On May 20, 2011, the Ontario government filed two new regulations under the Pension Benefits Act. O. Reg. 177/11 contains several amendments to the Pension Benefits Act General Regulation 909 (“Regulations”) relating to measures first introduced by the government when it tabled Bill 120, Securing Pension Benefits Now and for the Future Act, 2010, which…
Practice Area: Pension, Benefits & Executive Compensation
Ontario Signs Multi-Jurisdictional Pension Plan Agreement
On May 20, 2011, the Ontario government announced that it has signed the Agreement Respecting Multi-Jurisdictional Pension Plans (the “MJPPA”) (PDF) with the government of Quebec. The MJPPA will be effective July 1, 2011 for multi-jurisdictional pension plans where the “major authority” (province of registration) is Ontario or Quebec, and the pension plans have Ontario and…
Deviation From Prescribed Waiver Form Proves Costly
In the administration of a pension plan, there are a number of situations which call for the use of prescribed forms. These forms often require decisions to be made that can affect the pension plan entitlements of members and other plan beneficiaries. Sometimes, in an effort to adapt and/or make the prescribed forms more readable…
Proposed Changes to OMERS Target Emergency Services Employees and High Income Earners
On May 4, 2011, the OMERS Sponsors Corporation (“SC”) made public seven proposed changes to the OMERS pension plans. The proposals have been put forward by various individual SC members in connection with the SC’s annual review of the OMERS pension plans. There are two main objectives: (1) improving the funded position of the top-up…
Bill C-9 Pension Reforms Come Into Force
Effective April 1, 2011 and July 1, 2011, certain sections of the federal Jobs and Economic Growth Act (Bill C-9) and the Pension Benefits Standards Act, 1985 (“PBSA”) come into force. As previously reported, amendments to the PBSA which were brought into force effective April 1, 2011 include provisions: permitting plan sponsors to secure letters…
Ontario Court of Appeal Revisits Pension and Insolvency Principles: Indalex
INTRODUCTION On April 7, 2011, the Ontario Court of Appeal (the “Court”) released its decision in Re Indalex Limited. In this decision, the Court considers and revisits fundamental and established Canadian pension and insolvency law principles, making this decision required reading for members of pension committees, human resources professionals involved in pension plan administration, and…
A Roadmap to Federal Pension Reform
On April 1, 2011, amendments to the Pension Benefits Standards Regulations (“PBSR“) came into effect that alter the rules regarding the funding and operation of pension plans governed by the Pension Benefits Standards Act, 1985 (“PBSA“). Since 2009, the Federal Government has taken a number of steps to reform the PBSA and the PBSR. This…
Ontario Budget 2011 – Highlights for Employers
INTRODUCTION On March 29, 2011, the Honourable Dwight Duncan, Ontario’s Minister of Finance, tabled the government’s 2011 Budget, “Turning the Corner to a Better Tomorrow”, before the Legislature and simultaneously introduced omnibus legislation amending a variety of statutes to implement some of these initiatives through Bill 173, the Better Tomorrow for Ontario Act (Budget Measures),…
Pension Benefits Act Regulations
On March 25, 2011, the Ontario government filed two regulations amending General Regulation 909 under the Pension Benefits Act: O. Reg. 84/11, dealing with the deadlines for solvency valuations and related payments for certain plans in the public sector and broader public sector; and O. Reg. 85/11, providing for the adoption of the federal investment…
Submissions to the New Brunswick Pension Task Force
The Pension Task Force, established to examine the long-term stability and security of pensions in New Brunswick, is seeking submissions from the public regarding the pension plan issues under review including: the rules protecting employees and pensioners; ensuring the long-term sustainability of the pension promise made to workers; and the effectiveness of structures meant to…