My Updates
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OSFI Updates Guide re Preparation of Actuarial Reports
The Office of the Superintendent of Financial Institutions has updated its Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans . . .
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Ontario Public Service Employees Union (Gallina) v. Ontario (Children, Community and Social Services), 2021 CanLII 58426 (ON GSB) – Grievance is Timely Notwithstanding Delayed Discovery
The grievor filed a grievance in 2015, after he learned from OPTrust that pension contributions were not remitted on his behalf by his employer in 1993-1994. The employer argued that the grievance should be dismissed on the basis of timeliness . . .
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Brousseau. v. La Cité Collégiale et al., 2021 ONSC 2676 – Not Reasonable for HR Exec to Rely on Inaccurate Pension Estimate
After working for the Bank of Canada and an Ontario city, Brousseau joined La Cité Collégiale (La Cité) as the director of Human Resources. Subsequently, he was promoted to Vice President of HR. As an employee of La Cité, Brousseau became a member of the CAAT pension plan (Base Plan), as well as a supplementary plan administered by CAAT (Supplementary Plan . . .
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Nova Scotia Proclaims in Force Bill 87 – Financial Hardship Withdrawals
Effective July 1, 2021, Nova Scotia proclaimed in force Bill 87, Pension Benefits Act (amended), and related amendments to the Pension Benefits Regulations . . .
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Federal Government Passes Bill C-30
The federal government passed Bill C-30, An Act to implement certain provisions of the budget tabled in Parliament on April 19, 2021 and other measures on June 29, 2021. The Bill includes amendments to the Pension Benefits Standards Act, 1985, Old Age Security Act, Canada Recovery Benefits Act, Employment Insurance Act and Canada Labour Code, as well as pension and benefit related amendments to the Income Tax Act and the Bank of Canada Act . . .
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Greenwood v. Greenwood, 2021 SKQB 161 – Former Spouse’s Entitlement to Pension Benefit Did Not Include Survivor Benefits
Doris and Stanley Greenwood were married for 27 years when they divorced in 1980. At the time of their divorce, Doris was granted a vested interest in 47% of Stan's pension benefits, but the applicable pension legislation at that time did not provide for the immediate division of a pension (the 1981 Order . . .
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Anthony Capital Corporation (Re), 2021 NLSC 91 – Lien & Charge in Favour of Plan Administrator Does not Survive Bankruptcy
Anthony Capital Corporation (ACC) was the plan administrator of a pension plan for its executive employees. In 2019, when ACC filed for bankruptcy, there was close to $600,000 in outstanding normal costs, special payments and wind-up deficiencies related to the plan . . .
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Ontario FSRA Guidance re Bank of Canada Changes
The Financial Services Regulatory Authority published guidance on its response to the Bank of Canada's revisions to real return bond data . . .
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Quebec Target Benefit Plan Registration Form
Retraite Québec published a form for plan administrators to apply for registration of a target benefit pension plan . . .
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CORRECTION: Earl v. McAllister, 2021 ONSC 4050 – Dependent Children Entitled to Entire Estate, But Not Spousal Pension
When Leo McAllister died, he was survived by Barbara McAllister and his two sons from a prior relationship with Tammy Earl. At issue were two pension plans and a life insurance policy, and whether they should be paid to Barbara McAllister or the two boys . . .
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