Category: Ontario
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Toronto Hydro-electric System Limited v. Power Workers’ Union, 2020 CanLII 103922 – Deadline for Opting into Post-Retirement Benefits Not Age Discrimination
In 2000, Toronto Hydro announced that post-retirement benefit coverage would be reduced for employees retiring after December 31, 2010. In particular, only employees hired before July 1, 2000, with 25+ years’ service, at least 50 years old, and retiring with a pension on or before December 31, 2010 would be entitled to 100% reimbursement for medical and dental benefits. Toronto Hydro and the union subsequently agreed to extend the deadline to December 31, 2020 . . .
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Ontario Regulations re Employment Standards & COVID-19
Ontario has filed two regulations under the Employment Standards Act, 2000, including a further extension of the COVID-19 Infectious Disease Emergency Leave . . .
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Ontario FSRA Update re PBA Exemptions & Waivers
The Financial Services Regulatory Authority (FSRA) announced changes in response to Bill 213 receiving Royal Assent . . .
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Ontario FSRA Guidance re Missing Plan Members
Further to its consultation earlier this year, the Financial Services Regulatory Authority published final Guidance documents: Principles and Practices Regarding Missing Members and Waiver of Biennial Statements for Missing Former and Retired Members . . .
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Ontario Passes Bills 213 & 229
Ontario Bill 213, Better for People, Smarter for Business Act, 2020 and Bill 229, Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 received Royal Assent on December 8, 2020. Both Bills include amendments to the Pension Benefits Act (PBA). Bill 229 also includes amendments to the Financial Services Commission of Ontario Act, 1997 and the Financial Services Regulatory Authority of Ontario Act, 2016 . . .
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Ontario FSRA Report re Commuted Value Transfer Applications
In May 2020, the Ontario Financial Services Regulatory Authority provided guidance on how it would review applications to transfer commuted values (CV) when a plan’s transfer ratio has declined by 10% and is below 0.9. FSRA has now published "Report to the pension sector on: FSRA’s New Approach on Reviewing s.19 Commuted Value Transfer Applications . . .
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Ontario Bill 229 re Budget Amendments
Ontario introduced Bill 229, Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020, for first reading on November 5, 2020. Bill 229 includes amendments to the Pension Benefits Act, Financial Services Commission of Ontario Act, 1997 and Financial Services Regulatory Authority of Ontario Act, 2016 . . .
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Ontario 2020 Budget
The Ontario government released its budget for 2020, and it included pension and benefit related announcements . . .
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Ontario Report re COVID-19 Measures
The Ontario government published a report summarizing the orders it issued in response to COVID-19. The report provides a helpful recap of the many orders issued over the last few months . . .
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Ontario FSRA Announces Changes to SEPP to JSPP Asset Transfers
The Financial Services Regulatory Authority announced that it will be changing its process for consenting to asset transfers under s. 80.4 of the PBA (i.e., a single employer pension plan is converted and transferred into a jointly sponsored pension plan . . .
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