On December 15, 2010, the Financial Services Commission of Ontario (“FSCO”) posted a draft consultation policy (the “policy”) regarding the management of inquiries and complaints by plan administrators. FSCO also posted a draft consultation guideline for developing a written policy (the “guideline”) on managing inquiries and complaints from plan beneficiaries for public review and commentary….
Practice Area: Pension, Benefits & Executive Compensation
Federal Pension Regulations Proposed
On Tuesday, December 14, 2010, the federal government proposed a number of regulatory amendments to the Pension Benefits Standards Regulations, 1985 for public commentary. The proposed amendments are designed to increase protection of plan members and retirees and would, in part: permit plan sponsors to secure properly structured letters of credit in lieu of making…
Federal Economic Recovery Bill Passes
On December 15, 2010, Bill C-47, the Sustaining Canada’s Economic Recovery Act, received Royal Assent. The Bill is omnibus legislation and addresses numerous measures of interest to employers, including: income tax reforms relating to stock option plans and employee life and health trusts as outlined in the March 2010 Budget previously reported on August 30,…
Ontario’s Phase II Pension Reform Bill Receives Royal Assent
On December 8, 2010, Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, received Royal Assent. As previously reported, the Bill passed at Third Reading on December 7, 2010 after being amended by the Standing Committee on Finance and Economic Affairs under an accelerated schedule for consideration and debate.
Ontario Passes Pension Reform Bill
On Tuesday, December 7, 2010, the Ontario government passed Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010. As previously reported, Bill 120 was amended by the Standing Committee on Finance and Economic Affairs and ordered for Third Reading on December 1, 2010 under an accelerated schedule for consideration and debate….
Pension Reform Phase II Passes Third Reading
On December 7, 2010, the Ontario government passed Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010. As previously reported in our October 29, 2010 FTR Now, “Ontario Introduces Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010“, these pension reforms build on the first phase of…
Pension Reform Bill Ordered for Third Reading Under Accelerated Schedule
In accordance with the terms of a special time allocation motion that was passed on November 3, 2010, Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, was reported to the House as amended by the Standing Committee on Finance and Economic Affairs and ordered for Third Reading on December 1,…
Pension Reform Bill Referred to Committee Under Accelerated Schedule for Consideration and Debate
On November 3, 2010, the Ontario government passed a special time allocation motion setting out an accelerated timetable for the full consideration and debate of Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, by December 2, 2010.
Arbitrator Upholds Statutory Provisions Permitting Age-Based Distinctions in Benefits for Employees Aged 65 and Older
On October 31, 2010, Arbitrator Etherington issued a significant award on the interpretation of the provisions of the Ontario Human Rights Code (the “Code”) and the Employment Standards Act, 2000 (the “ESA, 2000” ), which effectively permit an employer to reduce or eliminate employee benefits once an employee reaches age 65. Arbitrator Etherington found that…
2010 Fall Issue
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