Bill 120, Securing Pensions Benefits Now and for the Future Act, 2010, received Royal Assent on December 8, 2010. Bill 120 was one of four separate bills passed by the Ontario legislature in 2010 which included amendments to the Ontario Pension Benefits Act (“PBA“). Without a doubt, 2010 marks the most significant overhaul of Ontario’s…
Practice Area: Pensions, Benefits & Compensation
Susie Taing Joins the Firm as an Associate
We are very pleased to announce that Susie Taing has joined our firm as an Associate in our Pension and Benefits practice group. Susie was called to the Ontario Bar in 2009, and obtained her commerce and law degrees at the University of Ottawa, followed by a Masters of Industrial Relations at Queen’s University. Prior…
CPP Regulatory Amendments In Force
On January 1, 2011, Regulations Amending the Canada Pension Plan Regulations came into force (SOR/2010-300). The regulations implement the legislative amendments in the Economic Recovery Act (stimulus) (which received Royal Assent on December 15, 2009) and are intended to restore and enhance the actuarial adjustments made to Canada Pension Plan retirement pensions taken before and…
FSCO Releases Plan Administrator Guideline for Public Consultation
On December 15, 2010, the Financial Services Commission of Ontario (“FSCO”) posted a draft consultation policy (the “policy”) regarding the management of inquiries and complaints by plan administrators. FSCO also posted a draft consultation guideline for developing a written policy (the “guideline”) on managing inquiries and complaints from plan beneficiaries for public review and commentary….
Federal Economic Recovery Bill Passes
On December 15, 2010, Bill C-47, the Sustaining Canada’s Economic Recovery Act, received Royal Assent. The Bill is omnibus legislation and addresses numerous measures of interest to employers, including: income tax reforms relating to stock option plans and employee life and health trusts as outlined in the March 2010 Budget previously reported on August 30,…
Federal Pension Regulations Proposed
On Tuesday, December 14, 2010, the federal government proposed a number of regulatory amendments to the Pension Benefits Standards Regulations, 1985 for public commentary. The proposed amendments are designed to increase protection of plan members and retirees and would, in part: permit plan sponsors to secure properly structured letters of credit in lieu of making…
Ontario’s Phase II Pension Reform Bill Receives Royal Assent
On December 8, 2010, Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, received Royal Assent. As previously reported, the Bill passed at Third Reading on December 7, 2010 after being amended by the Standing Committee on Finance and Economic Affairs under an accelerated schedule for consideration and debate.
Pension Reform Phase II Passes Third Reading
On December 7, 2010, the Ontario government passed Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010. As previously reported in our October 29, 2010 FTR Now, “Ontario Introduces Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010“, these pension reforms build on the first phase of…
Ontario Passes Pension Reform Bill
On Tuesday, December 7, 2010, the Ontario government passed Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010. As previously reported, Bill 120 was amended by the Standing Committee on Finance and Economic Affairs and ordered for Third Reading on December 1, 2010 under an accelerated schedule for consideration and debate….
Pension Reform Bill Ordered for Third Reading Under Accelerated Schedule
In accordance with the terms of a special time allocation motion that was passed on November 3, 2010, Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, was reported to the House as amended by the Standing Committee on Finance and Economic Affairs and ordered for Third Reading on December 1,…