As the Canadian economy has come to a near standstill, public equity markets have declined sharply and interest rates have dropped. This has caused sudden unanticipated and significant financial hardships for defined benefit (DB) and defined contribution (DC) registered pension plans, along with other common types of employer-sponsored retirement savings plans in Canada.
Talos v Grand Erie District School Board involved an employee whose extended health, dental and life insurance benefits were terminated by his employer, Grand Erie District School Board, when he turned age 65, although he continued to work on a full-time basis.
The pace of pension reforms in Ontario has been fast-moving since the release of the Ontario Budget on March 28, 2018. Among other things, the Budget announced continued work on the new funding rules for defined benefit pension plans and related increases to coverage under the Pension Benefits Guarantee Fund, a consultation on a new funding framework for target benefit multi-employer pension plans, consultations regarding new protections for plan members affected by employer insolvencies, and continued work on the new pension and financial services regulator, the Financial Services Regulatory Authority.