Further to initiatives first announced in its 2012 Budget, the Ontario government has appointed a special Pension Investment Advisor, Bill Morneau, to develop recommendations for the government’s consideration through a public consultation process in anticipation of a new legislative framework that will facilitate the pooling of pension fund assets in the broader public sector (“BPS”)….
Practice Area: Pensions, Benefits & Compensation
Federal Pooled Registered Pension Plan (“PRPP”) Legislation Reported Back to House
On May 28, 2012, Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts was reported back as amended to the House of Commons following its consideration by the Standing Committee on Finance, and the House passed a motion concurring with the report. Third reading of Bill C-25…
Ontario Proposes Plan Administrator Disclosure Obligations, Proclamation Dates
On May 14, 2012, the Ontario government published additional draft amendments to General regulation 909 under the Pension Benefits Act (“Act”), and further proposed a proclamation date of July 1, 2012 in respect of certain amendments to the Act. The regulatory amendments would specifically outline the information plan administrators are required to disclose, including: “prescribed…
Implementation of Key Ontario Pension Reform Measures is Imminent
On April 30, 2012 and May 3, 2012, the Ontario Ministry of Finance issued two separate draft regulations that propose changes to the general Regulation 909 under the Ontario Pension Benefits Act (the “PBA Regulations”). Together, these two draft regulations are referred to in this FTR Now as the “Draft Regulations.” As discussed in our…
Ontario Releases Proposed Grow-In Benefit Regulations
Further to the release of pension reform proposals, on Thursday, May 3, 2012 the Ontario government published additional draft amendments to General regulation 909 under the Pension Benefits Act (“Act”). As anticipated, the draft regulations prescribe additional “activating events” or circumstances that would trigger grow-in benefits for the purpose of s. 74(1), paragraph 3 of…
Draft Regulations to the Pension Benefits Act Released
On April 30, 2012, the Ontario government released a draft regulation amending Regulation 909 (General) made under the Pension Benefits Act (“Act”) for commentary by June 1, 2012. Among other things, the proposed regulation would: enable the proclamation of the “retired member” provisions in the Act; implement immediate vesting for plan members and enable the…
Long-Awaited Grow-In, Regulatory Pension Reforms Released
On Monday, April 30, 2012, the Ontario Ministry of Finance published long-awaited, proposed regulatory amendments under the Pension Benefits Act (“Act”), including additional, proposed prescribed “activating events” for the purposes of grow-in benefits that come into force on July 1, 2012, for public commentary.
Regulation Proposed To Extend Filing Deadlines of Public Sector, BPS Pension Plans
The Ontario government has proposed an amendment to Regulation 909 made under the Pension Benefits Act, Filing Extension for Certain Pension Plans in the Public Sector and Broader Public Sector. This regulation would extend the timeframe for these pension plans to file their actuarial valuation reports and extend the time for the commencement of special…
Federal Budget Implementation Bill Introduced (C-38)
On April 26, 2012, the federal government introduced Bill C-38, Jobs, Growth and Long-term Prosperity Act, omnibus legislation intended to give effect to certain key initiatives outlined in its Budget 2012. Among other matters, Bill C-38 would, if passed, amend Part I of the Canada Labour Code (“Code”) to require each party to a collective…
Education Act Regulatory Amendment Filed (Honoraria)
On April 18, 2012, the Ontario government filed an amendment to O. Reg. 357/06 under the Education Act (Honoraria for Board Members). O. Reg. 57/12 adds a new Part II (Rules For The Period From April 1, 2012 To March 31, 2014), imposing a temporary limit on honoraria for a chair, vice-chair or other member…