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.
Five Hicks Morley Lawyers Recognized in Who’s Who Legal: Employment, Labour and Benefits 2019
Hicks Morley is proud to announce that five of the firm’s lawyers are recognized by the Who’s Who Legal: Labour, Employment & Benefits 2019 annual international compendium of lawyers.
Hicks Morley Recognized as a Leading Firm by The Legal 500 Canada 2019
Hicks Morley has been recognized as a leader in the fields of Labour and Employment and Pensions law by The Legal 500 Canada 2019 guide. Clients describe Hicks Morley as “the most prominent employment boutique in the country.”…
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…
Hicks Morley Recognized as a Leading Firm by Legal 500 Canada 2018
Hicks Morley has been recognized as a leader in the fields of Labour and Employment and Pensions law by the Legal 500 Canada 2018 guide. Highlighted by clients as “at the top of its field,” Hicks Morley “has the depth and experience to respond quickly with a complete view of the alternatives and risks.”
FTR Now Written by Natasha Monkman Mentioned in Benefits and Pensions Monitor on the Next Wave of Pension Reform
An FTR Now written by Hicks Morley’s Natasha Monkman 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.