Ontario’s Ministry of Finance (Ministry) and the Financial Services Regulatory Authority (FSRA) have issued two separate consultations of interest to employers related to the design and governance of pension plans in Ontario. Consultations on “A Permanent Framework for Target Benefit Plans” The Ministry has published a second consultation paper regarding its proposed target benefit framework….
Tag: Pensions
Ontario Introduces Temporary Funding Relief for Defined Benefit Pension Plans
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.
Ontario Temporarily Reduces Financial Penalties for Late PBGF Assessments
On April 30, 2020, the Ontario government filed Ontario Regulation 187/20 amending Regulation 909 made under the Pension Benefits Act. This amendment allows for significantly reduced financial penalties for late payment of a Pension Benefits Guarantee Fund (PBGF) assessment. Normally, an employer who fails to pay a PBGF assessment by the assessment date must pay…
COVID-19 – Continuity of Pension Plan Administration and Related Regulatory Flexibility
During these uncertain times, pension plan administrators must continue to administer their pension plans and provide benefits to members, former members and retired members. Employers and pension plan administrators face a number of upcoming filing and disclosure deadlines and may have challenges in meeting those deadlines as a result of the COVID-19 pandemic.