Category: Ontario
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Ontario FSRA Announces New Measures to Support DB Plans
The Financial Services Regulatory Authority of Ontario announced new guidance on transferring commuted values and purchasing annuities when a plan’s transfer ratio has declined by 10% and is now below 0.9 . . .
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Ontario Bill 190 re COVID-19 Response
Ontario introduced and passed Bill 190, COVID-19 Response and Reforms to Modernize Ontario Act, 2020 on May 12, 2020. Bill 190 includes amendments to permit electronic beneficiary designations under the Succession Law Reform Act . . .
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Martin v. Barrett., 2020 ONSC 2272 – Order re Plan’s Unlocatable Members
The Participating Co-Operatives of Ontario Trusteed Revised Pension Plan (the Plan) was the subject of a class action, which was settled in 2008. The benefit entitlements of most Plan members were paid out through annuity purchases or termination transfer payments . . .
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Ontario Guidance re Pandemic Pay for Front-Line Workers
Ontario posted a new site providing further information on its announcement regarding additional pay for front-line workers . . .
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Unifor v. Ontario (CEO of FSRA), 2020 ONFST 8 – Production Order Must be Clarified Due to COVID-19
In an earlier decision, the Financial Services Tribunal issued an order requiring General Motors of Canada (GM) to produce certain documents to UNIFOR by March 15, 2021 (as a part of an ongoing dispute). Since that order was issued, GM Canada and its third-party service providers implemented physical distancing and "normal operations in their offices have ceased" due to the COVID-19 pandemic . . .
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Ontario Regulation re PBGF Assessments
Ontario filed Regulation 187/20 amending the General Regulation under the Pension Benefits Act with respect to Pension Benefits Guarantee Fund assessments . . .
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Ontario Launches Site to Request Temporary Regulatory Relief
The Ontario government announced that businesses may request a temporary change to a regulation or government policy, process or fee where it would facilitate their ability to respond to COVID-19 . . .
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Roubinchtein v. Ontario (CEO of FSRA), 2020 ONFST 6 – Witness Request Denied as Irrelevant
Last year, the Ontario Superintendent of Financial Services (now replaced by the CEO) issued a Notice of Intended Decision (NOID) refusing to make an order requiring OMERS to pay pre-retirement death benefits to Roubinchtein . . .
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Ontario Announces Framework for Reopening Province
The Ontario government published its Framework for Reopening Our Province, which sets out a gradual, staged reopening of businesses, services and public spaces. In addition, the Ontario Jobs and Recovery Committee, as well as MPPs, will be meeting with people and businesses across all sectors impacted by the COVID‑19 outbreak . . .
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Ontario FSRA Guidance re COVID-19
The Financial Services Regulatory Authority published guidance for pension plan administrators and their advisors, plan sponsors and plan members in response to COVID-19 . . .
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