The Financial Services Commission of Ontario (“FSCO”) updated its long-running online “FAQ” for pension plan administrators to set out FSCO’s position on surplus distribution on full or partial plan wind ups in light of recent amendments to the Pension Benefits Act. A detailed discussion of the FAQ and FSCO’s position on this point is available…
Practice Area: Pensions, Benefits & Compensation
Municipal Elections 2010: Employers’ Obligation to Provide Paid Time Off to Vote
Province-wide municipal elections will be held on October 25, 2010, and voting hours will run from 10:00 a.m. to 8:00 p.m. Under the Municipal Elections Act, 1996, all employees who are eligible to vote in the election are entitled to three consecutive hours during voting hours on election day to cast their vote. To be…
New General Pension Regulation Amendments Filed
On September 17, 2010, the Ontario government filed O. Reg. 367/10 under the Pension Benefits Act, amending Reg. 909 of R.R.O. 1990 (General). The amendments extend certain filing deadlines and funding schedules under the temporary solvency funding relief regulations for two university-sponsored pension plans. By way of background, Ontario’s temporary solvency funding relief regulations were…
Technical Pension Amendments Proclaimed In Force on October 1, 2010
On October 1, 2010, amendments to the Pension Benefits Act and Financial Services Commission of Ontario Act, 1997, set out in Bill 16, the Foundation for Jobs and Growth Act, 2010, will come into force. These Bill 16 amendments permit the Ontario government and the pension regulator to enter into agreements with other designated provincial…
New General Pension Regulation Amendments Filed
On September 8, 2010, the Ontario government published O. Reg. 342/10 (General) under the Pension Benefits Act, amending Reg. 909 of R.R.O. 1990. The amendments authorize the Ontario government and the pension regulator to enter into reciprocal agreements with designated jurisdictions providing for the orderly regulation of multi-jurisdictional pension plans. O. Reg. 342/10 will come…
Hicks Morley Ranks #1 in Labour and Employment Law
Hicks Morley once again ranked #1 in Canada in the field of Labour and Employment Law in Best Lawyers® in Canada 2012. Hicks Morley has more listed lawyers (25 in total) in this field than any other firm in Canada and is also the #1 ranked firm in Ontario. Toronto John E. Brooks Labour and…
Federal Government Releases Consultation Draft of Legislative Tax Proposals
The Department of Finance released draft legislative proposals in July and August of 2010 to implement a variety of tax measures, including those first outlined in its 2010 Budget along with several previously announced tax initiatives, for public consultation. The proposals outline significant changes to the tax rules applicable to employee stock options that will:…
Ontario to Introduce Phase II Pension Reforms
On August 24, 2010, the Ontario government announced that further pension reforms to be tabled this fall will address almost 40 recommendations made by the Expert Commission on Pensions. The announcement indicates that this “broad package of pension reforms” will include: modifications to the funding requirements for multi-employer pension plans and jointly sponsored pension plans,…
Ontario Announces Pension Funding Relief for University Sector
On August 5, 2010, the Ontario government announced that it will provide universities with temporary solvency funding relief. The temporary funding relief will be provided through two stages: a temporary period during which each university must develop a sustainability plan for its pension plans and, if the sustainability plan is acceptable to the government, an…
FSCO Releases Final Records Retention Policy
The Financial Services Commission of Ontario (“FSCO”) issued a records retention policy for pension plan administrators effective July 9, 2010. The policy is intended to provide guidance for “prudent records management and retention practices” relating to Ontario-registered pension plans. The policy was approved and issued following the introduction of a draft policy last year and…