During these uncertain times, pension plan administrators must continue to administer their pension plans and provide benefits to members, former members and retired members. Employers and pension plan administrators face a number of upcoming filing and disclosure deadlines and may have challenges in meeting those deadlines as a result of the COVID-19 pandemic.
Tag: Pension Benefits Act
Pension Law 2020: A Clear Look at the Latest Pension Law Reforms
In this FTR Now, we highlight the new pension rules that are of particular interest to employers and pension plan administrators.
FTR Quarterly – Issue 15
In This Issue: Protection in the Face of Employee Fraud, Key Human Resources Decisions in in 2019 and Cases to Monitor in 2020 and more!
Ontario’s Bill 132 Referred to Committee, Includes Proposed Amendments to PBA
On November 7, 2019, Bill 132, Better for People, Smarter for Business Act, 2019 (Bill 132), passed Second Reading and was referred to the Standing Committee on General Government. Bill 132 is omnibus legislation which, if passed, will amend a number of statutes, including the Ontario Pension Benefits Act (PBA). Proposed amendments to the PBA…
Ontario Superior Court Affirms that Pension Payments to a Non-Member Spouse Cease Upon Death
In Meloche v. Meloche, the Ontario Superior Court held that, following a pension division under the Ontario Pension Benefits Act (PBA), payments do not continue to the estate of a non-member spouse who predeceases the member spouse. The parties separated in 2017 after 30 years of marriage. The respondent teacher retired in 2015, and elected…
Ontario Bar Association (OBA): Pensions and Benefits 17th Annual Hot Spots
Experts discuss the evolving legal landscapes for defined contribution pension plans and group benefits, and how these changes will affect practitioners working in this legal area. Faculty will also review changes related to shared risk plans, and what the new changes mean for consolidation in the pension sector. Agenda Topic Decumulation Options on the Horizon
Ontario Clarifies DB Funding Reforms under the Pension Benefits Act
On May 21, 2019, the Ontario government filed Regulation 105/19 amending Regulation 909 (General Regulation) under the Pension Benefits Act (PBA). The amendments mainly relate to clarifying elements of the defined benefit (DB) funding rules that took effect on May 1, 2018. Many of the new clarifications have been requested by the pension industry over…
Ontario Budget Bill (Bill 100) Passes
As previously reported, on April 11, 2019, the Ontario government released its 2019 Budget and introduced Bill 100, Protecting What Matters Most Act (Budget Measures), 2019. Bill 100 received Royal Assent on May 29, 2019. Of particular interest to employers and human resource professionals are the amendments made to the following statutes: Public Sector Labour…
Changes to Ontario’s Annuity Purchase and Discharge Rules – Bill 57 Amendments and Draft Supporting Regulations
New draft regulations support and provide additional details respecting the rules governing annuity purchases and related statutory discharges under the Pension Benefits Act. Learn more in this FTR Now.
Ontario’s New Variable Benefits Regime for Defined Contribution Plans – Draft Regulations
With the release of draft regulations, Ontario moves a step closer to allowing variable benefits to be paid directly from defined contribution pension plans.