On April 21, 2015, the Minister of Finance tabled the 2015 Federal Budget, “Strong Leadership: A Balanced-Budget, Low-Tax Plan for Jobs, Growth and Security.” This FTR Now focuses on some of the key proposals that are of particular interest to employers, human resources professionals and pension plan administrators. These include: changes to registered retirement income…
Practice Area: Pensions, Benefits & Compensation
FSCO Updates Form 1 (Pension Plan Registration), Asset Transfer FAQs
On April 7, 2015, the Financial Services Commission of Ontario (“FSCO”) published a revised Application for Registration of a Pension Plan, Form 1 and added new frequently asked questions for plan administrators (“FAQs”) with respect to Multi-Jurisdictional Pension Plan Asset Transfers, among other things. The Form 1 has been updated to provide FSCO with additional…
Government Issues BPS Compensation Information Directive
On March 24, 2015, the Management Board of Cabinet issued the Broader Public Sector Compensation Information Directive (the “Directive”) under the Broader Public Sector Executive Compensation Act, 2014 (the “BPSECA”). The Directive came into effect on April 1, 2015. In this FTR Now, we will briefly review the Directive and its role within the scheme…
Committee To Hold Public Hearings on ORPP Bill
The Standing Committee on Social Policy will hold public hearings in Toronto on Bill 56, the Ontario Retirement Pension Plan Act, 2015 (“ORPP Bill”) commencing March 23, 2015. Hearing dates will continue on March 24, March 30 and March 31, 2015. Interested persons who wish to be considered to make an oral presentation on Bill…
Hicks Morley Ranked as a Leading Firm by Chambers Global 2015
“…At the epicentre of labour and employment law in Canada.” Chambers Global 2015 Hicks Morley has been ranked in Chambers Global 2015 in the areas of Employment & Labour and Pensions & Benefits. The firm is referred to as a “boutique with a strong reputation in labour and employment and a well-regarded bench of pensions…
New BPS Compensation Restraint Law to Come Into Force March 16
The Ontario government’s new compensation restraint legislation – the Broader Public Sector Executive Compensation Act, 2014 (or "BPSECA") – will come into force on Monday, March 16, 2015. While the proclamation of the Lieutenant Governor has not yet been published in The Ontario Gazette, it is listed in the government’s online listing of proclamations and…
Ontario Proposes PBA Regulations For Merging or Converting SEPPs into JSPPs
On January 20, 2015, the Ontario government released proposed new regulations (“proposed Regulations”) under the Pension Benefits Act (“PBA”) for public comment. The proposed Regulations are designed to facilitate the merger of broader public sector (“BPS”) single employer pension plans (“SEPPs”) and jointly-sponsored pensions plans (“JSPPs”), either through (a) a transfer from the SEPPs to…
Ontario Consults on Mandatory LTD Insurance Regulations
On January 16, 2015, the Ontario Ministry of Finance launched a public consultation on regulations to support the new requirement to insure long-term disability benefits. As previously reported, the Ontario government passed as yet unproclaimed amendments to the Insurance Act requiring employers who provide their employees with long-term disability (“LTD”) plan benefits to insure the…
Hicks Morley Hits the Bull’s-Eye in 2015 Lexpert®/American Lawyer Guide
Hicks Morley is pleased to announce it has once again ranked as the leading law firm in the Labour Relations and Pensions category according to the 2015 Lexpert®/American Lawyer Guide to the Leading 500 Lawyers in Canada. Practice groups included in this category are Employment Law, Labour Relations, Labour Relations (Construction Sector), Occupational Health & Safety,…
Updated CRA Form For Direct Transfers Between Registered Plans
On December 24, 2014, the Canada Revenue Agency (“CRA”) published a new electronic version of form T2151, “Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3.” Deferred profit sharing plan trustees or registered pension plan administrators recording the direct transfer of a single amount for an applicant should ensure that the correct…