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…

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).

Ontario Amends PBA and PRPP Regulations; Introduces Legislation Affecting Police Sector Asset Transfers

Annuity Purchases on Wind Up On November 3, 2017, O. Reg. 412/17, amending Regulation 909 (General) made under the Pension Benefits Act (PBA), was filed. As discussed in our FTR Now, Ontario’s Bill 70: The New Face of Pension Regulation Revealed, amendments will be made to the PBA requiring administrators appointed by the Superintendent of…

Blog Post Written by Stephanie Kalinowski and 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 Stephanie Kalinowski and 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.