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…
Practice Area: Pension, Benefits & Executive Compensation
Ontario’s Next Wave of Pension Reform
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.
Regulations Amending the Old Age Security Act Regulations Released
On November 15, 2017, amendments to the Old Age Security Regulations (Regulations) were published in the Canada Gazette to: Phase in automatic enrollment for Guaranteed Income Supplement (GIS) benefits, alongside enrollment for Old Age Security (OAS), by the 65th birthday of eligible individuals Revert the age of eligibility for OAS benefits to age 65 from…
Regulations Amending the Employment Insurance Regulations Released
Significant amendments to the Employment Insurance Regulations have been filed and were published in the Canada Gazette on November 15, 2017 to implement the availability of Employment Insurance (EI) benefits for the care of critically ill adult family members and the option to extend parental leaves, initiatives outlined in the 2017 Federal Budget. The changes…
Waiving the Biennial Statement Requirement for Missing Members: FSCO’s New Policy
On September 30, 2017, the Financial Services Commission of Ontario (FSCO) published a new policy outlining the procedures administrators must follow to obtain a waiver of the requirement to send biennial statements to missing former and retired members. Find out more in this FTR Now.
Ontario Proposes Significant Reforms to the Pension Benefits Act and other Employment-Related Statutes
On November 14, 2017, the Ontario government introduced Bill 177, the Stronger, Fairer Ontario Act (Budget Measures), 2017 (Bill 177), omnibus legislation supporting key reforms outlined in the 2017 Ontario Economic Outlook and Fiscal Review (Fiscal Review), which was also released on that date.
Ontario Amends PBA and PRPP Regulations; Introduces Legislation Affecting Police Sector Asset Transfers
Annuity Purchases on Wind Up On November 3, 2017, O. Reg. 412/17, amending Regulation 909 (General) made under the Pension Benefits Act (PBA), was filed. As discussed in our FTR Now, Ontario’s Bill 70: The New Face of Pension Regulation Revealed, amendments will be made to the PBA requiring administrators appointed by the Superintendent of…
Quebec Proposes to Mirror CPP Enhancements
On November 2, 2017, the Quebec government introduced Bill 149, An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions. Among other things, Bill 149 will enhance the Quebec Pension Plan (QPP), in a manner similar to the forthcoming enhancements to the Canada Pension Plan (CPP) outlined in our FTR…
Ontario Proposes Regulatory Amendment Under ESA Permitting PRPP Differentiation Based on Age
On October 23, 2017, the Ontario government published a proposed draft amendment to O. Reg. 286/01 made under the Employment Standards Act, 2000 (ESA) to create a new exemption for pooled registered pension plans (PRPPs) with respect to age-based differentiation in certain circumstances. Currently, the ESA prohibits employers from providing a pension plan that treats employees,…
FTR Quarterly – Issue 7
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 Pension, Benefits & Executive Compensation Featured Articles Extended EI Benefits – Top 3 Ways Your Workplace Could be Affected By: Henry Dinsdale A number of recent changes to the…