Notice of Intended Decision Considers Whether Vacation Pay Forms Part of Pensionable Earnings

The Ontario Superintendent of Financial Services (Superintendent) issued a Notice of Intended Decision (NOID) in late 2018 that considered whether vacation pay should be factored into a pension plan’s definition of pensionable earnings. The NOID indicates that, in the absence of clear exclusionary language, the Superintendent will interpret the phrase “base pay” to include vacation…

Pension Funding Reform Continues: Taking Aim at Target Benefit Multi-Employer Pension Plans

Pension plans that meet the definition of specified Ontario multi-employer pension plans (SOMEPPs) are one step closer to having the option to convert accrued defined benefits (DB) to target benefits (TB) – and one step closer to a permanent exemption from solvency funding. If your organization participates in a SOMEPP, find out what this could mean for your organization in this FTR Now.

Quebec Passes Legislation to Mirror CPP Enhancements and Makes Changes to its Pension Legislation

On February 21, 2018, Bill 149, An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions, was passed by the Quebec legislature. QPP Enhancements As outlined in our previous update, Bill 149 enhances the Quebec Pension Plan (QPP), in a manner similar to the forthcoming enhancements to the Canada Pension…

FTR Now Written by Natasha Monkman, Stephanie Kalinowski and Paul Migicovsky Mentioned in Benefits and Pensions Monitor on the Next Wave of Pension Reform

An FTR Now written by Hicks Morley’s Natasha Monkman, Stephanie Kalinowski and Paul Migicovskywas was mentioned in the November 21, 2017 Benefits and Pensions Monitor Daily News Alert. The alert summarizes the FTR Now titled “Ontario’s Next Wave of Pension Reform”, which discusses the new legislation that will, if passed, change the retirement framework in Ontario – and the rules around pension plan administration, governance and funding.

Ontario Amends PBA and PRPP Regulations; Introduces Legislation Affecting Police Sector Asset Transfers

Annuity Purchases on Wind Up On November 3, 2017, O. Reg. 412/17, amending Regulation 909 (General) made under the Pension Benefits Act (PBA), was filed. As discussed in our FTR Now, Ontario’s Bill 70: The New Face of Pension Regulation Revealed, amendments will be made to the PBA requiring administrators appointed by the Superintendent of…

Stephanie Kalinowski Quoted in Benefits Canada on New CAPSA Reviews to Look at Decumulation, Missing Members

Benefits Canada quoted Hicks Morley’s Stephanie Kalinowski in a July 5, 2017 article titled “New CAPSA reviews to look at decumulation, missing members. The article explains the review The Canadian Association of Pension Supervisory is planning for this summer, looking into retirement projections and decumulation options for defined contribution pension plans, as well as developing guidance for plan administrators around missing members…