On June 18, 2014, Regulations Amending the Canada Pension Plan Regulations were published in the Canada Gazette. As previously reported, the Regulations amend the Canada Pension Plan Regulations to prescribe the meaning of “‘substantially gainful’, in respect of an occupation” in subsections 42(1) and 89(1) of the Canada Pension Plan, one of the factors relevant…
Practice Area: Pension, Benefits & Executive Compensation
Ontario Amends “Letter of Credit” and BPS Solvency Funding Relief Regulations
On May 17, 2014, the Ontario government published regulatory amendments to Regulation 909 (General) under the Pension Benefits Act that: clarify that for purposes of determining the total amount of all letters of credit (“LOC”) held in trust for the pension fund for inclusion in the solvency asset adjustment, the value of any special payments…
CAPSA Releases Guideline on Defined Contribution Pension Plans
On March 28, 2014, the Canadian Association of Pension Supervisory Authorities (“CAPSA”), the association which represents all Canadian pension regulators, released the final version of Guideline No. 8: Defined Contribution Pension Plans, (“DC Guidelines”) along with an accompanying reference document. The DC Guidelines were issued following the circulation of a draft version and extensive public…
Ontario Budget 2014 and the Provincial Election – Voting Requirements and More
Last week saw significant developments at Queen’s Park that will be of interest to all employers in Ontario. On Thursday, May 1, 2014, the Ontario government introduced its 2014 Budget, entitled Building Opportunity, Securing Our Future (the “Budget”). On the same day, the government introduced Bill 194, the Building Opportunity and Securing Our Future Act…
Employer Permitted to Define “Spouse” under Benefit Plan to Exclude Married but Separated Spouses
In a recent decision of the Ontario Human Rights Tribunal (“Tribunal”) in VanderLinde v. Oshawa (City) (“VanderLinde”), the Tribunal found that it is not discriminatory for an employer to require that an employee’s legally married spouse be living with the employee as a condition of eligibility as a spouse under its group benefit plan. In…
Ontario Government Introduces Budget 2014
On May 1, 2014, the Ontario government tabled its Budget 2014: Building Opportunity, Securing Our Future. An FTR Now providing an analysis of proposals of interest to employers and plan administrators will be available shortly on our website.
Ontario Proposes Significant Pension Regulation Reforms
On April 25, 2014, the Ontario government released four proposals (the “Proposals” or the “Proposal”) in respect of proposed amendments to Regulation 909 (the “Regulations”) under the Pension Benefits Act (“PBA”) and is seeking comments from interested stakeholders. The Proposals relate to PBA reforms introduced or announced by the Ontario government over the past four…
Ontario Proposes Significant Regulatory Amendments under Pension Benefits Act
On April 25, 2014, the Ontario government announced a number of proposed amendments to Regulation 909 made under the Pension Benefits Act (“PBA”), further to its ongoing pension reform initiatives. The government is inviting comments from stakeholders on the following proposals: Proposed Amendment to Regulation 909 under the Pension Benefits Act: Disclosure of Environmental, Social…
Federal Government Consults Public on Proposed Target Benefit Plans Framework
On April 24, 2014, the federal government announced the launch of consultations on a potential federal framework for Target Benefit Plans (“TBP”). TBPs, if introduced through subsequent legislative reforms, would create a new pension design option available to federally regulated private sector and Crown corporation plan sponsors under the Pension Benefits Standards Act, 1985 (“PBSA”)….
Alberta Introduces Additional Pension Reforms
On April 16, 2014, the Alberta government introduced Bill 10, Employment Pension (Private Sector) Plans Amendment Act, 2014. Bill 10, if passed, will further amend the new Employment Pension Plans Act (“EPPA”). These proposed reforms are in addition to the amendments set out in Bill 10, Employment Pension Plans Act, which received Royal Assent on December…