My Updates
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Quebec Draft Amendment re Multi-jurisdictional Plans
Quebec published a draft Regulation to amend the Regulation respecting the funding of multi-jurisdictional defined benefit pension plans . . .
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OSFI Discussion Paper re Technology Risk
OSFI published "Developing financial sector resilience in a digital world: Selected themes in technology and related risks." While the paper refers to financial institutions (e.g., banks and insurance companies), it notes that federally-regulated pension plans often face similar risks and therefore the themes raised in this paper may apply to pension plans as well . . .
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Federal Amendments re COVID-19 Leaves & EI
The federal government has published amendments to the Canada Labour Standards Regulations related to COVID-19 leaves of absence, and Interim Order No. 8 and Interim Order No. 9 further amending the Employment Insurance Act in response to COVID-19 . . .
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Ontario FSRA Consultation re Pension Asset Transfers
The Financial Services Regulatory Authority published its new Supervisory Approach to Asset Transfers under the Pension Benefits Act for consultation . . .
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Battiston v. Microsoft Canada Inc., 2020 ONSC 4286 – Entitlement to Unvested Stock Awards During Notice Period
After 23 years of employment with Microsoft, Battison was dismissed without cause. In addition to his base salary, each year Battiston received certain benefits, including stock awards. Battison commenced an action against Microsoft, arguing that, among other things, he was entitled to the vesting of any granted but unvested stock awards . . .
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Ontario Extends Infectious Disease Emergency Leave
Ontario filed Regulation 492/20 extending the Infectious Disease Emergency Leave until January 2, 2021 . . .
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OSFI Update re COVID-19 Portability Freeze
OSFI announced that, effective August 31, 2020, it is ending the temporary freeze on portability transfers and annuity purchases for defined benefit pension plans . . .
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Quebec (Attorney General) v. Picard, 2020 FCA 74 – Appeal re Jurisdiction of Indigenous Pension Plan Dismissed
The First Nations Public Security Pension Plan (the Plan), a multi-employer pension plan covering the police departments of 14 band councils serving Indigenous communities in Quebec, was federally regulated. It was registered with the Office of the Superintendent of Financial Institutions of Canada (OSFI) and subject to the Pension Benefits Standards Act, 1985 (PBSA . . .
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Federal Announcement re CERB Transition to EI
The federal government announced that those receiving the Canada Emergency Response Benefit (CERB) will be transitioned to an amended Employment Insurance (EI) program. In addition, new benefits will be available for those who are self-employed, ill, or unable to work because they must care for children or other family members . . .
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Federal Amendments to Employment Insurance
The federal government filed Interim Order No. 6 Amending the Employment Insurance Act (Employment Insurance Emergency Response Benefit): SOR/2020-169 . . .
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