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: Pensions
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.
Ontario Superior Court Affirms that Pension Payments to a Non-Member Spouse Cease Upon Death
In Meloche v. Meloche, the Ontario Superior Court held that, following a pension division under the Ontario Pension Benefits Act (PBA), payments do not continue to the estate of a non-member spouse who predeceases the member spouse. The parties separated in 2017 after 30 years of marriage. The respondent teacher retired in 2015, and elected…
Human Resources Professional Association: Canadian Pensions Certificate Program
Longer life expectancies and workplace demographics that often skew toward the more mature end of the spectrum are also complicating factors. And as pension law and regulation continue to evolve, a good understanding of the legal framework, best practices and risk management is critical to successful plan administration.
Eight Hicks Morley Lawyers Recognized in Who’s Who Legal: Employment, Labour and Benefits 2019
Hicks Morley is proud to announce that eight of the firm’s lawyers are recognized by the Who’s Who Legal: Labour, Employment & Benefits 2019 annual international compendium of lawyers.
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…
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…