On October 7, 2014, the Financial Services Commission of Ontario (“FSCO”) announced that it will be publishing Investment Guidance Notes (“Guidance Notes”) with respect to various investment activities of Ontario registered pension plans. The Guidance Notes will set out FSCO’s expectations and identify issues that plan administrators should consider and address in respect of the…
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Ontario Re-Introduces BPS Accountability, Transparency Legislation (Formerly Bill 179)
On July 8, 2014, the Ontario government re-introduced broader public sector (“BPS”) accountability and transparency legislation. If passed, proposed measures in Bill 8, the Public Sector and MPP Accountability and Transparency Act, 2014, identified in the government’s press release would, among other matters: authorize the government to directly control compensation of senior executives in the BPS by…
Ontario Introduces New BPS Accountability, Transparency Legislation (Bill 179)
On March 24, 2014, the Ontario government introduced Bill 179, the Public Sector and MPP Accountability and Transparency Act, 2014, proposed legislation intended to enhance oversight and increase transparency in the broader public sector (“BPS”). Proposed measures in the Bill identified in the government’s press release would, among other matters: authorize the government to control compensation…
Ontario Releases Draft Compensation Restraint Legislation for Consultation
Earlier today, the Ontario Minister of Finance announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), that would implement new, substantially more restrictive compensation restraint measures, and impose a significant new provincially mandated collective bargaining regime, for the Broader Public Sector (“BPS”). Highlights of the Draft Bill include: Schedule 1 (enacting…
Ontario Releases Draft Compensation Restraint Legislation for Consultation
On September 26, 2012, the government announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), that would implement new, substantially more restrictive compensation restraint measures, and impose a significant new provincially mandated collective bargaining regime, for the Broader Public Sector (“BPS”).
FSCO Releases Guidance Note on Revised CIA Standards of Practice
The Financial Services Commission of Ontario (“FSCO”) released its Guidance Note (PDF) with respect to how it expects plans to apply the revised Canadian Institute of Actuaries’ (“CIA”) Practice-Specific Standards for Pension Plans (the “Standards”). The Guidance Note expressly states that the application of some of the CIA revisions to the Standards, which became effective…
FSCO Releases Plan Administrator Guideline for Public Consultation
On December 15, 2010, the Financial Services Commission of Ontario (“FSCO”) posted a draft consultation policy (the “policy”) regarding the management of inquiries and complaints by plan administrators. FSCO also posted a draft consultation guideline for developing a written policy (the “guideline”) on managing inquiries and complaints from plan beneficiaries for public review and commentary….
FSCO Publishes FAQ on Surplus Distribution for Full or Partial Plan Wind Ups
The Financial Services Commission of Ontario (“FSCO”) updated its long-running online “FAQ” for pension plan administrators to set out FSCO’s position on surplus distribution on full or partial plan wind ups in light of recent amendments to the Pension Benefits Act. A detailed discussion of the FAQ and FSCO’s position on this point is available…
FSCO Releases Final Records Retention Policy
The Financial Services Commission of Ontario (“FSCO”) issued a records retention policy for pension plan administrators effective July 9, 2010. The policy is intended to provide guidance for “prudent records management and retention practices” relating to Ontario-registered pension plans. The policy was approved and issued following the introduction of a draft policy last year and…