Category: Plan Funding
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Ontario Amends Regulation re Funding Relief
In response to COVID-19, Ontario filed Regulation 520/20, amending the General Regulation to provide temporary funding relief effective September 21, 2020 . . .
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OSFI Update re COVID-19 Portability Freeze
OSFI announced that, effective August 31, 2020, it is ending the temporary freeze on portability transfers and annuity purchases for defined benefit pension plans . . .
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Quebec Draft Regulation re Temporary Measures in Response to COVID-19
Quebec published a draft regulation, Measures related to supplemental pension plans to reduce the consequences of the public health emergency declared on 13 March 2020 due to the COVID-19 pandemic, which provides a number of temporary relief measures for Quebec pension plans . . .
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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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