More Changes to Workplace Laws Are on the Horizon for Ontario Employers

On December 6, 2018, Bill 57, Restoring Trust, Transparency and Accountability Act, 2018 passed Third Reading and received Royal Assent. On the same date, the government tabled Bill 66, Restoring Ontario’s Competitiveness Act, 2018, omnibus legislation which, if passed, will make significant amendments to the Employment Standards Act, 2000 (ESA), the Labour Relations Act, 1995 (LRA), the Pension Benefits Act (PBA) and other statutes.

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…

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..