”), omnibus legislation designed to implement some of the proposals contained in the Budget. In this FTR Now, we highlight some of the key proposals that…

FTR Now

Alberta Extends Important Pension Reform Deadlines

· 5 min read

As we previously reported, Alberta’s new Employment Pension Plans Act (the “EPPA”) and the accompanying Employment Pension Plans Regulation (“EPPA Regulations”) came into force on September 1, 2014. The new EPPA and the EPPA Regulations completely overhauled the existing pension legislation in Alberta, requiring significant alterations to pension plan terms and administrative practices of pension…

FTR Now

Effective January 1, 2015, the Canada Revenue Agency (“CRA”) is changing the tax withholding requirements for benefits paid under a “wage loss replacement plan” (“WLRP”). The CRA will now require the withholding of income tax from benefit payments under a WLRP, even if the benefits are not subject to Canada Pension Plan (“CPP”) contributions or…

FTR Now

As discussed in our recent FTR Now,  Alberta Introduces Significant Pension Reforms Effective September 1, 2014, the new Employment Pension Plans Act and accompanying Employment Pension Plans Regulation came into force on September 1, 2014. Pension plans registered in Alberta and plans registered elsewhere with members whose pension benefits are subject to Alberta pension legislation…

FTR Now

On September 19, 2014, the federal government released long-awaited regulations for public comment that would, if adopted as drafted, implement significant reforms to the current framework governing federally-regulated private pension plans. Investment-related reforms will also have implications for Ontario regulated pension plans, and for pension plans regulated by other provinces where such jurisdictions have adopted…

FTR Now

On April 25, 2014, the Ontario government released four proposals (the “Proposals” or the “Proposal”) in respect of proposed amendments to Regulation 909 (the “Regulations”) under the Pension Benefits Act (“PBA”) and is seeking comments from interested stakeholders. The Proposals relate to PBA reforms introduced or announced by the Ontario government over the past four…

FTR Now

Pension Asset Transfers Made Easier

· 16 min read

Long-awaited amendments to the Ontario Pension Benefits Act (“PBA”) regarding the transfer of assets between pension plans became effective on January 1, 2014. New supporting Regulations under the PBA[1] (the “Asset Transfer Regulations”) also came into force on January 1, 2014. This FTR Now provides a high-level overview of the new asset transfer regime. The…

FTR Now

Supreme Court Denies Leave in Carrigan

· 3 min read

The Supreme Court of Canada will not be providing further clarification regarding the administration of pre-retirement death benefits under section 48 of the Ontario Pension Benefits Act (“PBA”). Today, the Court denied leave to appeal in Quinn v. Carrigan. As first discussed in our FTR Now “Ontario Court of Appeal Decision Rewrites the Pension Pre-Retirement…

FTR Now

Federal Budget 2013

· 8 min read

On March 21, 2013, the Minister of Finance, the Honourable James M. Flaherty, tabled the 2013 Federal Budget “Jobs, Growth and Long Term Prosperity – Economic Action Plan 2013.” In this FTR Now we review those Budget items that are of most interest to employers, human resources professionals and pension plan administrators. These include: Amendments…

News

As first discussed in our FTR Now of November 7, 2012 “Ontario Court of Appeal Decision Rewrites the Pension Pre-Retirement Death Benefit Regime“, the decision in Carrigan v. Carrigan Estate fundamentally altered the interpretation of spousal rights and priorities relating to payment of pre-retirement death benefits. The Court of Appeal awarded the pre-retirement death benefit payable under…

FTR Now

INTRODUCTION On February 1, 2013, the Supreme Court of Canada issued its highly anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers, largely overturning the 2011 Ontario Court of Appeal decision. The Supreme Court upheld an expansive definition of the deemed trust under the Ontario Pension Benefits Act (“PBA”) and struck down a constructive…

FTR Now

When is a Pension Assignment not an Assignment?

· 6 min read

Pension plan administrators are often required to interpret the wording of court orders and separation agreements to determine whether there is a valid and effective assignment of an interest to a member’s former spouse. Until now, the courts have not provided clear guidance on what language is needed in order to create an assignment. On…

Case In Point

Recent decisions of the Human Rights Tribunal of Ontario (the “Tribunal”) provide welcome guidance for employers who have been confronted with allegations that provisions of their pension and benefit plans discriminate on the basis of age under the Ontario Human Rights Code (the “Code”). In several decisions the Tribunal has held that some age-based distinctions…

FTR Now

Until recent years, the statutory framework governing occupational pension plans for Ontario employees had remained largely unchanged for 20 years. Then, in 2010 the Ontario government passed two significant pension reform Bills: Bill 236 and Bill 120. There have been four subsequent Bills which made further changes to the Pension Benefits Act (“PBA”). On July…

FTR Now

On April 30, 2012 and May 3, 2012, the Ontario Ministry of Finance issued two separate draft regulations that propose changes to the general Regulation 909 under the Ontario Pension Benefits Act (the “PBA Regulations”). Together, these two draft regulations are referred to in this FTR Now as the “Draft Regulations.” As discussed in our…

FTR Now

On April 30, 2012, the Ontario government released a draft regulation amending Regulation 909 (General) made under the Pension Benefits Act (“Act”) for commentary by June 1, 2012. Among other things, the proposed regulation would: enable the proclamation of the “retired member” provisions in the Act; implement immediate vesting for plan members and enable the…

FTR Now

Ontario Budget – Highlights for Employers

· 20 min read

On Tuesday, March 27, the Ontario Government introduced its 2012 Budget, which is entitled Strong Action for Ontario (the “Budget”). The Government also introduced Bill 55, the Strong Action for Ontario Act (Budget Measures), 2012 (“Bill 55”), omnibus legislation designed to implement a number of the proposals contained in the Budget. The Budget sets out…

FTR Now

Under the Ontario Pension Benefits Act (“PBA”) pension plan administrators are required to provide annual statements to active plan members within six months of the plan year-end. With many plans having a December 30 or 31 year-end, a large number of administrators are now in the process of preparing statements for 2011. The PBA Regulations…

News

On February 2, 2012, in On Re Timminco, the Commercial Court granted an order for “super priority” for an Administration Charge ($1,000,000) and Directors’ and Officers’ Charge ($400,000) in preference to other encumbrances, including pension deficits in Timminco’s pension plans (aggregate deficit is in excess of $11,000,000). Justice Morawetz found that federal insolvency legislation, specifically…

FTR Now

Pooled Registered Pension Plan Framework Introduced

· 10 min read

On November 17, 2011, the federal government introduced the much anticipated Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, also known as the Pooled Registered Pension Plans Act (the “PRPP Act”). The proposed legislation follows high-profile consultations with the provinces and the industry, which resulted in…

FTR Now

On May 20, 2011, the Ontario government filed amendments to the Pension Benefits Act Regulations (“Regulations”) that implement the first of many anticipated regulatory measures stemming from “Phase II” of Ontario’s pension reform initiative. The amendments outlined in O. Reg. 177/11 are in support of earlier amendments to the Pension Benefits Act made by Bill…

FTR Now

In the administration of a pension plan, there are a number of situations which call for the use of prescribed forms. These forms often require decisions to be made that can affect the pension plan entitlements of members and other plan beneficiaries. Sometimes, in an effort to adapt and/or make the prescribed forms more readable…

FTR Now

A Roadmap to Federal Pension Reform

· 21 min read

On April 1, 2011, amendments to the Pension Benefits Standards Regulations (“PBSR“) came into effect that alter the rules regarding the funding and operation of pension plans governed by the Pension Benefits Standards Act, 1985 (“PBSA“). Since 2009, the Federal Government has taken a number of steps to reform the PBSA and the PBSR. This…

FTR Now

Federal Budget 2011

· 11 min read

The Minister of Finance, the Honourable James M. Flaherty, tabled the Government of Canada’s 2011 Budget “A Low-Tax Plan for Jobs and Growth” in the House of Commons on March 22, 2011. In this FTR Now we review the key aspects of the Budget that are of most interest to employers and human resources professionals….

FTR Now

On February 10, 2011, the Ontario government released the Details of the Proposed Temporary Solvency Funding Relief for Certain Pension Plans in the Broader Public Sector (“BPS”) (the “Details”). The government previously announced that it would consider providing solvency funding relief for pension plans provided in respect of BPS employers in the university sector on…

FTR Now

2010 Ontario Pension Reform Round-Up

· 10 min read

Bill 120, Securing Pensions Benefits Now and for the Future Act, 2010, received Royal Assent on December 8, 2010. Bill 120 was one of four separate bills passed by the Ontario legislature in 2010 which included amendments to the Ontario Pension Benefits Act (“PBA“). Without a doubt, 2010 marks the most significant overhaul of Ontario’s…

FTR Now

Pension Reform Phase II Passes Third Reading

· 2 min read

On December 7, 2010, the Ontario government passed Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010. As previously reported in our October 29, 2010 FTR Now, “Ontario Introduces Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010“, these pension reforms build on the first phase of…

FTR Now

As reported in our previous FTR Now, on October 20, 2010 the Ontario government introduced Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, reflecting a number of the reforms announced in the government’s news release of August 24, 2010. The Bill supplements the first phase of Ontario pension reforms, contained…

FTR Now

Federal Pension Reform Proceeds

· 20 min read

Bill C-9, the Jobs and Economic Growth Act, was introduced in the House of Commons on March 29, 2010 as an omnibus bill which proposes to implement many of the significant pension reform initiatives announced by the Minister of Finance on October 27, 2009, certain measures announced in the March 4th federal Budget, as well…

FTR Now

On March 4, 2010, the Minister of Finance, the Honourable Jim Flaherty, tabled the Government of Canada’s 2010 Budget (the “Budget”), titled “Leading the Way on Jobs and Growth”.  The Budget represents the second and final phase of the Government’s “Economic Action Plan”, which was initiated in the 2009 Budget with a view to lifting…

FTR Now

On January 28, 2010, the Federal Court of Appeal rendered its decision in Toronto Transit Commission v. Minister of National Revenue (“TTC”), which will be of interest to employers who provide long term disability (“LTD”) benefits to their employees through self-funded or administrative services only (“ASO”) arrangements.  According to the Court’s decision in TTC, Canada…

FTR Now

On October 27, 2009, the Honourable Jim Flaherty, Minister of Finance, announced proposed changes to the federal Pension Benefits Standards Act, 1985 (“PBSA”) and the associated Regulations. The PBSA and Regulations apply to pensions provided to employees employed in shipping, railway, air transportation, radio broadcasting, banks and other businesses within the legislative authority of the…

FTR Now

The Financial Services Tribunal (the “Tribunal”) recently released a decision that discusses, in detail, who is the employer for funding purposes under the Pension Benefits Act (“PBA”). This decision will be of interest to employers who participate in pension plans with more than one employer, but are not multi-employer pension plans or “MEPPs”, if the…

FTR Now

Solvency Funding Relief is Here

· 21 min read

This week saw the culmination of many months of work by the Ontario and Federal Governments with respect to solvency funding relief measures. As of yesterday, June 24, 2009, both sets of solvency funding relief regulations have been enacted. The new regulations attempt to balance the goals of maintaining benefit security for employees and retirees,…

FTR Now

Towards Meaningful Solvency Funding Relief

· 12 min read

Last month, the Ontario Government announced that it will be implementing regulations to the Pension Benefits Act aimed at providing solvency funding relief to pension plan sponsors in Ontario. As set out in Hicks Morley’s FTR Now: Ontario Government Announces Pension Funding Relief, the exact details of what form the regulatory relief will take are…

FTR Now

Ontario Government Announces Pension Funding Relief

· 4 min read

Spurred on by the current economic unrest, the Ontario Government announced yesterday that it will introduce legislation in early 2009 to provide pension plans with solvency funding relief. Following on the heels of the release of the Report of the Expert Commission on Pensions, the proposed temporary solvency relief is intended to better ensure the…