FSCO has posted final investment guidance note IGN-004, “Environmental, Social and Governance Factors”. The guidance note specifies that a pension plan’s SIPP is required to include information as to whether ESG factors are incorporated into the plan’s SIPP and, if so, how those factors are incorporated.
Boys v. Shoppers, 2015 ONSC 5870 – Implications of Grow in Benefits for Supplementary Plan; Costs of Pension Proceedings
Boys’ and Groskopf’s employment with Shoppers Drug Mart (Shoppers) was terminated after the completion of a corporate transaction. Due to Shoppers' restructuring at the time, it was ordered to partially wind up its pension plan and both Boys and Groskopf were entitled to grow-in benefits under the plan.
Ontario Power Generation v. Society of Energy Professionals, 2015 CanLII 56036 – PBA prohibits Anticipatory Access to Pension Fund
Verville, the grievor, was dismissed by Ontario Power Generation (OPG) for allegedly violating its Code of Business Conduct by submitting and receiving overtime payment for time not worked. The union grieved the discharge, arguing that it was without just cause.
In the meantime, Verville submitted an election with respect to the payment of his pension benefits to the plan administrator. The administrator sent the following response:
We have been advised by OPG that you are currently in arbitration. As a result we have put your payment from the pension plan on hold until we have been notified by OPG that your grievance has been settled.
York (Police Services Board) v. York Regional Police Association, 2015 CanLII 62103 – Meaning of Retired and In Receipt of Pension
Klimm, the grievor, ended his employment with the York Regional Police Service after 30+ years of service. When Klimm ended his employment, he elected to be paid the commuted value of his OMERS pension. Per the collective agreement, "members who are in receipt of an unreduced OMERS pension" are entitled to an extended health and dental plan. In addition, the collective agreement provides: "Members retiring from the York Regional Police after thirty (30) years service or at age sixty (60) with at least twenty (20) years service will be allowed up to three (3) months retirement leave."
The York Police Services Board took the position that Klimm was not entitled to extended health and dental benefits (because he was not in receipt of an unreduced OMERS pension having been paid the commuted value of his pension), nor the retirement leave (because he did not retire, but rather resigned his employment). The arbitrator granted Klimm the retirement leave, but denied his claim to health and dental benefits.
The Ontario government posted draft amendments to Regulation 909 related to advisory committees.