This FTR Now describes the Funding Framework and the likely transitional rules that will be of considerable interest for employers when planning for 2018 and beyond, as well as related complementary measures.
Tag: Pension Benefits Act
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…
Waiving the Biennial Statement Requirement for Missing Members: FSCO’s New Policy
On September 30, 2017, the Financial Services Commission of Ontario (FSCO) published a new policy outlining the procedures administrators must follow to obtain a waiver of the requirement to send biennial statements to missing former and retired members. Find out more in this FTR Now.
Ontario Proposes Significant Reforms to the Pension Benefits Act and other Employment-Related Statutes
On November 14, 2017, the Ontario government introduced Bill 177, the Stronger, Fairer Ontario Act (Budget Measures), 2017 (Bill 177), omnibus legislation supporting key reforms outlined in the 2017 Ontario Economic Outlook and Fiscal Review (Fiscal Review), which was also released on that date.
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 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.
AMPing up Enforcement: Ontario’s Pension Regulator Gets New Teeth
Administrators beware: as of January 1, 2018, the Superintendent of Financial Services (Superintendent) will have the power to levy significant new administrative monetary penalties (AMPs) for certain violations of Ontario’s Pension Benefits Act (PBA)…
Change on the Horizon: Ontario Pension Plan Funding Reform is Coming Soon
Earlier this year, the Ontario government announced proposed reforms to pension plan funding that will have a significant impact on employers and plan administrators with plans registered in Ontario. These changes are expected to be part of the government’s Fall agenda, and will be of particular interest to employers who provide single employer defined benefit (DB) pension plans or participate in multi-employer pension plans (MEPPs) 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..