Category: Regulators
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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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Federal Guidance re CERB Excludes SUB Plans
The federal government updated its Questions and Answers regarding the Canada Emergency Response Benefit (CERB) to specify that employers cannot use a supplemental unemployment benefit (SUB) plan to top up CERB payments to its employees . . .
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OSFI Amends Superintendent Directives & Updates FAQs
OSFI amended the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the Directives) to facilitate portability transfers for members who are eligible for early retirement, provided that certain transfer criteria are met. In addition, OSFI updated its COVID-19 FAQs to provide additional information on the change to the Directives . . .
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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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Nova Scotia Extends Filing Deadline – Again
The Nova Scotia Finance and Treasury Board updated its website to indicate that Annual Information Returns and Audited Financial Statements that were due between March 31 or June 30, 2020 have been given a filing extension until August 31, 2020. The extension is automatic (i.e., plan administrators do not need to apply for it . . .
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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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OSFI Update re DB Funding Relief
OSFI updated its list of Frequently Asked Questions on COVID-19 measures and added a new one to address the federal government's earlier announcement regarding temporary funding relief for sponsors of federally regulated, defined benefit pension plans . . .
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Ontario Launches Site to Request Temporary Regulatory Relief
The Ontario government announced that businesses may request a temporary change to a regulation or government policy, process or fee where it would facilitate their ability to respond to COVID-19 . . .
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BCFSA Questions & Answers re COVID-19
The British Columbia Financial Services Authority (BCFSA) published Pension Bulletin 20-004, which provides a list of questions and answers related to COVID-19. The BCFSA also published Pension Bulletin 20-003, which provides the Superintendent’s interpretation of recent changes to Section 3500 of the Practice-Specific Standards for Pension Plans – Pension Commuted Values . . .
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