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.
Tag: Pension Benefits Act
Ontario Temporarily Reduces Financial Penalties for Late PBGF Assessments
On April 30, 2020, the Ontario government filed Ontario Regulation 187/20 amending Regulation 909 made under the Pension Benefits Act. This amendment allows for significantly reduced financial penalties for late payment of a Pension Benefits Guarantee Fund (PBGF) assessment. Normally, an employer who fails to pay a PBGF assessment by the assessment date must pay…
COVID-19 – Continuity of Pension Plan Administration and Related Regulatory Flexibility
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.
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.
Blog Post Written by Natasha Monkman Mentioned in Benefits and Pensions Monitor on AMPing up Enforcement: Ontario’s Pension Regulator Gets New Teeth
An FTR Now written by Hicks Morley’s Natasha Monkman was mentioned in the October 4, 2017 Benefits and Pensions Monitor Daily News Alert. The alert summarizes the FTR Now titled “AMPing up Enforcement: Ontario’s Pension Regulator Gets New Teeth”, which discusses the new administrative money penalty regime applicable to registered Pension Plans in Ontario.
Canadian Bar Association Pensions and Benefits Law Section Publishes an Article by Natasha Monkman on Implementing Intentions: Recent Pension Division Jurisprudence
Hicks Morley’s Natasha Monkman authored an article for the Canadian Bar Association Pensions and Benefits Law Section titled “Implementing intentions: Recent pension division jurisprudence”. The article explores pension divisions upon marriage breakdown and reviews two recent cases in which the court was called upon to enforce existing court orders..
Sean Sells Quoted in Law Times on Human Rights Check Needed for Pension Plans
Law Times quoted Hicks Morley’s Sean Sells in an August 28, 2017 article titled “Human rights check needed for pension plans”. The article explores how pension plan sponsors need to work a human rights check into their compliance reviews…
Blog Post Written by Natasha Monkman Mentioned in Benefits and Pensions Monitor on Pension Portability in Ontario for Retired Members
A Human Resources Legislative Update blog post written by Hicks Morley’s Natasha Monkman was mentioned in the January 16, 2017 Benefits and Pensions Monitor Daily News Alert. The alert summarizes Natasha’s post titled, “Clarifying Pension Portability in Ontario for Retired Members…
Hicks Morley featured in Benefits Canada
Hicks Morley was cited in a Benefits Canada article posted on April 29, 2014 entitled “Ontario proposes changes to pension regulations“. The article references Hicks Morley’s FTR Now “Ontario Proposes Significant Pension Regulation Reforms” which discusses proposed amendments to Regulation 909 under the Pension Benefits Act. View Article