Sponsors of defined benefit (DB) pension plans registered in Ontario have been given significant temporary contribution relief as part of the Ontario government’s response to the COVID-19 pandemic. On September 21, 2020, Ontario Regulation 520/20 (Regulation) was filed. The Regulation amends Regulation 909 made under the Ontario Pension Benefits Act (PBA) to permit temporary contribution deferral for certain eligible DB pension plans, and extend the time over which catch-up contributions following the filing of a new valuation report must be made.
Tag: Pension Investment Rules
Federal Post – First Edition
Dear Friends, We are excited to bring to you our first edition of the Federal Post, a newsletter designed exclusively for federally regulated employers. The Federal Post discusses issues that are topical, timely and important. It will cover the gamut of matters which impact your workplace, from human rights to minimum standards to labour relations…
Update on Ontario’s Retirement Reforms and Initiatives
On Thursday, November 7, 2013, Ontario’s minority government released its economic outlook and fiscal review, titled Creating Jobs and Growing the Economy (the “Economic Outlook”). The Economic Outlook updates and also expands upon legislative and other reform initiatives that had previously been announced. In this FTR Now, we review the key retirement-related updates and developments…
Federal Government to Overhaul Federal Pension Laws
On October 27, 2009, the Honourable Jim Flaherty, Minister of Finance, announced proposed changes to the federal Pension Benefits Standards Act, 1985 (“PBSA”) and the associated Regulations. The PBSA and Regulations apply to pensions provided to employees employed in shipping, railway, air transportation, radio broadcasting, banks and other businesses within the legislative authority of the…