Effective today, May 1, 2018, the funding rules for Ontario defined benefit (DB) pension plans are fundamentally changed. Learn how they apply to your plan – and how your organization can prepare for implementation.
Tag: Pension Benefits Act
Pension Funding Reform Continues: Taking Aim at Target Benefit Multi-Employer Pension Plans
Pension plans that meet the definition of specified Ontario multi-employer pension plans (SOMEPPs) are one step closer to having the option to convert accrued defined benefits (DB) to target benefits (TB) – and one step closer to a permanent exemption from solvency funding. If your organization participates in a SOMEPP, find out what this could mean for your organization in this FTR Now.
Regulations Filed Supporting Discharge of Pension Plan Administrator Upon Purchase of Annuities
On April 3, 2018, the government filed O. Reg. 193/18 (Purchase of Pension Benefits From an Insurance Company – Section 43.1 of the Act) under the Pension Benefits Act (PBA), which complements the recent funding reforms announced for defined benefit pension (DB) plans (the Regulation). As previously discussed, the government proposed rules to support a discharge…
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…
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…
Paul Migicovsky Mentioned in Benefits and Pensions Monitor on the Need to Prepare for Administrative Monetary Penalties
Hicks Morley’s Paul Migicovsky presented at the firm’s Advantage CPD seminar, “Pension and Benefits 2018: Thriving in the Face of Change” that took place on January 31, 2018. Paul’s presentation on Administrative Monetary Penalties (AMPs) was featured in the Benefits and Pensions Monitor on February 1, 2018. “The goals of AMPs are to promote compliance…
Ringing in the New Year with New Pension Plan Funding Rules
This FTR Now describes the Funding Framework and the likely transitional rules that will be of considerable interest for employers when planning for 2018 and beyond, as well as related complementary measures.
Bill 177 Receives Royal Assent, Amends WSIA, OHSA, PBA and BPSECA
On December 14, 2017, Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017, received Royal Assent. Bill 177 is omnibus legislation which amends several statutes, including the Workplace Safety and Insurance Act, 1997, the Occupational Health and Safety Act, the Pension Benefits Act and the Broader Public Sector Executive Compensation Act. Workplace Safety and Insurance…
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…
Stephanie Kalinowski Quoted in Benefits Canada on the Impact of Bill 177 on the Pension Benefits Act
Benefits Canada quoted Hicks Morley’s Stephanie Kalinowski in a November 16, 2017 article titled “Ontario makes ‘significant step’ with new bill addressing missing members, discharges.” The article introduces the new Bill 177 – the Stronger, Fairer Ontario Act (Budget Measures), 2017, and discusses the changes it will bring to the Pension Benefits Act (PBA).