On June 23, 2012, the federal government published a proposed amendment to the Canada Pension Plan Investment Board Regulations which would repeal section 12 of the Regulations. That section establishes quantitative investment limits in respect of Canadian resource and real properties. Repeal of this section would align the Regulations with the Pension Benefits Standards Regulation,…
Practice Area: Pension, Benefits & Executive Compensation
Significant Amendments to PBA Now in Force
On July 1, 2012, significant amendments to the Pension Benefits Act made under the following acts were proclaimed into force: Pension Benefits Amendment Act, 2010 Securing Pension Benefits Now and For the Future Act, 2010 Better Tomorrow for Ontario Act (Budget Measures), 2011 Creating the Foundation for Jobs and Growth Act, 2010 As previously reported,…
Pooled Registered Pension Plan Act Receives Royal Assent
The federal government has announced that Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, will receive Royal Assent today, June 28, 2012. As previously reported, Bill C-25 is new legislation implementing the framework for federally regulated pooled registered pension plans (“PRPPs”).
Ontario Files Significant Regulations under the Pension Benefits Act
On June 26, 2012, the Ontario government filed a number of amendments to regulations made under the Pension Benefits Act (“PBA”). Specifically, the government filed the much anticipated O. Reg. 178/12 amending General Regulation 909 to support numerous pension reforms. As reported in prior posts and our FTR Now of May 9, 2012, “Implementation of…
Ontario Files BPS Solvency Funding Relief, JSPP Funding Rules and Filing of Actuarial Valuations Regulation
On June 22, 2012, the Ontario government filed O. Reg 164/12 made under the Pension Benefits Act, amending Regulation 909 (General). Generally speaking, plan administrators are required to file actuarial valuations within nine months from the date of the valuation. O. Reg 164/12 provides an extension to the window for filing actuarial valuations in accordance…
Federal Pooled Registered Pension Plan (“PRPP”) Legislation Passes Third Reading
On June 12, 2012, Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, passed Third Reading in the House of Commons. It will proceed to the Senate for further debate.
Ontario Announces Consultations to Enhance BPS Pension Fund Investment Efficiencies
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”)….
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…