The Ontario government filed regulatory amendments extending temporary solvency relief another five years for specified Ontario multi-employer pension plans (“SOMEPPs”). O. Reg. 203/12 amends sections 6.01(2), 6.0.3(2) and 6.04(1)(b) of General Regulation 909 to extend the solvency funding relief to valuations dated on or before August 31, 2017, and is now in force. We anticipate…
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EI Regulations Giving Effect to Federal Budget 2012 Initiatives Now in Force
On June 20, 2012, Regulations Amending The Employment Insurance Regulations (“Regulations”) were registered and are now in force. Pilot Project No. 14, Pilot Project for Calculating Benefit Rate Based on Claimant’s 14 Highest Weeks of Insurance Earnings (Best 14 Weeks), previously scheduled to end on June 23, 2012, is extended by the Regulations and will…
Regulatory Amendments Proposed to Allow CPPIB/PSPIB to Rely on Prudent Person Standard
On June 23, 2012, the federal government published a proposed amendment to the Canada Pension Plan Investment Board Regulations which would repeal section 12 of the Regulations. That section establishes quantitative investment limits in respect of Canadian resource and real properties. Repeal of this section would align the Regulations with the Pension Benefits Standards Regulation,…
Overtime Class Action Update
On June 26, 2012, the Court of Appeal for Ontario released three decisions in proposed overtime class actions in the latest development respecting claims for overtime by current and former employees. This FTR Now discusses these decisions. The first two cases were heard by the Court of Appeal consecutively and involve proposed class proceedings against…
Pooled Registered Pension Plan Act Receives Royal Assent
The federal government has announced that Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, will receive Royal Assent today, June 28, 2012. As previously reported, Bill C-25 is new legislation implementing the framework for federally regulated pooled registered pension plans (“PRPPs”).
Ontario Files Significant Regulations under the Pension Benefits Act
On June 26, 2012, the Ontario government filed a number of amendments to regulations made under the Pension Benefits Act (“PBA”). Specifically, the government filed the much anticipated O. Reg. 178/12 amending General Regulation 909 to support numerous pension reforms. As reported in prior posts and our FTR Now of May 9, 2012, “Implementation of…
Ontario Files BPS Solvency Funding Relief, JSPP Funding Rules and Filing of Actuarial Valuations Regulation
On June 22, 2012, the Ontario government filed O. Reg 164/12 made under the Pension Benefits Act, amending Regulation 909 (General). Generally speaking, plan administrators are required to file actuarial valuations within nine months from the date of the valuation. O. Reg 164/12 provides an extension to the window for filing actuarial valuations in accordance…
Amended Ontario Budget Bill Passes Third Reading, Receives Royal Assent
On June 20, 2012, Bill 55, Strong Action for Ontario Act (Budget Measures), 2012 (“Bill 55”) passed Third Reading, as amended by the Standing Committee on Finance and Economic Affairs (“Committee”). Among other matters, proposed amendments to interest arbitration processes under a variety of statutes were deleted from the Bill, including the Ambulance Services Collective…
Ontario Employers Required to Post New OHSA Poster
The Ontario government has announced that employers are now required to post a new workplace poster, “Health & Safety at Work – Prevention Starts Here,” pursuant to their obligations under the Occupational Health and Safety Act. This requirement will be enforced by Ministry of Labour inspectors beginning on October 1, 2012. The poster was developed…
Federal Pooled Registered Pension Plan (“PRPP”) Legislation Passes Third Reading
On June 12, 2012, Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, passed Third Reading in the House of Commons. It will proceed to the Senate for further debate.