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…
Practice Area: Pension, Benefits & Executive Compensation
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.
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…
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…
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….