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…
Tag: Pension Benefits Act
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…
Ontario Budget 2015
On April 23, 2015, the Ontario Minister of Finance tabled the 2015 provincial Budget, “Building Ontario Up” (“Budget”), and Bill 91, Building Ontario Up Act (Budget Measures), 2015 (“Bill 91”), omnibus legislation designed to implement some of the proposals contained in the Budget. In this FTR Now, we highlight some of the key proposals that…
FSCO Updates Form 1 (Pension Plan Registration), Asset Transfer FAQs
On April 7, 2015, the Financial Services Commission of Ontario (“FSCO”) published a revised Application for Registration of a Pension Plan, Form 1 and added new frequently asked questions for plan administrators (“FAQs”) with respect to Multi-Jurisdictional Pension Plan Asset Transfers, among other things. The Form 1 has been updated to provide FSCO with additional…
Ontario Proposes PBA Regulations For Merging or Converting SEPPs into JSPPs
On January 20, 2015, the Ontario government released proposed new regulations (“proposed Regulations”) under the Pension Benefits Act (“PBA”) for public comment. The proposed Regulations are designed to facilitate the merger of broader public sector (“BPS”) single employer pension plans (“SEPPs”) and jointly-sponsored pensions plans (“JSPPs”), either through (a) a transfer from the SEPPs to…
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…
Amendments Filed to Regulation Made Under Ontario Pension Benefits Act
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…
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)….
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…