Following the release last month of draft Regulations, the Ontario government has now adopted amendments…
Tag: Pension Benefits Act
Finalized Regulations Extend Temporary Solvency Funding Relief in Ontario
Effective July 1, 2016, amendments to Regulation 909 first proposed on…
Countdown to ORPP: Ontario Tables New Implementation Legislation
Long-awaited Ontario Retirement Pension Plan (ORPP) legislation was introduced on Thursday, April 14, 2016, which, if passed in its present form, will provide the statutory framework and timeline for full ORPP implementation by January 1, 2020…
Ontario Proposes Elimination of the “30% Rule” for Pension Investment
Further to announcements made in its 2015 Economic Outlook and Fiscal Review, the Ontario government is soliciting feedback on proposed regulatory reforms that would eliminate the current investment rule that prohibits plan administrators from making investments that result in pension funds owning more than 30% of the voting shares of a corporation. The so-called “30% rule”…
2016 Ontario Budget and Budget Bill Released
On February 25, 2016, the Ontario government tabled its 2016 Budget “Jobs for Today and Tomorrow” (“Budget”) and the corresponding Budget Bill, Bill 173, Jobs for Today and Tomorrow Act (Budget Measures), 2016 (“Bill 173”), supporting omnibus legislation designed to implement some of the proposals contained in the Budget. Our FTR Now of February 29, 2016, “Ontario Budget 2016”…
Ontario Filing Requirements for Statements of Investment Policies and Procedures and Form 14
Recent amendments to Ontario’s Pension Benefits Act regulations now require that administrators of Ontario registered pension plans file Statements of Investment Policies and Procedures (“SIPPs”) with the Financial Services Commission of Ontario (“FSCO”), together with a detailed information summary form (“Form 14”). We discuss these new filing requirements and supporting FSCO resources in this FTR…
New Mortality Tables in Effect for Ontario Commuted Value Calculations
On December 10, 2015, the Ontario government amended the Regulations under the Pension Benefits Act (“PBA”) to require pension plans to use the new mortality tables when calculating commuted values (“CVs”) for Ontario members. The use of the new mortality assumptions, which are found under section 3500 of the Actuarial Standards Board Standards of Practice…
Ontario to Reform Certain Workplace Laws Relating to Construction Labour, Pensions and Workplace Safety and Insurance
On November 18, 2015, the Ontario government introduced Bill 144, the Budget Measures Act, 2015, omnibus legislation that would, if passed and among other things, implement reforms to construction labour relations, workplace safety and insurance indexing and to certain rules governing multi-employer pension asset transfers. The proposed Bill 144 changes include: Amending the construction industry provisions of…
Regulation Filed on Asset Transfers under Section 80.1 of Pension Benefits Act
On June 18, 2015, O. Reg. 147/15 amending O. Reg. 308/13 (Assets Transfers under section 80.1 of the Act) made under the Pension Benefits Act (“PBA”) came into force. O. Reg. 147/15 amends the date of the effective transfer of assets under section 80.1 from June 30, 2015 to a date not later than the…
Draft Regulations Governing Transfers and Conversions to JSPPs under Sections 80.4 and 81.0.1 of Pension Benefits Act Published
On June 26, 2015, the Ontario government published draft regulations (the “Draft Regulations”) setting out the proposed rules governing the merger or conversion of single employer pension plans (“SEPPs”) to jointly sponsored pension plans (“JSPPs”) in the broader public sector (“BPS”). The draft regulations will support sections 80.4 and 81.0.1 of the Pension Benefits Act…