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Practice Area: Pension, Benefits & Executive Compensation
Supporting Regulations Proposed for Transfer Agreements under Section 80.1
The Ontario government has posted proposed content for Pension Benefits Act regulations for public review and commentary. These regulations are required before amendments to section 80.1 of that Act come into effect. Once proclaimed in force, section 80.1 of the Act will allow the administrators of certain public sector plans to negotiate agreements to give…
Bill 133 Regulations (Asset Division on Marriage Breakdown) Filed Under Pension Benefits Act
On June 24, 2011, the Ontario government filed long-anticipated regulations in support of amendments to the Pension Benefits Act effected by Bill 133, the Family Statute Law Amendment Act, 2009. O. Reg. 287/11 (Family Law Matters) follows the previously reported March 2011 release of draft regulations and a related Consultation Paper, and reflects that consultation…
FSCO Releases Guidance Note on Revised CIA Standards of Practice
The Financial Services Commission of Ontario (“FSCO”) released its Guidance Note (PDF) with respect to how it expects plans to apply the revised Canadian Institute of Actuaries’ (“CIA”) Practice-Specific Standards for Pension Plans (the “Standards”). The Guidance Note expressly states that the application of some of the CIA revisions to the Standards, which became effective…
Broader Public Sector Perquisites Directive Issued by the Ontario Government
Management Board of Cabinet has issued the Broader Public Sector Perquisites Directive (the Directive), dated August 2, 2011, which will apply to any person in a designated broader public sector (BPS) organization, including appointees, board members, elected officials (e.g. school trustees) and employees. The Directive has been issued under the provisions of the Broader Public…
Pension Agreements With “Designated Jurisdictions,” Aggregate Funding of AbiBow Pension Plan Regulations Filed
On June 3, 2011, the Ontario government filed two regulations under the Pension Benefits Act. O. Reg. 195/11 amends General Regulation 909 by creating a new section, “Designated Jurisdictions and Agreements with Designated Jurisdictions”, and a Table listing multi-jurisdictional agreements entered into under section 100 of the Act, and the date on which the agreement…
Canada Revenue Agency Provides Further Information about New Volunteer Firefighter Tax Credit
As originally announced in March of 2011 and confirmed with the re-introduction of the Federal Budget on June 6, the Budget proposes a non-refundable tax credit for volunteer firefighters for 2011 and future tax years. This credit will be available to volunteer firefighters who perform at least 200 hours of service for their communities during…
Federal Budget Reintroduced June 6, 2011
On June 6, 2011, the Minister of Finance, the Honourable James M. Flaherty, reintroduced the Government of Canada’s “Budget 2011, the Next Phase of Canada’s Economic Action Plan—A Low-Tax Plan for Jobs and Growth.” In this FTR Now we provide a brief overview of the Budget highlights. As anticipated, the Budget includes all of the…
Pension Benefits Act JSPP Amendments Come Into Force June 1, 2011
June 1, 2011 has been named as the day on which subsections 1 (9) and 3 (3) and section 16 of Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, come into force. These provisions relate to the recently reported filing of O. Reg. 177/11, and specifically, the change affecting jointly-sponsored…
Ontario Pension Funding and JSPP Regulations Released
On May 20, 2011, the Ontario government filed amendments to the Pension Benefits Act Regulations (“Regulations”) that implement the first of many anticipated regulatory measures stemming from “Phase II” of Ontario’s pension reform initiative. The amendments outlined in O. Reg. 177/11 are in support of earlier amendments to the Pension Benefits Act made by Bill…