Category: Member Communications
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Denluck v. The Board of Trustees for the Boilermakers’ Lodge 359 Pension Plan, 2020 BCSC 1460 – Class Action re Cancelled Commuted Value Transfers
When Denluck transferred his pension out of the Boilermakers’ Lodge 359 Pension Plan (the Plan), he was advised that since the Plan was underfunded, about a quarter of the commuted value of his pension would be held back (the Transfer Deficiency . . .
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Ontario Bill 213 Includes PBA Amendments
Ontario introduced Bill 213, Better for People, Smarter for Business Act, 2020, for first reading on October 6, 2020. Bill 213 includes amendments to the Pension Benefits Act (PBA) expanding the Financial Services Regulatory Authority's (FSRA) powers to waive PBA notice requirements and make its own rules regarding notice requirements . . .
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Alberta Regulation re Plan Funding & Communications
Alberta filed Regulation 96/2020 amending the Employment Pension Plans Regulation (EPPR). The amendments permit administrators to apply to the Superintendent for exemptions from certain funding requirements and enable electronic communications . . .
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Ontario FSRA Consultation re Guidance on Missing Plan Members
The Financial Services Regulatory Authority published two guidance documents for comment: Principles and Practices Regarding Missing Members, and Waiver of Biennial Statements for Missing Former and Retired Members . . .
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Ontario Regulations re Deadline Extensions
Ontario filed Regulation 287/20 and Regulation 288/20, extending a number of deadlines under the Pension Benefits Act in light of COVID-19. The Financial Services Regulatory Authority (FSRA) updated its questions and answers to provide further guidance on these amendments . . .
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OSFI Update re COVID-19 Measures
Further to my earlier post, OSFI has updated its guidance on a portability freeze and other measures. There was no reference, however, to yesterday's announcement regarding solvency funding relief . . .
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Ontario Passes Bill 132 & 138 re PBA Amendments
Ontario Bill 132, Better for People, Smarter for Business Act, 2019 and Bill 138, Plan to Build Ontario Together Act, 2019, received Royal Assent on December 10, 2019 . . .
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Integram Windsor Seating division of Magna Seating Inc. v Unifor Local 444, 2019 CanLII 114882 – Temporary Plan Interpretation Error Did not Give Rise to Detrimental Reliance
The Pension Plan for Canadian Employees of Magna International Inc. permits early retirement, subject to the member's basic benefit and bridge benefit being reduced by 4% per year for each year their retirement precedes age 60 . . .
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Ontario Fall Economic Statement 2019
Today, the Ontario government published its fall Economic Statement for 2019, which includes pension-related announcements . . .
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Jost v. Canada (Attorney General), 2019 FC 1356 – Class Action re Delayed/Reduced Pension Certified
In the spring of 2015, Jost was considering retirement from the Canadian Armed Forces (CAF) and he elected to receive the transfer value of his pension. At the time, the transfer value was estimated to be 859,980.00. Shortly after Jost's retirement - October 2015 - the transfer value had decreased to $703,180.00 . . .
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