On January 11, 2013, the Ontario government filed O. Reg. 7/13, amending O. Reg. 202/02 “Algoma Steel Inc. Pension Plans” made under the Pension Benefits Act. The regulation is effective as of the date of filing. It makes a number of housekeeping amendments to O. Reg. 202/02 by changing the name “Algoma Steel Inc.” to…
Tag: Pension Benefits Act
PBA Regulation Relating to HOOPP, CAAT/OPSEU Pension Plans Filed
On December 20, 2012, the Ontario government filed O. Reg. 447/12, which amends Regulation 909 made under the Pension Benefits Act. O. Reg. 447/12 adds a section to Regulation 909 that states the administrator of any of the Colleges of Applied Arts and Technology Pension Plan, the Healthcare of Ontario Pension Plan and the Ontario…
Third Window for BPS Solvency Funding Relief Proposed
On December 5, 2012, the Ontario government posted a regulatory proposal regarding amendments to O. Reg. 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans), made under the Pension Benefits Act. Comments on the proposal are due by January 20, 2013. Under the proposal, the third and final window for solvency funding relief for…
PBA Letters of Credit Amendment Proclaimed Into Force
Section 3 of Schedule 44 to the Strong Action for Ontario Act (Budget Measures), 2012, has been proclaimed into force effective January 1, 2013. This section repeals and replaces 55.2(12) of the Pension and Benefits Act to provide that section 55.2, Letters of Credit, will not apply with respect to a jointly sponsored pension plan…
Letters of Credit Amendment to PBA Proclaimed into Force
Section 18 of the Securing Pension Benefits Now and for the Future Act, 2010 has been proclaimed into force effective January 1, 2013. This section amends the Pension Benefits Act (“PBA”) to add section 55.2, Letters of Credit. As previously reported, the supporting regulation to section 55.2, O. Reg. 364/12, was filed on November 15,…
Letters of Credit Pension Regulation Filed
On November 15, 2012, the Ontario government filed O. Reg. 364/12, which amends Regulation 909 made under the Pension Benefits Act (“PBA”) and implements the framework for letters of credit under the yet to be proclaimed section 55.2 of the PBA. Section 55.2 of the PBA will allow the use of letters of credit in…
Significant Decision on Pre-Retirement Death Benefits Rendered by Ontario Court of Appeal
On October 31, 2012, the majority of the Ontario Court of Appeal departed from the pension industry’s widely held interpretation of section 48 of the Pension Benefits Act when it awarded the pre-retirement death benefit payable under an Ontario registered pension plan to a member’s designated beneficiaries rather than to the member’s common law spouse….
Ontario Court of Appeal Decision Rewrites the Pension Pre-Retirement Death Benefit Regime
On October 31, 2012, a majority of the Ontario Court of Appeal awarded the pre-retirement death benefit payable under an Ontario registered pension plan to a member’s designated beneficiaries rather than to his common law spouse. The majority’s decision in Carrigan v. Carrigan Estate (“Carrigan”) is a departure from the pension industry’s widely held interpretation…
Survivor Benefits Amendments Proclaimed in Force October 1, 2012
On September 8, 2012, amendments to section 44 of the Pension Benefits Act were proclaimed in force effective October 1, 2012. Specifically, the amendments clarify (1) that survivor benefits can be reduced on the death of either spouse, and (2) that consent will be required in order to commute small survivor benefits where the member…
Letters of Credit Regulation Proposed to Implement Pension Reform Measures
On July 30, 2012, the Ontario Ministry of Finance posted details of a proposed, supporting regulation to implement the new framework for letters of credit under the yet to be proclaimed section 55.2 of the Pension Benefits Act (“PBA”). As noted in our “Pension Reform Measures in Ontario Have Arrived” FTR Now of July 27,…