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Ontario Filing Requirements for Statements of Investment Policies and Procedures and Form 14

Recent amendments to Ontario’s Pension Benefits Act regulations now require that administrators of Ontario registered pension plans file Statements of Investment Policies and Procedures (“SIPPs”) with the Financial Services Commission of Ontario (“FSCO”), together with a detailed information summary form (“Form 14”). We discuss these new filing requirements and supporting FSCO resources in this FTR…

Legislation Expanding Ombudsman Jurisdiction to Municipalities, Universities and School Boards Now In Force

On January 1, 2016, provisions of Schedule 9 of the Public Sector and MPP Accountability and Transparency Act, 2014 came into force. These provisions amend the Ombudsman Act (“Act“) to expand the jurisdiction of the Ontario Ombudsman to investigate matters related to publicly-funded universities and municipal sector entities (defined as municipalities, local boards and municipally-controlled corporations). On September 1, 2015, provisions…

Amendments to FIPPA/MFIPPA To Come Into Force January 1, 2016

Schedule 6 of the Public Sector and MPP Accountability and Transparency Act, 2014, which amends the Freedom of Information and Protection of Privacy Act and the Municipal Freedom of Information and Protection of Privacy Act, has been proclaimed into force effective January 1, 2016. Among other things, the amendments will: require institutions to ensure that…

FSCO Invites Public Consultation on Recent Changes to SIPP Requirements

On June 30, 2015, the Financial Services Commission of Ontario (“FSCO”) posted Investment Guidance Notes on Environmental, Social and Governance Factors (ESG) and Statements of Investment Policies and Procedures (SIPPs) for Member Directed Defined Contribution Plans for public consultation prior to being finalized. Investment Guidance Notes set out the expectations of FSCO regarding the investment…

FSCO Updates Form 1 (Pension Plan Registration), Asset Transfer FAQs

On April 7, 2015, the Financial Services Commission of Ontario (“FSCO”) published a revised Application for Registration of a Pension Plan, Form 1 and added new frequently asked questions for plan administrators (“FAQs”) with respect to Multi-Jurisdictional Pension Plan Asset Transfers, among other things.  The Form 1 has been updated to provide FSCO with additional…

Government Issues BPS Compensation Information Directive

On March 24, 2015, the Management Board of Cabinet issued the Broader Public Sector Compensation Information Directive (the “Directive”) under the Broader Public Sector Executive Compensation Act, 2014 (the “BPSECA”). The Directive came into effect on April 1, 2015. In this FTR Now, we will briefly review the Directive and its role within the scheme…

New BPS Compensation Restraint Law to Come Into Force March 16

The Ontario government’s new compensation restraint legislation – the Broader Public Sector Executive Compensation Act, 2014 (or "BPSECA") – will come into force on Monday, March 16, 2015. While the proclamation of the Lieutenant Governor has not yet been published in The Ontario Gazette, it is listed in the government’s online listing of proclamations and…

BPS Accountability Legislation Passes with Significant Amendments

On December 9, 2014, the Ontario government passed Bill 8, the Public Sector and MPP Accountability and Transparency Act, 2014, which gives the government the authority to create comprehensive compensation frameworks for certain employers in the broader public sector (“BPS”), and implements a number of measures to enhance “accountability and transparency” in the government and…

BPS Compensation and Accountability Legislation Receives Royal Assent

On December 11, 2014,  Bill 8, the Public Sector and MPP Accountability and Transparency Act, 2014 (formerly Bill 179), received Royal Assent, as amended by the Standing Committe on General Government. Highlights of the Committee amendments and the impact of the legislation on affected organizations is now available in our FTR Now, “BPS Accountability Legislation Passes…