Category: Plan Funding
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Trustees of the IWA-Forest Industry Pension Plan v. Log Smart Contracting Ltd., 2020 BCCRT 730 – Owner/Director Personally Liable for Outstanding Plan Contributions
The IWA – Forestry Industry Pension Plan (the Pension Plan) and the IWA – Forestry Industry LTD Plan (the LTD Plan) are multi-employer, trusteed plans (the Plans). Per participation agreements, Log Smart was a participating employer in both the Pension Plan and the LTD Plan, and was required to make monthly employer and employee contributions to the Plans . . .
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New Brunswick Draft Regulation re Solvency Funding
New Brunswick published draft regulations, which will amend the General Regulation to provide plan sponsors with greater flexibility in funding solvency deficits. Comments are due by July 13, 2020 . . .
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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 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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Federal Regulations re COVID-19 Solvency Funding Relief
Ed. Note: This post has been updated to include a link to the regulations. Further to an earlier announcement, the federal government published the Solvency Special Payments Relief Regulations, 2020 and a related backgrounder . . .
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Ontario Regulation re Letters of Credit
Ontario filed Regulation 231/20 amending the general regulation under the Pension Benefits Act. The amendment adds two more pension plans to the list of public sector plans to which the PBA letter of credit provisions apply . . .
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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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Retraite Quebec Qs & As re Temporary Easing Measures
Further to its earlier announcement, Retraite Québec published questions and answers regarding the temporary easing measures to assist pension plan administrators in response to COVID-19 . . .
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Saskatchewan Announcement re Suspension of DC Plan Contributions
Further to the Canada Revenue Agency announcement earlier this week, the Saskatchewan Financial and Consumer Affairs Authority announced that it would allow plan amendments suspending employer contributions to a defined contribution plan where the amendment . . .
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CRA Announces Temporary Relief for Pension Plans
The Canada Revenue Agency Registered Plans Directorate has published temporary COVID-19 relief measures for defined contribution (DC) and defined benefit (DB) pension plans . . .
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