On December 8, 2014 the Ontario government introduced Bill 56, the Ontario Retirement Pension Plan Act, 2014 proposed legislation intended to institute the new Ontario Retirement Pension Plan (“ORPP”). That same day, the government also introduced Bill 57, the Pooled Registered Pension Plans Act, 2014, legislation that will, if passed, provide the legal framework for…
Practice Area: Pension, Benefits & Executive Compensation
Ontario Releases ORPP Consultation Paper
On December 17, 2014, the Ontario government released a consultation paper inviting feedback on key design details and essential components of the Ontario Retirement Pension Plan (“ORPP”), including: defining a “comparable workplace pension plan,” to clarify membership in the ORPP; a minimum earnings threshold below which low-income workers would be exempt from contributions; and retirement…
Wage Loss Replacement Plans: Canada Revenue Agency Updates Tax Withholding Requirements
Effective January 1, 2015, the Canada Revenue Agency (“CRA”) is changing the tax withholding requirements for benefits paid under a “wage loss replacement plan” (“WLRP”). The CRA will now require the withholding of income tax from benefit payments under a WLRP, even if the benefits are not subject to Canada Pension Plan (“CPP”) contributions or…
Ontario Introduces ORPP and PRPP Legislation
On December 8, 2014, the Ontario government introduced Bill 56, the Ontario Retirement Pension Plan Act, 2014, legislation intended to address the issue of retirement undersavings. As we previously reported, the government initiated a public consultation process regarding Ontario retirement pension plan (“ORPP”) implementation through targeted questions to employees and employers in November, 2014. A…
Ontario Files Regulation under PBA Regarding SIPPs and Requirements for Disclosure Statements
On November 27, 2014, the Ontario government filed O. Reg. 235/14, amending Regulation 909 made under the Pension Benefits Act (“PBA”). O. Reg. 235/14 establishes new rules regarding Statements of Investment Policies and Procedures (“SIP&Ps”). It requires that a SIP&P be filed with the Superintendent of Financial Services within 60 days after January 1, 2016…
Amendments Filed to Regulation Made Under Ontario Pension Benefits Act
The Ontario government has filed O. Reg. 235/14, amending Regulation 909 of the Pension Benefits Act (“PBA”) in respect of new rules regarding Statements of Investment Policies and Procedures (“SIP&Ps”), requirements to provide periodic statements to former and retired members and the content of annual member statements. Draft regulations (“Draft Regulations”) were previously released for…
FSCO Extends Filing Deadline for EPPA-Related Plan Amendments
As we recently reported, on November 19, 2014, the Alberta government announced that plan sponsors or administrators could request and receive an extension of the deadline for filing plan amendments required under Alberta’s new Employment Pension Plans Act (“EPPA”) from December 31, 2014 to March 31, 2015. The Financial Services Commission of Ontario (“FSCO”) has…
Deadline Extended for Alberta Pension Reform Plan Amendments
As discussed in our recent FTR Now, Alberta Introduces Significant Pension Reforms Effective September 1, 2014, the new Employment Pension Plans Act and accompanying Employment Pension Plans Regulation came into force on September 1, 2014. Pension plans registered in Alberta and plans registered elsewhere with members whose pension benefits are subject to Alberta pension legislation…
Ontario Announces ORPP Consultation Process
On November 18, 2014, the Ontario government published additional information outlining the Ontario Retirement Pension Plan (“ORPP”) framework, and is presently soliciting feedback on the ORPP design and implementation process through a series of targeted questions for employers and employees. Verbal or written feedback may be provided directly to the Associate Minister of Finance. No…
Plans May Request Relief For Alberta EPPA Amendment Filing Deadline
As we recently reported, Alberta’s new Employment Pension Plans Act (“EPPA”) became effective September 1, 2014, and amendments to comply with the new EPPA rules were to be filed with the Alberta pension regulator by December 31, 2014. On November 19, 2014, the Alberta government announced that a plan sponsor (or its legal, actuarial or third…