The Office of the Superintendent of Financial Institutions (OSFI) has published a new Guidance Note providing its interpretation and expectations relating to the requirements for the default investment selected by the administrator. The Guidance Note (Default Option for Member Choice Defined Contribution Plans) relates to defined contribution (DC) accounts or additional voluntary contribution accounts in…
Tag: Legislative Initiative
Ontario’s Proposed New Anti-Racism Standards
As we previously reported, the Ontario Anti -Racism Act (ARA) came into force on June 1, 2017. One of the purposes behind the ARA is to allow certain organizations to collect information that will be used to identify and monitor systematic racism and racial disparities for the purpose of eliminating systemic racism and advancing racial…
Ontario Publishes Description of Proposed Variable Benefits Regulations for DC Plans
The Ontario government posted a description of proposed regulations on March 20, 2018 enabling it to implement the variable benefit (VB) provisions applicable to defined contribution (DC) plans under the Ontario Pension Benefits Act (PBA). Background – DC Decumulation Currently, Ontario members of DC plans who have terminated their employment with the plan sponsor and…
Ontario Legislature Prorogues, New Session to Commence March 19, 2018
On March 15, 2018, the Ontario Legislature was prorogued and an announcement made that the new session of the Legislature would open with a Throne Speech on Monday March 19, 2018. As a result of the prorogation, any Bills which were not passed died on the order paper, including Bill 203, the Pay Transparency Act,…
FSCO Launches Targeted Compliance Review of Member Option Statements
In March, 2018, the Financial Services Commission of Ontario (FSCO) will commence a targeted review of pension plan member option statements to verify compliance with key requirements under the Pension Benefits Act (Act) and FSCO policies. In particular, FSCO will focus its targeted review on whether plan administrators are: meeting requirements for statement content and…
Ontario Announces Intention to Add Nurses as First Responders for Purpose of WSIB PTSD Presumption
On December 6, 2017, the Ontario Ministry of Labour announced that it intends to add nurses who provide direct patient care to the list of “first responders” who benefit from a presumption of work-relatedness if they develop post-traumatic stress disorder (PTSD). The change is aimed at expediting front-line nurses’ access to benefits and timely treatment…
The (Funding) Future is Here: Ontario Releases Pension Funding Reform Details
On December 14, 2017, the Ontario government published the long-awaited details to support the proposed reforms to funding rules for Ontario pension plans. The proposed regulations describe the amendments to the Pension Benefits Act Regulations that will, among other things: Alter solvency funding obligations, by reducing the solvency deficiency required to be funded (such that…
Quebec Proposes to Mirror CPP Enhancements
On November 2, 2017, the Quebec government introduced Bill 149, An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions. Among other things, Bill 149 will enhance the Quebec Pension Plan (QPP), in a manner similar to the forthcoming enhancements to the Canada Pension Plan (CPP) outlined in our FTR…
Ontario Proposes Regulatory Amendment Under ESA Permitting PRPP Differentiation Based on Age
On October 23, 2017, the Ontario government published a proposed draft amendment to O. Reg. 286/01 made under the Employment Standards Act, 2000 (ESA) to create a new exemption for pooled registered pension plans (PRPPs) with respect to age-based differentiation in certain circumstances. Currently, the ESA prohibits employers from providing a pension plan that treats employees,…
Ontario School Boards to Implement Care Plans for Students with Prevalent Medical Needs
On October 24, 2017, the Ontario government released a draft policy aimed at supporting students with prevalent medical conditions. Policy PPM 161- Supporting Children and Students with Prevalent Medical Conditions (Anaphylaxis, Asthma, Diabetes, and/or Epilepsy) in Schools, to be finalized in Winter 2018, will require school boards across Ontario to have individualized care plans in…