Tag: Act s. 22
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Ontario FSRA Guidance re Single Employer DB Plans that are Actively Monitored
The Financial Services Regulatory Authority (FSRA) published draft guidance outlining its supervisory approach for single employer defined benefit (DB) pension plans where there may be a concern with security of the pension benefits . . .
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FSCO Notice re Missing Former & Retired Members
FSCO published a list of pension plans for which it has waived the requirement (per Policy A300-901) to provide biennial information statements to former and retired members, as the plans do not have these persons' contact information . . .
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Beccarea v. Canadian National Railway Company, 2018 ONSC 630 – Entitlement to Survivor Benefit (Circa 1980) Based on Spousal Status at Time of Death
Beccarea retired from Canadian National Railway Company (CN) and began receiving his pension in 1980. At the time of Beccarea's retirement, he was married. However, the couple subsequently divorced in 1992; an earlier judgment divided certain property but made no mention of the CN pension plan.
Beccarea died in 2003. CN informed Cora, his former spouse, that she was not entitled to a survivor benefit under the plan, as she was not a spouse at the time of Beccarea's death.
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Status Update: OSFI Actuarial Guide
OSFI has posted an updated the Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans. (The Guide was last updated in October 2016 - see my earlier post.)
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OSFI Instruction Guide re Actuarial Reports
OSFI has posted an updated the Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans. The Guide provides information on reporting/filing requirements and content of actuarial reports. It has been updated to reflect the following:
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Flashback: Garcia v. Labourers’ International Union of North America, Local 1059, 2015 ONCA 230 – Conflict of Interest & Two Hats Theory in a Union Setting
Ed. Note: On “Flashbacks Fridays” I report on cases that pre-date this service, expanding upon Optimize Pension’s collection of case law for future research purposes.
Garcia joined the Labourers’ International Union of North America, Local 1059 in 1999. In 2010, he also joined the United Brotherhood of Carpenters and Joiners of America. The Labourers subsequently expelled Garcia, in accordance with its "Dual Union Policy". At the same time, the trustees of the Labourers' benefit plan suspended Garcia’s benefits.
The Labourer's benefit plan is funded through a trust agreement. The trustees pool the contributions, made by employers on behalf of the Labourer members they employ, to purchase group insurance for the members.
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FSCO Final Guideline re SIPPs
FSCO has finalized investment guidance note IGN-005 "Overview of Statements of Investment Policies & Procedures Requirements".
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FSCO Policy re Administrator Role and Responsibilities
While not new, FSCO has posted a helpful policy regarding Administrator Roles and Responsibilities, which consolidates and replaces two older FSCO policies on the topic. The policy provides an overview of the key responsibilities of a pension plan administrator, including:
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