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…
Practice Area: Pensions, Benefits & Compensation
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…
Ontario Announces Consultations on Public Sector Pension Plans
The Ontario government has announced that it will begin consultations on a new legislative framework for jointly sponsored public sector pension plans. Further to its 2012 Budget reform proposals, the proposed framework will include as follows: in case of a new funding deficit, plans would be required to reduce future benefits or ancillary benefits before…
2012 Federal Budget – Highlights For Employers
On March 29, 2012, the federal government tabled its 2012 Budget, Economic Action Plan 2012 – A Plan for Jobs, Growth and Long-Term Prosperity. As widely anticipated, the Budget alters the retirement landscape for many Canadians and announces cost-cutting measures and reform of the federal public service. It also proposes certain tax reform measures, and…
Ontario Budget – Highlights for Employers
On Tuesday, March 27, the Ontario Government introduced its 2012 Budget, which is entitled Strong Action for Ontario (the “Budget”). The Government also introduced Bill 55, the Strong Action for Ontario Act (Budget Measures), 2012 (“Bill 55”), omnibus legislation designed to implement a number of the proposals contained in the Budget. The Budget sets out…
Ontario to Table Budget Later Today
Finance Minister Dwight Duncan will be tabling the Government’s much-anticipated 2012 Budget at 4:00 p.m. this afternoon. The Budget comes on the heels of the Drummond Report, which was released in mid-February and which recommended sweeping reform measures aimed at increasing efficiencies within the broader public service and the delivery of a variety government programs….
Enhanced Disclosures in Pension Plan Annual Statements
Under the Ontario Pension Benefits Act (“PBA”) pension plan administrators are required to provide annual statements to active plan members within six months of the plan year-end. With many plans having a December 30 or 31 year-end, a large number of administrators are now in the process of preparing statements for 2011. The PBA Regulations…
Québec Budget 2012
On March 20, 2012, the Quebec government introduced its 2012-13 Budget. As expected, the government is moving forward with the joint federal-provincial initiative to provide small business owners and their employees with access to large-scale, low-cost, professionally administered pension plans. Accordingly, the Budget introduces Voluntary Retirement Savings Plans (“VRSPs”), mandatory group pension plans that all…
The Drummond Report – Impact on the Broader Public Sector
On February 15, 2012, the Commission on the Reform of Ontario’s Public Services (the “Commission”) released its long-awaited, 543-page report (the “Report”, commonly referred to as the “Drummond Report”) which identifies sweeping reform measures aimed at increasing efficiencies within the broader public service (“BPS”). In our companion FTR Now, Drummond Commission Reports on Elementary and…
BPS Solvency Funding Relief Regulation Amended
On February 17, 2012, the Ontario government filed an amendment to O. Reg. 178/11 (Solvency Funding Relief For Certain Public Sector Pension Plans) under the Pension Benefits Act. O. Reg. 12/12 prescribes those plans that have successfully applied for and, are receiving, solvency funding relief under O. Reg. 178/11. The Regulation is now in force….