The Ontario government previously announced the launch of consultations on proposed regulations related to the implementation of a permanent legislative framework for target benefit multi-employer pension plans (MEPPs) in the province. The permanent framework would replace temporary funding regulations for Specified Multi-Employer Pension Plans (SOMEPPs) set to expire in 2024. The proposed framework will replace…
Tag: Pension Benefits Act
Ontario Introduces Bill 91, Less Red Tape, Stronger Economy Act, 2023 and Announces Additional Amendments to Reduce Red Tape
On April 3, 2023, the Ontario government announced a range of measures related to pensions and employment (amongst other matters) in the province. On the same day, the government introduced Bill 91, Less Red Tape, Stronger Economy Act, 2023 (Bill 91) to implement some of those measures. Bill 91 and the additional measures are of…
Ontario to Require Filed Pension Funding and Governance Policies
On November 14, 2022, the Ontario government released the 2022 Ontario Economic Outlook and Fiscal Review – Ontario’s Plan to Build: A Progress Update. Included in the plan is, as previously announced in the 2022 Budget, the government’s commitment to consult with stakeholders on proposed regulations necessary for implementing a permanent target benefit framework in…
Proposals to Ease Regulatory Burdens for Administrators of Defined Contribution Pension Plans
On October 7, 2021, the Ontario government released draft amendments to Ontario Regulation 909 under the Pensions Benefits Act, which will eliminate certain prescribed requirements for administrators of Defined Contribution (DC) pension plans. In this FTR Now, we highlight the key details of these proposed changes that will be of significant interest to administrators of…
Proposed New PBGF Disclosure Requirements
On April 15, 2021, the Ontario government released draft amendments to Ontario Regulation 909 under the Pension Benefits Act (PBA), which provide new details of the Pension Benefits Guarantee Fund (PBGF) reporting requirements that will soon apply to registered pension plan administrators with Ontario members. In this FTR Now, we highlight the key details of…
Ontario Tables Fall Budget 2020
On November 5, 2020, the Ontario government tabled its 2020 Budget, Ontario’s Action Plan: Protect, Support, Recover (Budget), and introduced supporting implementation legislation, Bill 229, Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020(Bill 229).
Ontario Bar Association (OBA): Pensions and Benefits 18th Annual Hot Spots: The New Normal
Experts in pension, benefits and tax will assist in navigating the evolving impact of the pandemic on pensions and benefits law in the short-term and over the longer term. Agenda Topic Developments in Benefits Landscape Pension Plan Investments Income Tax Update
Ontario Introduces Temporary Funding Relief for Defined Benefit Pension Plans
Sponsors of defined benefit (DB) pension plans registered in Ontario have been given significant temporary contribution relief as part of the Ontario government’s response to the COVID-19 pandemic. On September 21, 2020, Ontario Regulation 520/20 (Regulation) was filed. The Regulation amends Regulation 909 made under the Ontario Pension Benefits Act (PBA) to permit temporary contribution deferral for certain eligible DB pension plans, and extend the time over which catch-up contributions following the filing of a new valuation report must be made.
Ontario Passes Amendments to Permit Additional Electronic Beneficiary Designations
On May 12, 2020, the Ontario government introduced and passed Bill 190, COVID-19 Response and Reforms to Modernize Ontario Act, 2020 (Bill 190). Among other changes, Bill 190 amends the Succession Law Reform Act to permit electronic beneficiary designations, and makes a consequential amendment to the Pension Benefits Act (PBA). The amendments permit electronic beneficiary…
Canada Revenue Agency Announces Temporary COVID-19 Relief for Registered Pension Plans
In response to industry requests, the Canada Revenue Agency (CRA) announced on May 5, 2020 that the minimum 1% employer contribution rule applicable to defined contribution (DC) pension plans is temporarily suspended. In addition, the federal Department of Finance issued a comfort letter confirming that it will recommend an amendment to the Income Tax Regulations to extend the deadline for electing to purchase a leave of absence on a current-service basis. These measures are intended to temporarily assist the sponsors and administers of DC and defined benefit (DB) registered pension plans in light of the COVID-19 pandemic.