As expected, key amendments to the federal Employment Insurance Act reducing the Employment Insurance (EI) waiting period from two weeks to one week were proclaimed in force effective January 1, 2017…
Practice Area: Pension, Benefits & Executive Compensation
New Definition of “Spouse” in Ontario to Affect Plan Administration, Insurance & Succession Rules
Pending legislative changes to the definition of “spouse” in Ontario are set to impact pension plan administration and insurance claims in Ontario, further to amendments recently enacted by Bill 28, All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendment), 2016…
The Reduced EI Waiting Period: What Employers Need to Know
A reduction to the EI waiting period is expected take effect January 1, 2017. Supplemental unemployment benefit and top-up plan administration will be immediately affected, and short-term disability and sick leave plans may also be impacted. Are you prepared?
Post-Retirement Benefits Changes Affecting Members of the Ontario Public Service
On November 11, 2016 the government of Ontario and the Ontario Public Service Employees Union (OPSEU) reached an agreement regarding post-retirement benefits (PRBs) for members of the OPSEU Pension Plan. The Ontario government subsequently announced that the terms of that agreement would be extended to members of the Public Service Pension Plan (PSPP), subject to…
Ontario’s Bill 70: The New Face of Pension Regulation Revealed
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…
Ontario Proposes Significant Overhaul of Pension Regulatory Framework
On November 16, 2016, the Ontario government introduced Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016, omnibus legislation that would, among other things: enact the Financial Services Regulatory Authority of Ontario Act, 2016 to establish a new framework for the creation of the Financial Services Regulatory Authority of Ontario (FSRA), replacing both…
Appellate Court Affirms the Importance of Clearly Drafted Minutes of Settlement
In a recent decision of the Ontario Court of Appeal, RJM56 Investments Inc v Kurnik, the Court supported an employer’s reasonable conduct in withholding and remitting amounts owing to the Canada Revenue Agency (CRA) in the face of ambiguous minutes of settlement, and in so doing emphasized the need for carefully drafted minutes of settlement….
Ontario PRPP Legislation Now in Force
On November 8, 2016, the Ontario Pooled Registered Pension Plans Act (Act) came into force. As we previously reported, pooled registered pension plans (PRPPs) are a relatively new type of savings plan, operating much like a defined contribution pension plan that holds assets pooled together from multiple participating employers and employees. PRPPs are administered by…
New Rules for Administrator Appointment & Advisory Committee Establishment
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…
Extended Solvency Relief for Broader Public Sector Plans
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…