pension benefits act

Ontario pension reforms – Where are they now?

June 29, 2018 Occasional Contributors Employee Relations, Employment/Labour Standards, HR Policies and Procedures, Human Resources, Payroll, Pensions and Benefits, Union Relations

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.

annuity discharge regulations, benefit plans, Canada pensions and benefits law, DB plan funding, DC plans, defined benefit pension plan, defined contribution pension plan, defined contribution plan, disclosure to members, Financial Services Regulatory Authority, Financial Services Regulatory Authority of Ontario Act, FSRA, MEPP, multi-employer pension plan, PBA, PBGF, pension benefits act, pension plan administration, pension plans, pension reform, Pensions Benefits Guarentee Fund, reduced solvency deficiency, solvency funding, Supplemental Pension Plans Act

Have you amended your pension plan?

April 25, 2017 Occasional Contributors HR Policies and Procedures, Human Resources, Payroll, Pensions and Benefits, Union Relations

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

All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendment), Bill 28, Children’s Law Reform Act, employment law, Family Law Act, LGBTQ2+, Ontario Pension Benefits Act, PBA, pension, pension benefits act, pension plan, portability rules

Sale of business pension transfer rules

January 4, 2017 Employer Advisor, McCarthy Tétrault LLP Employee Relations, HR Policies and Procedures, Human Resources, Payroll, Pensions and Benefits, Source Deductions and Reporting, Union Relations, Wages and Compensation

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.

Asset Transfers, employment law, Inactive Employees, pension benefits act, reciprocal transfer agreement, Sale of business pension transfer rules, Section 81 transfer, transfer rules

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

August 31, 2016 Employer Advisor, McCarthy Tétrault LLP Employee Relations, HR Policies and Procedures, Human Resources, Payroll, Pensions and Benefits, Source Deductions and Reporting, Union Relations, Wages and Compensation

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.

actuarial valuation report, DB funding regime, DB funding rules, DB pension plans, defined benefit pension plans, elimination of solvency funding, employment law, funding policy, letter of credit, pension benefits act, Pension Benefits Guarantee Fund, pension plans, Provision for Adverse Deviation, Review of Ontario’s Solvency Funding Framework for Defined Benefit Pension Plans, solvency contribution requirement, solvency funding

Three popular articles this week on HRinfodesk

April 14, 2016 Cristina Lavecchia Employee Relations, Employment/Labour Standards, HR Policies and Procedures, Human Resources, Human Rights, Payroll, Pensions and Benefits, Source Deductions and Reporting, Union Relations, Wages and Compensation

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.

30 percent pension rule, allegations of harassment, casual workers, Employee dismissal, employee suspension, employment law, employment standards act, investment rule, pension benefits act, Pension fund, vacation pay, voting shares of a corporation, workplace complaints, workplace investigation, workplace investigations

Indalex pension decision considered by Ontario Court of Appeal

August 25, 2015 Occasional Contributors Employee Relations, HR Policies and Procedures, Human Resources, Notice, Damages and Settlements, Payroll, Pensions and Benefits, Source Deductions and Reporting, Union Relations, Wages and Compensation

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.

Bankruptcy and Insolvency Act, Companies’ Creditors Arrangement Act, DB plan, debtor-in-possession financers, deemed trust, employment law, Grant Forest Products Inc. v. The Toronto-Dominion Bank, Indalex pension decision, liquidation process, pension benefits act, Personal Property Security Act, pre-filing liens, windup of a defined benefit pension plan

Nova Scotia introduces phased-in retirement

May 19, 2010 Andrew Taillon Employment/Labour Standards, Human Resources, Human Rights, Payroll, Pensions and Benefits

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.

Cox & Palmer, Nova Scotia, pension benefits act, pension legislation, pension plan, phased in retirement, phased retirement, phased retirement benefits, retirement, retiring workers