The federal government has fixed March 1, 2013 as the day Division 7 Part 4, sections 304 to 308 and 310 to 312 and sections 685 and 687 to 695 of the Jobs, Growth and Long-term Prosperity Act (“JGLPA”) come into force. Division 7 Part 4 of the JGLPA consolidates the Privacy Codes of the…
Practice Area: Pensions, Benefits & Compensation
British Columbia Introduces PRPP Legislation
On February 28, 2013, the government of British Columbia introduced Bill 16, Pooled Registered Pension Plans Act. If passed, Bill 16 would authorize pooled registered pension plans (“PRPPs”) to be made available to provincially-regulated employees and self-employed persons in British Columbia, subject to the requirements set out in the federal Pooled Registered Pension Plans Act…
Regulation under Section 80.1 of the Pension Benefits Act Proposed
The Ontario government has proposed a new regulation relating to pension asset transfers made under section 80.1 of the Pension Benefits Act (“Act”). Proposed content for this regulation was previously posted for consultation in July 2011. This regulation is required before section 80.1 of the Act comes into effect. Once proclaimed into force, that section…
Supreme Court of Canada Weighs in on Plan Deficits and the Fiduciary Duty of Pension Plan Administrators in an Insolvency: Sun Indalex Finance, LLC v. United Steelworkers
INTRODUCTION On February 1, 2013, the Supreme Court of Canada issued its highly anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers, largely overturning the 2011 Ontario Court of Appeal decision. The Supreme Court upheld an expansive definition of the deemed trust under the Ontario Pension Benefits Act (“PBA”) and struck down a constructive…
Supreme Court of Canada to Render Indalex Decision on February 1, 2013
The Supreme Court of Canada has announced that it will render its decision in Sun Indalex Finance, LLC et al. v. United Steelworkers et al. (“Indalex“) on Friday, February 1, 2013. The appeal relates to a decision of the Court of Appeal for Ontario that granted “super-priority” to pension funding deficits in a Companies’ Creditors…
Nortel Pension Plans Regulation Filed
On January 15, 2013, the Ontario government filed O. Reg. 10/13, Nortel Pension Plans, made under the Pension Benefits Act (“Act”) In May 2011, the Act was amended to allow all pensioners of two specified Nortel Networks pension plans to transfer the commuted value of their benefits out of the plans. O. Reg. 10/13 prescribes…
Algoma Steel Pension Plan Regulation Amended
On January 11, 2013, the Ontario government filed O. Reg. 7/13, amending O. Reg. 202/02 “Algoma Steel Inc. Pension Plans” made under the Pension Benefits Act. The regulation is effective as of the date of filing. It makes a number of housekeeping amendments to O. Reg. 202/02 by changing the name “Algoma Steel Inc.” to…
Regulatory Amendments Enacted to Allow CPPIB/PSPIB to Rely on Prudent Person Standard
On December 14, 2012, Regulations Amending the Canada Pension Plan Investment Board Regulations were registered. As previously reported and of particular note, this amendment repeals section 12 of the Canada Pension Plan Investment Board Regulations (“CPPIBR”) which established quantitative investment limits in respect of Canadian resource and real properties. The repeal of this section aligns…
Amendment to EI Act on Employer Repayment Obligations Proclaimed Into Force
Sections 605 and 607 of the Jobs, Growth and Long-term Prosperity Act, which amend the Employment Insurance Act (“EI Act”) have been proclaimed into force effective January 6, 2013. Section 607 amends section 46 of the EI Act by adding a section which creates a time limit of 36 months on certain EI repayment obligations…
PBA Regulation Relating to HOOPP, CAAT/OPSEU Pension Plans Filed
On December 20, 2012, the Ontario government filed O. Reg. 447/12, which amends Regulation 909 made under the Pension Benefits Act. O. Reg. 447/12 adds a section to Regulation 909 that states the administrator of any of the Colleges of Applied Arts and Technology Pension Plan, the Healthcare of Ontario Pension Plan and the Ontario…