The Ontario government has filed O. Reg. 235/14, amending Regulation 909 of the Pension Benefits Act (“PBA”) in respect of new rules regarding Statements of Investment Policies and Procedures (“SIP&Ps”), requirements to provide periodic statements to former and retired members and the content of annual member statements. Draft regulations (“Draft Regulations”) were previously released for…
Tag: Pension Benefits Act
Ontario Files Regulation under PBA Regarding SIPPs and Requirements for Disclosure Statements
On November 27, 2014, the Ontario government filed O. Reg. 235/14, amending Regulation 909 made under the Pension Benefits Act (“PBA”). O. Reg. 235/14 establishes new rules regarding Statements of Investment Policies and Procedures (“SIP&Ps”). It requires that a SIP&P be filed with the Superintendent of Financial Services within 60 days after January 1, 2016…
Solvency Funding Exemptions Extended Through 2017
On November 7, 2014, the Ontario government filed O. Reg. 207/14, amending O. Reg. 177/11 (as amended by O. Reg. 330/12) which amended Regulation 909 (General) made under the Pension Benefits Act. As previously reported, the definition of “solvency concerns” sets out the circumstances under which defined benefit pension plans are required to file annual actuarial valuations (instead of triennially)….
Ontario Releases Proposed PBA Regulations for Consultation
This past Spring, the Ontario government released proposed amendments to Regulation 909 (the “Regulations”) of the Pension Benefits Act (“PBA”) in respect of four previously announced pension reform initiatives (“April Proposals”). The April Proposals – which described the content of the proposed changes to the Regulations – are summarized in our FTR Now of April…
FSCO Consultation on Proposed Investment Guidance Notes (Buy-In Annuities)
On October 7, 2014, the Financial Services Commission of Ontario (“FSCO”) announced that it will be publishing Investment Guidance Notes (“Guidance Notes”) with respect to various investment activities of Ontario registered pension plans. The Guidance Notes will set out FSCO’s expectations and identify issues that plan administrators should consider and address in respect of the…
Ontario Proposes Pension Regulations
On October 3, 2014, the Ontario government published proposed amendments (“Proposed Amendments”) to Regulation 909 of the Pension Benefits Act (“PBA”) that incorporate stakeholder feedback received in response to proposed amendments first published on April 25, 2014, as previously discussed. The government is inviting comments from stakeholders on the following new Proposed Amendments: Statements for…
Ontario Amends “Letter of Credit” and BPS Solvency Funding Relief Regulations
On May 17, 2014, the Ontario government published regulatory amendments to Regulation 909 (General) under the Pension Benefits Act that: clarify that for purposes of determining the total amount of all letters of credit (“LOC”) held in trust for the pension fund for inclusion in the solvency asset adjustment, the value of any special payments…
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
Ontario Proposes Significant Pension Regulation Reforms
On April 25, 2014, the Ontario government released four proposals (the “Proposals” or the “Proposal”) in respect of proposed amendments to Regulation 909 (the “Regulations”) under the Pension Benefits Act (“PBA”) and is seeking comments from interested stakeholders. The Proposals relate to PBA reforms introduced or announced by the Ontario government over the past four…
Ontario Proposes Significant Regulatory Amendments under Pension Benefits Act
On April 25, 2014, the Ontario government announced a number of proposed amendments to Regulation 909 made under the Pension Benefits Act (“PBA”), further to its ongoing pension reform initiatives. The government is inviting comments from stakeholders on the following proposals: Proposed Amendment to Regulation 909 under the Pension Benefits Act: Disclosure of Environmental, Social…