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pension benefits act

Have you amended your pension plan?

The Pension Benefits Act (Ontario) was recently amended. In this communiqué, we briefly review those amendments.

 

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Sale of business pension transfer rules

Ontario has had new sale of business pension transfer rules (the Transfer Rules) since January 1, 2014. The Transfer Rules are found in section 80 of the Pension Benefits Act and the Asset Transfers under Sections 80 and 81 of the Act regulation. However, as with any regime which depends on a set of rules rather than the exercise of discretion, the Transfer Rules’ lack of flexibility may frustrate employment law and reasonable commercial considerations.

 

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DB pension plans and Ontario’s consultation on solvency funding rules – Now is the opportunity for employers to speak up

Employers that sponsor defined benefit (“DB”) pension plans know that contribution requirements can be volatile and onerous, especially given current low interest rates. The Ontario Government has taken note. In its recent consultation paper, the Government proposes several approaches to change the current DB funding rules, including the complete elimination of solvency funding. Comments on the Consultation Paper are due by September 30, 2016. The Ontario Government then intends to hold a second public consultation on any proposed funding reforms in the Fall 2016.

 

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Three popular articles this week on HRinfodesk

Three popular articles this week on HRinfodesk deal with: An FAQ in relation to an employer’s obligation to have a casual worker sign off on vacation pay; a case that looks at workplace investigations; and Ontario’s proposal of eliminating the “30% Rule” for pension investment.

 

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Indalex pension decision considered by Ontario Court of Appeal

Following the Supreme Court of Canada decision in Sun Indalex Finance, LLC v. United Steelworkers, [2013] 1 S.C.R. 271 (Indalex), creditors and their advisors have been closely following jurisprudence which considers the scope of the decision.

 

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Nova Scotia introduces phased-in retirement

The Nova Scotia government is in the process of finalizing amendments to the Pension Benefits Act to introduce phased-in retirement to the Nova Scotia labour force.

 

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