On July 10, 2013, the Québec government published a draft regulation made under the Supplemental Pension Plans Act (“Act”) entitled “Pension plans in the private sector – New relief measures for the funding of solvency deficiencies” (“Draft Regulation”). The Draft Regulation offers relief measures for the funding of deficiencies in private sector defined benefit plans…
Practice Area: Pension, Benefits & Executive Compensation
PBA Amendment Repealing Provisions Relating to Withdrawal of Locked-In Retirement Funds in Force January 1, 2014
Section 4 of Schedule 44 of the Strong Action for Ontario Act (Budget Measures), 2012 has been proclaimed into force effective January 1, 2014. Section 4 amends the Pension Benefits Act by repealing certain provisions relating to the Superintendent’s involvement in approving withdrawals from locked-in retirement savings arrangements. As previously reported, a supporting regulation to…
PBA Amendment Relating to Retroactivity of Certain Regulations Now in Force
Schedule 11 of the Prosperous and Fair Ontario Act (Budget Measures), 2013 has been proclaimed into force effective June 21, 2013. Among other things, Schedule 11 amends the Pension Benefits Act to add a provision allowing for the retroactive effect of regulations relating to the funding of a defined benefit pension plan by allowing a…
Union Disclosure Bill Amended by Senate and Returned to House of Commons
On June 26, 2013, the Senate adopted a motion to amend Bill C-377, An Act to amend the Income Tax Act (requirements for labour organizations). As previously reported, Bill C-377 is a private member’s bill which, if passed, will amend the Income Tax Act to require labour organizations to disclose certain prescribed information. Amendments adopted…
Draft Regulation under Sections 80 and 81 of the PBA Posted for Comment
On July 2, 2013, the Ontario government posted a draft regulation made under the Pension Benefits Act (“Act”) regarding pension transfers under sections 80 and 81 of the Act. A summary of the draft regulation has also been posted. Approval of the draft regulation is required before the amendments to sections 80 and 81 of…
PBA Regulatory Amendment Will Change Locked-In Retirement Fund Withdrawal Process
On June 20, 2013, the Ontario government filed O. Reg. 185/13 amending Regulation 909 (General) made under the Pension Benefits Act. As announced by the government, this amendment to Regulation 909 will permit individuals to apply to their financial institutions for financial hardship withdrawals of their locked-in retirement funds, rather than to the Superintendent of…
Time Period for Filing Solvency Funding Relief Reports Extended
On June 20, 2013, the Ontario government filed O. Reg. 186/13 amending O. Reg. 177/11 (as amended by O. Reg. 330/12) which amended Regulation 909 (General) made under the Pension Benefits Act. As previously reported, the definition of “solvency concerns” sets out the circumstances under which defined benefit pension plans are required to file annual actuarial…
Amendment to PBA Solvency Funding Relief Regulation Adds Public Sector Plans
On June 10, 2013, the Ontario government filed O. Reg. 181/13, amending O. Reg. 178/11, (Solvency Funding Relief for Certain Public Sector Pension Plans) made under the Pension Benefits Act. Among other things, O. Reg. 181/13 revokes and substitutes Schedule 1, Public Sector Pension Plans Receiving Stage One Solvency Funding Relief, to add a number…
Alberta Passes PRPP Legislation
On May 7, 2013, Bill 18, Pooled Registered Pension Plans Act,passed Third Reading in the Legislative Assembly of Alberta and received Royal Assent on May 27, 2013. Bill 18 authorizes pooled registered pension plans (“PRPPs”) to be made available to eligible employees and self-employed persons in Alberta and sets out the legal framework for the…
Québec Tables Voluntary Retirement Savings Plans Bill
On May 8, 2013, the Québec government tabled Bill 39, Voluntary Retirement Savings Plans Act. If passed, Bill 39 would create voluntary retirement savings plans (“VRSP”) for specified workers in Québec who do not have access to employer-sponsored retirement savings plans. As stated by the government, beginning in January 2014, firms which have at least…