On May 7, 2013, Bill 18, Pooled Registered Pension Plans Act,passed Third Reading in the Legislative Assembly of Alberta and received Royal Assent on May 27, 2013. Bill 18 authorizes pooled registered pension plans (“PRPPs”) to be made available to eligible employees and self-employed persons in Alberta and sets out the legal framework for the…
Practice Area: Pensions, Benefits & Compensation
Susan Nickerson Featured in Benefits and Pensions Monitor
On May 10, 2013, Benefits and Pensions Monitor featured commentary from Susan Nickerson in the Daily News Alerts with respect to her resent presentation at the Eckler Ltd. ‘Reality Check: Coming to Grips with the Future of Capital Accumulation Plans in Canada’ seminar. In the session ‘Lessons from U.S. Experience’, Susan stresses that Canadian defined…
Québec Tables Voluntary Retirement Savings Plans Bill
On May 8, 2013, the Québec government tabled Bill 39, Voluntary Retirement Savings Plans Act. If passed, Bill 39 would create voluntary retirement savings plans (“VRSP”) for specified workers in Québec who do not have access to employer-sponsored retirement savings plans. As stated by the government, beginning in January 2014, firms which have at least…
Ontario Tables Its 2013 Budget
On Thursday May 2, 2013, the Ontario government introduced its 2013 Budget, entitled A Prosperous and Fair Ontario (the “Budget”). The government also introduced Bill 65, the Prosperous and Fair Ontario Act (Budget Measures), 2013 (“Bill 65”), omnibus legislation designed to implement some of the proposals contained in the Budget. The Budget announced that the…
Ontario Government Introduces Budget 2013
On May 2, 2013, the Ontario government tabled its Budget 2013, “A Prosperous and Fair Ontario” as well as Bill 65, Prosperous and Fair Ontario Act (Budget Measures), 2013, legislation which, if passed, would implement certain initiatives contained in the Budget. Among other things, the measures contained in the Budget of interest to employers…
Rachel Arbour Interviewed in the CBA National Magazine
Hicks Morley’s Rachel Arbour was interviewed in the April-May 2013 edition of the CBA National Magazine in an article entitled “Pensions vs. insolvency“. In the article, Rachel answers a series of questions regarding the implications of the Indalex ruling highlighting the expanded deemed trust and pension plan governance aspects of the decision. View Article
Expert Committee on Québec Retirement System Tables Report
The Expert Committee on the Future of the Québec Retirement System has rendered its Report “Innovating for a Sustainable Retirement System.” The Committee has made a number of recommendations regarding supplemental pension plans, in particular defined benefit (“DB”) plans, which fall under the supervision of the Régie des rentes du Québec (“Régie”). Key recommendations include:…
PBA Regulation Relating to OTPP Filed
On April 11, 2013, O. Reg. 131/13, amending Regulation 909 (General) made under the Ontario Pension Benefits Act, was filed and came into force on that date. O. Reg. 131/13 amends subsection 47.7.2 (1) of Regulation 909 to add the following paragraph: 4. Ontario Teachers’ Pension Plan, registered under the Act as number 0345785. As…
Saskatchewan Introduces PRPP Legislation
On April 8, 2013, the government of Saskatchewan introduced Bill 92, The Pooled Registered Pension Plans (Saskatchewan) Act. If passed, Bill 92 would authorize pooled registered pension plans (“PRPPs”) to be made available to provincially regulated employees and self-employed persons in Saskatchewan. Subject to the legislation and any supporting regulations, the requirements set out in…
Natasha Monkman Quoted in the Edmonton Journal, The StarPhoenix and The Windsor Star
Hicks Morley’s Natasha Monkman was quoted on April 3, 2013 in the Edmonton Journal, The StarPhoenix and The Windsor Star in an article entitled “Ruling on pensions comes as a surprise.” In the article, they comment on the recent decision by the Supreme Court of Canada not to review the Ontario Court of Appeal’s decision…