Category: Ontario
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Ontario FSRA Guidance re Financial Hardship Withdrawals
The Financial Services Regulatory Authority posted guidance regarding withdrawals from locked-in accounts because of financial hardship . . .
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Ontario Reduces List of Essential Businesses
Ontario amended the Order (Regulation 82/20) regarding the closure of non-essential services. This includes a revised list of essential businesses that are permitted to continue operating during the COVID-19 pandemic . . .
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Ontario FSRA Regulatory Guidance re COVID-19
Further to its earlier questions and answers, the Financial Services Regulatory Authority has published further guidance on regulatory requirements . . .
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New Leaves of Absence in Response to COVID-19
A number of provinces have added new leaves of absence (or amended existing ones) in response to COVID-19 . . .
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Ontario FSRA Follow Up on Amendments to Regulations re CIA Standards
Late last year, Ontario filed a series of regulations updating references to the current Canadian Institute of Actuaries’ (CIA) Standards of Practice. As part of these changes, new provisions were added to the General Regulation, Family Matters Regulation, Asset Transfer Regulation and Conversion and Asset Transfer Regulation to indicate that the new section of the CIA standard regarding "target pension arrangements" does not apply to multi-employer pension plans established by collective agreement or trust agreement when valuing the liabilities of Ontario members of those plans . . .
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Ontario FSRA Pension Qs & As re COVID-19
In response to COVID-19, the Financial Services Regulatory Authority has published a list of questions and answers for pension plan administrators . . .
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Miaskowski v. MacIntyre, 2020 ONCA 178 – Couple’s Reconciliation Voided Separation Agreement & Related Pension Release
Miaskowski and MacIntyre had an on again/off again relationship: married in 1997, separated in 1999, entered into a separation agreement in 2002, reconciled in 2006 and separated again in 2014. During that entire period, Miaskowski participated in a pension plan. At issue was whether the pension should be valued from the date of the marriage or the date of the reconciliation . . .
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Ontario FSRA Report re Burden Reduction
The Financial Services Regulatory Authority (FSRA) published its "Burden Reduction Progress Update". The Update outlines the steps that FSRA has taken to reduce the regulatory burden and protect the public interest . . .
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Ontario Regulation re University Plan Exemptions
Ontario filed Regulation 32/20, adding an exemption for the listed university pension plans . . .
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Austin v. Bell Canada, 2020 ONCA 142 – Court of Appeal Overrules Earlier Dismissal & Allows Pension Indexation Class Action
This is an appeal of an earlier decision where Austin had sought certification of a pension indexation class action on behalf of Bell Canada pensioners. Austin argued that Bell Canada, the plan administrator, had incorrectly applied the pension indexation formula under the plan. The Ontario Superior Court had certified the class action, but granted Bell's motion for summary judgement and dismissed the action . . .
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