On May 8, 2018, Bill 31, the Plan for Care and Opportunity Act (Budget Measures), 2018, passed Third Reading and received Royal Assent. As previously reported, Bill 31 is omnibus legislation implementing some of the key initiatives outlined in the government’s 2018 Budget. Bill 31 makes the following pension-related changes: Increases Pension Benefits Guarantee Fund…
Practice Area: Pensions, Benefits & Compensation
Natasha Monkman Quoted by the Financial Post on Nortel Pensioners Litigation
Hicks Morley’s Natasha Monkman was quoted by the Financial Post in an article titled “More waiting could be in store for Nortel pensioners.” The article discusses how a recent decision by the Financial Services Commission of Ontario (FSCO) to reclaim $200 million from monies allocated to pensioners in the Nortel Networks Corp. bankruptcy, and the related litigation, could…
Hicks Morley Lawyers Named Leading Practitioners in the 2018 Canadian Legal Lexpert® Directory
Hicks Morley congratulates each one of our lawyers who has been recognized as a leading practitioner in the 2018 Canadian Legal Lexpert® Directory.
The Dawn of a New Day: Ontario Pension Funding Rules Are Here
Effective today, May 1, 2018, the funding rules for Ontario defined benefit (DB) pension plans are fundamentally changed. Learn how they apply to your plan – and how your organization can prepare for implementation.
Workplace Law in Canada: A Primer
This Guide provides American employers with an introduction to employment laws and regulations that affect businesses in Canada. It outlines an overview of the main differences between Canadian and U.S. workplace laws.
Pension Funding Reform Continues: Taking Aim at Target Benefit Multi-Employer Pension Plans
Pension plans that meet the definition of specified Ontario multi-employer pension plans (SOMEPPs) are one step closer to having the option to convert accrued defined benefits (DB) to target benefits (TB) – and one step closer to a permanent exemption from solvency funding. If your organization participates in a SOMEPP, find out what this could mean for your organization in this FTR Now.
Regulations Filed Supporting Discharge of Pension Plan Administrator Upon Purchase of Annuities
On April 3, 2018, the government filed O. Reg. 193/18 (Purchase of Pension Benefits From an Insurance Company – Section 43.1 of the Act) under the Pension Benefits Act (PBA), which complements the recent funding reforms announced for defined benefit pension (DB) plans (the Regulation). As previously discussed, the government proposed rules to support a discharge…
Ontario Budget 2018
On March 28, 2018, the Ontario government tabled its 2018 Budget, A Plan for Care and Opportunity and introduced Bill 31, the Plan for Care and Opportunity Act (Budget Measures), 2018. The Budget outlines key initiatives around retirement security and pension reform, healthcare, education, further initiatives to specifically address gender equality issues, representation of women, and more…
OSFI Publishes Guidance Note for Member Choice DC Plan Default Investments
The Office of the Superintendent of Financial Institutions (OSFI) has published a new Guidance Note providing its interpretation and expectations relating to the requirements for the default investment selected by the administrator. The Guidance Note (Default Option for Member Choice Defined Contribution Plans) relates to defined contribution (DC) accounts or additional voluntary contribution accounts in…
Quebec Passes Legislation to Mirror CPP Enhancements and Makes Changes to its Pension Legislation
On February 21, 2018, Bill 149, An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions, was passed by the Quebec legislature. QPP Enhancements As outlined in our previous update, Bill 149 enhances the Quebec Pension Plan (QPP), in a manner similar to the forthcoming enhancements to the Canada Pension…