The Supreme Court of Canada has announced that it will render its decision in Sun Indalex Finance, LLC et al. v. United Steelworkers et al. (“Indalex“) on Friday, February 1, 2013. The appeal relates to a decision of the Court of Appeal for Ontario that granted “super-priority” to pension funding deficits in a Companies’ Creditors…
Practice Area: Pensions, Benefits & Compensation
Nortel Pension Plans Regulation Filed
On January 15, 2013, the Ontario government filed O. Reg. 10/13, Nortel Pension Plans, made under the Pension Benefits Act (“Act”) In May 2011, the Act was amended to allow all pensioners of two specified Nortel Networks pension plans to transfer the commuted value of their benefits out of the plans. O. Reg. 10/13 prescribes…
Algoma Steel Pension Plan Regulation Amended
On January 11, 2013, the Ontario government filed O. Reg. 7/13, amending O. Reg. 202/02 “Algoma Steel Inc. Pension Plans” made under the Pension Benefits Act. The regulation is effective as of the date of filing. It makes a number of housekeeping amendments to O. Reg. 202/02 by changing the name “Algoma Steel Inc.” to…
Hicks Morley Named in 2013 Lexpert®/American Lawyer Guide
Hicks Morley is pleased to announce it has been ranked as the leading law firm in the Labour Relations and Pensions category according to the 2013 Lexpert®/American Lawyer Guide to the Leading 500 Lawyers in Canada. Practice groups included in this category are Employment Law, Labour Relations, Occupational Health & Safety, Pensions & Employee Benefits…
Hicks Morley Welcomes Lawyer into the Partnership
Hicks Morley is pleased to announce that Amy R. Tibble has been invited to join the partnership. The appointment is effective as of January 1, 2013. Congratulations to both of them.
Regulatory Amendments Enacted to Allow CPPIB/PSPIB to Rely on Prudent Person Standard
On December 14, 2012, Regulations Amending the Canada Pension Plan Investment Board Regulations were registered. As previously reported and of particular note, this amendment repeals section 12 of the Canada Pension Plan Investment Board Regulations (“CPPIBR”) which established quantitative investment limits in respect of Canadian resource and real properties. The repeal of this section aligns…
Amendment to EI Act on Employer Repayment Obligations Proclaimed Into Force
Sections 605 and 607 of the Jobs, Growth and Long-term Prosperity Act, which amend the Employment Insurance Act (“EI Act”) have been proclaimed into force effective January 6, 2013. Section 607 amends section 46 of the EI Act by adding a section which creates a time limit of 36 months on certain EI repayment obligations…
PBA Regulation Relating to HOOPP, CAAT/OPSEU Pension Plans Filed
On December 20, 2012, the Ontario government filed O. Reg. 447/12, which amends Regulation 909 made under the Pension Benefits Act. O. Reg. 447/12 adds a section to Regulation 909 that states the administrator of any of the Colleges of Applied Arts and Technology Pension Plan, the Healthcare of Ontario Pension Plan and the Ontario…
New Brunswick Introduces Bill to Amend Pension Benefits Act
On December 11, 2012, Bill 20, An Act to Amend the Pension Benefits Act, received First Reading in the Legislative Assembly of New Brunswick. It received Second Reading on December 12, 2012. If passed, Bill 20 will, among other things, amend the Pension Benefits Act (“Act”) to make the following clarifications regarding shared risk pension…
Federal Pooled Registered Pension Plan (PRPP) Framework Now in Force
On December 14, 2012, the federal government announced that the second and final tranche of the regulations under the Pooled Registered Pension Plans Act (“Act”) came into force on that day, following the conclusion of a period for public comment. As previously reported, these supporting regulations address provisions of the Act, including: general requirements regarding…