PBA Regulatory Amendment Will Change Locked-In Retirement Fund Withdrawal Process

On June 20, 2013, the Ontario government filed O. Reg. 185/13 amending Regulation 909 (General) made under the Pension Benefits Act. As announced by the government, this amendment to Regulation 909 will permit individuals to apply to their financial institutions for financial hardship withdrawals of their locked-in retirement funds, rather than to the Superintendent of…

Time Period for Filing Solvency Funding Relief Reports Extended

On June 20, 2013, the Ontario government filed O. Reg. 186/13 amending O. Reg. 177/11 (as amended by O. Reg. 330/12) which amended Regulation 909 (General) made under the Pension Benefits Act. As previously reported, the definition of “solvency concerns” sets out the circumstances under which defined benefit pension plans are required to file annual actuarial…

Alberta Passes PRPP Legislation

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…

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…

2013 Spring Edition

FOCUS ON PENSIONS Recasting the pension promise LEGAL DEVELOPMENTS Pay for performance: providing key employees their just desserts Canada set to implement sweeping new anti-spam legislation PROFILE Ottawa’s pension presence Download PDF