In 2012, the federal government passed Bill C-38, the Jobs, Growth and Long-term Prosperity Act, which among other things amends the Canada Labour Code (the Code) to implement insurance requirements for long-term disability (LTD) plans in the federally-regulated private sector, as previously discussed here. Federally-regulated employers (that is, those in industries such as telecommunications and… Continue Reading
Category Archives: Legislation & Regulations
Subscribe to Legislation & Regulations RSS FeedOntario Budget 2013 – More Pension Reform to Come
Posted in Canada Pensions & Benefits Law, Family Law Issues, Innovation & Plan Design, Legislation & Regulations, Pension Reform, Public Sector PlansIn today’s budget, the Ontario government announced that it is continuing with its pension reform agenda, but it is not all “old news”. Perhaps of most interest to employers and plan administrators will be the government’s intention to review the implications of the recent Carrigan case and its expanded interest in alternative plan designs.
Ratansi: Court Clarifies Treatment of Employees Who Are Transferred as Part of Transaction
Posted in Canada Pensions & Benefits Law, Legislation & Regulations, Public Sector Plans, Sale of BusinessThe Ontario Divisional Court’s recent judgment in Ontario Pension Board v. Ratansi has overturned an earlier decision of the Financial Services Tribunal and restored an understanding established by previous Tribunal precedents. Employees who have transferred to a new employer as a part of a sale of business or divestment are not entitled to receive pension… Continue Reading
Alberta Introduces New Pension Legislation
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Innovation & Plan Design, Legislation & Regulations, Pension ReformAlmost four years after the Joint Expert Panel on Pension Standards (JEPPS) submitted its final report with recommendations to fundamentally reform Alberta and British Columbia’s pension systems, the Alberta government has introduced Bill 10, Employment Pension Plans Act. Similar to B.C.’s Bill 38, which was passed earlier this year, Bill 10, if passed, will replace… Continue Reading
Alberta Extends Solvency Funding Relief
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Legislation & Regulations, Regulator Policies & CommunicationsFollowing up on the solvency funding relief for Alberta specified multi-employer pension plans (SMEPPs) which was passed last year, the Alberta government recently amended the Employment Pension Plans Regulation to also provide solvency funding relief to defined benefit plans which are not SMEPPs. Notably, the regulation does not require any form of member consent, or… Continue Reading
Ontario Pension Reforms Come into Force
Posted in Canada Pensions & Benefits Law, Legislation & Regulations, Pension Reform, Plan Administration, Plan Wind-UpsAs of July 1, 2012, a number of amendments to the Ontario Pension Benefits Act (PBA) and related amendments to the general regulation under the PBA were proclaimed in force. Employers and plan administrators should carefully review their plans and their administrative practices to ensure that they continue to be compliant with the PBA, and… Continue Reading
Ontario Releases More Draft Pension Regulations: Disclosure Requirements
Posted in Canada Pensions & Benefits Law, Legislation & Regulations, Pension Reform, Plan AdministrationLate last week, the Ontario government released another round of draft regulations. This time the focus is on disclosure of plan related documents to plan members, former members, retired members, and their spouses, as well as other specified persons. They include amendments with respect to the following: plan records to be made available on request… Continue Reading
British Columbia Bill 38 Includes Some Novel Pension Reforms
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Innovation & Plan Design, Legislation & Regulations, Pension ReformOn April 30, 2012, British Columbia introduced Bill 38, Pension Benefits Standards Act, for first reading. If passed, the current British Columbia Pension Benefits Standards Act (PBSA) would be repealed and replaced in its entirety by Bill 38. Bill 38 marks the first significant amendments to British Columbia’s pension regime since the Joint Expert Panel… Continue Reading
Federal Budget Bill Includes Changes for LTD Plans Sponsored by Federally-Regulated Employers
Posted in Benefit Plans, Canada Pensions & Benefits Law, Legislation & RegulationsThe federal government followed up on its Budget announcement earlier this year by introducing Bill C-38, Jobs, Growth and Long-term Prosperity Act, for first reading. While much discussion of the Budget has focussed on proposed changes to Old Age Security (OAS) and Guaranteed Income Supplement – gradually increasing the age of eligibility from 65 to… Continue Reading
Ontario Releases Long-Awaited Draft Pension Regulations
Posted in Canada Pensions & Benefits Law, Legislation & Regulations, Pension Reform, Plan Wind-Ups, Public Sector Plans, SurplusAlmost two years after passing its initial amendments to the Ontario Pension Benefits Act (the PBA) in Bill 236 and Bill 120, the Ontario government has released the first round of regulations required to implement its pension reform agenda. The regulations, which are in draft form and subject to public consultation, address a number of… Continue Reading
Ontario Budget Bill 55: PBA Amendments
Posted in Canada Pensions & Benefits Law, Legislation & Regulations, Pension ReformOn March 27, 2012, the Ontario government introduced Bill 55, Strong Action for Ontario Act (Budget Measures), 2012, for first reading. Schedule 53 of Bill 55 sets out a number of amendments to the Ontario Pension Benefits Act (PBA) which relate to previous amendments that have not yet come into force, including amendments: clarifying entitlement… Continue Reading
Ontario Budget: Implications for Private and Public Sector Pensions
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Innovation & Plan Design, Legislation & Regulations, Pension Reform, Plan Administration, Public Sector PlansThe Ontario government’s 2012 Budget, released yesterday, includes a number of announcements which will be of interest to administrators of both private and public sector pension plans. Some Good News for Private Sector Employers The government recognized that as a result of ongoing market volatility and low interest rates many private sector defined benefit plans… Continue Reading
Ontario Releases Final Regulations re Pension Division on Marriage Breakdown
Posted in Canada Pensions & Benefits Law, Family Law Issues, Legislation & Regulations, Pension Reform, Plan AdministrationOn June 24, 2011, the Ontario government published final regulations governing the division of pensions on marriage breakdown. With the publication of these regulations, which come into force on January 1, 2012, long-awaited reform of the family law provisions of the Ontario Pension Benefits Act appears to be coming to a close.
Ontario Makes Changes to Pension Funding Requirements
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Legislation & Regulations, Pension Reform, Public Sector PlansThe Ontario government recently filed regulations under the Pension Benefits Act (the PBA), which implement funding changes for jointly sponsored pension plans (JSPPs) and certain public sector plans, as well as more general changes applicable to all defined benefit (DB) plans.
Federal Pension Reform Comes Into Force
Posted in Canada Pensions & Benefits Law, Legislation & Regulations, Pension ReformCertain provisions of Bill C-9, last year’s Budget Bill, which amended the federal Pension Benefits Standards Act (PBSA), have been proclaimed in force. As noted in an earlier blog post, Bill C-9 included a number of significant amendments to the PBSA related to funding, plan wind-ups, vesting, and plans at risk. Briefly, the sections coming into… Continue Reading
Ontario Adopts Changes to Federal Investment Rules
Posted in Canada Pensions & Benefits Law, Investments, Legislation & Regulations, Pension ReformEffective March 25, 2011, Ontario amended the regulations under its Pension Benefits Act (the Regulations) to adopt the federal investment rules “as they may be amended from time to time.” Previously, Ontario had adopted the investment rules as they read on December 31, 1999 – requiring any changes to the rules made by the federal… Continue Reading
Ontario Budget: Pension Reform Will Continue
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Legislation & Regulations, Pension Reform, Plan AdministrationIn this week’s Budget announcement, the Ontario government confirmed that work continues on its pension reform initiatives. While a number of the government’s announcements focus on the administration, investment and funding of single and multi-employer pension plans, the government also reiterated its desire to make changes at the “macro” level through support of modest phased… Continue Reading
Bill 120 Changes Regarding Pension Plan Funding
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Legislation & Regulations, Pension ReformIn this post, I will discuss important pension plan funding changes implemented by Bill 120, Securing Pension Benefits Now and for the Future Act, 2010. (Previous posts have considered some of the more controversial aspects of Bill 120, namely, changes to the rules regarding surplus withdrawals, contribution holidays and plan expenses.) Like many aspects of… Continue Reading
Federal Government Publishes Draft Regulations re DB Plan Funding
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Legislation & Regulations, Pension ReformThis week the federal government announced that it is amending the Pension Benefits Standards Regulations (the Regulations) to provide federally-regulated plan sponsors with greater flexibility when meeting their funding obligations, while protecting the benefits of plan members and retirees. The federal government began on the road to pension reform with the introduction of Bill C-9… Continue Reading
Federal Bill C-47 Receives Royal Assent
Posted in Canada Pensions & Benefits Law, DC Plans, Investments, Legislation & Regulations, Pension Reform, Plan AdministrationThe federal government announced that Bill C-47, which included another round of pension reform, received royal assent yesterday. As discussed in a prior post, Bill C-47 follows up on the Bill C-9 amendments to the federal Pension Benefits Standards Act (the PBSA) that were passed earlier this year. Perhaps the most interesting are amendments which purport to… Continue Reading
PEI Introduces Long-Awaited Pension Legislation
Posted in Canada Pensions & Benefits Law, Legislation & Regulations, Pension ReformOn December 2, 2010, the Prince Edward Island government introduced Bill 30 – Pension Benefits Act , the first step towards implementing provincial pension standards legislation that will establish minimum standards similar to that of other Canadian jurisdictions. Interestingly, a previous version of the PEI Pension Benefits Act received Royal Assent on April 26, 1990… Continue Reading
Bill 120 – Second Stage of Ontario Pension Reform – Receives Royal Assent
Posted in Canada Pensions & Benefits Law, DB Plan Funding, DC Plans, Legislation & Regulations, Pension Reform, Plan Administration, SurplusYesterday Bill 120, Securing Pension Benefits Now and for the Future Act, 2010, received royal assent. As discussed in previous posts (see October 22, October 29 and December 6, 2010 posts), Bill 120 made a number of significant changes to the Ontario Pension Benefits Act, including:
Bill C-501: Proposed Changes to Priority of Pension Fund Payments
Posted in Bankruptcy, Canada Pensions & Benefits Law, DB Plan Funding, Legislation & RegulationsLast month, I appeared before the federal government’s Standing Committee on Industry, Science and Technology to convey our concerns regarding Bill C-501,An Act to amend the Bankruptcy and Insolvency Act and other Acts (pension protection), which if passed will alter the status of unfunded pension plan liabilities in the context of restructurings and bankruptcies. These… Continue Reading
Ontario Introduces Second Stage of Pension Reform
Posted in Canada Pensions & Benefits Law, DB Plan Funding, Legislation & Regulations, Pension Reform, SurplusOn October 19, 2010, the Ontario government introduced the second stage of pension reform – Bill 120, The Securing Pension Benefits Now and for the Future Act, 2010. A press release indicated that Bill 120 would include amendments aimed at: strengthening pension plan funding requirements; providing certain multi-employer pension plans and jointly sponsored pension plans… Continue Reading