Tag: Reg. 1
British Columbia filed an Order in Council (B.C. Reg. 264/2019) amending the Pension Benefits Standards Regulation with respect to defined benefit plan funding and target benefit plans . . .
Ontario filed Regulation 105/19 amending the General Regulation under the Pension Benefits Act (PBA). The amendments relate to benefit improvements, excess contributions, letters of credit, contribution holidays, provisions for adverse deviation (PfAD) and statement of investment policies and procedures (SIPP). There are also a number of amendments specifying that certain funding provisions do not apply to jointly sponsored pension plans (JSPP) and specified Ontario multi-employer pension plans (SOMEPP . . .
The Ontario government has filed the regulations which will bring into force its new funding framework for defined benefit plans.
The majority of the amendments to the General Regulation are included in Regulation 250/18, which implements the proposed funding framework that was published for consultation last December. Related amendments, which largely apply to specific pension plans, are contained in a series of additional regulations. Except where otherwise noted, the new funding framework will come into force on May 1, 2018.
Fredericton Police Association v. Superintendent of Pensions, 2016 NB FCST 2 – Tribunal Takes Issue with Superintendent Process and Orders Change to Asset Transfer Valuation Method
This is the latest decision related to the ongoing dispute between the Fredericton Police and Fire Fighters' Associations and the City of Fredericton with respect to the City's defined benefit pension plan. First, some background:
- The City's original DB plan had been funded on a going concern basis only, as it was exempt from solvency funding requirements.
- In 2011, the City attempted to address the plan's funding deficit by: increasing pension contributions, reducing indexing and changing the definition of “pensionable earnings”.
- The Police and Fire Fighters launched a number of proceedings before the New Brunswick Labour & Employment Board. First, in response to the change to "pensionable earnings" and then in response to the City of Fredericton's 2013 decision to convert the plan from a DB to a shared risk plan.
- The Labour Board issued an order essentially prohibiting the City from transferring the Police and Fire Fighters into the shared-risk plan.
- This resulted in the splitting of the original plan into two plans: a new DB plan for Police and Fire Fighters (the Police and Fire Plan) and the conversion of the original plan into a shared-risk plan for the remainder of the City employees.
- The assets and liabilities were split between the two plans in accordance with an actuarial report that was subsequently approved by the New Brunswick Superintendent of Pensions.