On February 21, 2018, Bill 149, An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions, was passed by the Quebec legislature. QPP Enhancements As outlined in our previous update, Bill 149 enhances the Quebec Pension Plan (QPP), in a manner similar to the forthcoming enhancements to the Canada Pension…
Practice Area: Pension, Benefits & Executive Compensation
Appellate Court Finds Employee Entitled to Bonus Which Vested after the End of the Notice Period
In Bain v. UBS Securities Canada Inc., the Ontario Court of Appeal upheld a lower court decision which awarded an employee who was dismissed without cause in February 2013 his bonus entitlements for 2012 and the first three months of 2013, as well as for the 18-month notice period. David Bain worked for UBS as…
Ontario Publishes Description of Proposed Variable Benefits Regulations for DC Plans
The Ontario government posted a description of proposed regulations on March 20, 2018 enabling it to implement the variable benefit (VB) provisions applicable to defined contribution (DC) plans under the Ontario Pension Benefits Act (PBA). Background – DC Decumulation Currently, Ontario members of DC plans who have terminated their employment with the plan sponsor and…
Federal Budget 2018
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…
2018 Federal Budget Tabled
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,…
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…
Ontario Seeks Comments on Proposed New Funding Rules for PBGF Assessments
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.
Ringing in the New Year with New Pension Plan Funding Rules
This FTR Now describes the Funding Framework and the likely transitional rules that will be of considerable interest for employers when planning for 2018 and beyond, as well as related complementary measures.
FTR Quarterly – Issue 8
In This Issue 10 Top Developments in Human Resources Law in 2017 The Road Ahead: Key 2018 Implementation Dates Cross-Border Expertise Featured Articles 10 Top Developments in Human Resources Law in 2017 By: Amanda Lawrence-Patel 2017 was quite a year for news – with harassment revelations that have rocked institutions across North America, a new…
Bill 177 Receives Royal Assent, Amends WSIA, OHSA, PBA and BPSECA
On December 14, 2017, Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017, received Royal Assent. Bill 177 is omnibus legislation which amends several statutes, including the Workplace Safety and Insurance Act, 1997, the Occupational Health and Safety Act, the Pension Benefits Act and the Broader Public Sector Executive Compensation Act. Workplace Safety and Insurance…