Pension plan administrators are often required to interpret the wording of court orders and separation agreements to determine whether there is a valid and effective assignment of an interest to a member’s former spouse. Until now, the courts have not provided clear guidance on what language is needed in order to create an assignment. On…
Practice Area: Pensions, Benefits & Compensation
Bill Requiring Disclosure of Information by Labour Organizations Passes Third Reading
On December 12, 2012, Bill C-377, An Act to amend the Income Tax Act (Requirements for labour organizations) passed Third Reading in the House of Commons and proceeded to the Senate for First Reading. As previously reported, Bill C-377 is a private member’s bill which, if passed, will amend the Income Tax Act to require…
Small Biz Advisor Publishes an Article by Natasha Monkman
An article by Hicks Morley’s Natasha Monkman was published in the December 12, 2012 edition of Small Biz Advisor. In the article entitled, “5 hot issues for 2013 you need to know about“, Natasha sets out five recent retirement and benefits trends that small businesses should be aware of in 2013. View Article
Third Window for BPS Solvency Funding Relief Proposed
On December 5, 2012, the Ontario government posted a regulatory proposal regarding amendments to O. Reg. 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans), made under the Pension Benefits Act. Comments on the proposal are due by January 20, 2013. Under the proposal, the third and final window for solvency funding relief for…
PEI Introduces Pension Benefits Legislation
On November 21, 2012, the Prince Edward Island government introduced Bill 12, Pension Benefits Act, in the legislature. The government has stated that with the exception of a few minor changes, Bill 12 is the same as Bill 41, pension legislation that was introduced in May 2012 but which did not pass first reading. Prince…
Bill Requiring Disclosure of Information by Labour Organizations Reported Back to House of Commons
On November 27, 2012, Bill C-377, An Act to amend the Income Tax Act (requirements for labour organizations), was deemed reported without amendment back to the House of Commons from the Standing Committee on Finance. As previously reported, Bill C-377 is a private member’s bill which, if passed, will amend the Income Tax Act to…
Alberta Pension Reform Bill Passes Third Reading
On November 20, 2012, Bill 10, Employment Pension Plans Act, passed Third Reading in the Alberta Legislature. As previously reported, Bill 10 is an overhaul of the existing pension legislation in Alberta and will repeal and replace the Employment Pension Plans Act. The government of Alberta has issued an update outlining the key differences between…
Public Sector Pension Fund Pooled Asset Management
The 2012 Ontario Budget announced the Government’s intention to study the advantages of pooled asset management for Ontario’s approximately 100 public sector and broader public sector pension funds. Mr. William Morneau was appointed to lead the study and his report, Facilitating Pooled Asset Management for Ontario’s Public – Sector Institutions (the “Report”) was released by…
PBA Letters of Credit Amendment Proclaimed Into Force
Section 3 of Schedule 44 to the Strong Action for Ontario Act (Budget Measures), 2012, has been proclaimed into force effective January 1, 2013. This section repeals and replaces 55.2(12) of the Pension and Benefits Act to provide that section 55.2, Letters of Credit, will not apply with respect to a jointly sponsored pension plan…
Letters of Credit Amendment to PBA Proclaimed into Force
Section 18 of the Securing Pension Benefits Now and for the Future Act, 2010 has been proclaimed into force effective January 1, 2013. This section amends the Pension Benefits Act (“PBA”) to add section 55.2, Letters of Credit. As previously reported, the supporting regulation to section 55.2, O. Reg. 364/12, was filed on November 15,…