Tag: Reg. 22
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Ontario FSRA Variable Benefit Forms
The Financial Services Regulatory Authority published a series of variable benefit (VB) forms to be used by plan administrators who offer variable benefits.FSRA also notes that new family law forms are being developed for pension division cases involving a VB account . . .
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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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B.C. Amends Regulation re DB Funding
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 . . .
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Ontario Proclaims in Force New Variable Benefits Regime
Effective January 1, 2020, Ontario has proclaimed in force the new variable benefits (VB) rules, which will permit, but not require, an administrator to offer Life Income Fund (LIF)-like payments directly from a defined contribution plan through the establishment of a VB account. These rules come into force through the proclamation of a series of Bills, the publication of a new stand-alone Variable Benefits Regulation and related amendments to the Family Law Matters Regulation and General Regulation . . .
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FSCO Policy re Joint & Survivor Pension
FSCO has updated one of its Spousal Rights policies: "Policy S500-307 Joint and Survivor Pension or Annuity – Entitlement, Waiver and Cancellation". The Policy was updated to reflect recent changes to the definition of spouse, which came into force on January 1, 2017 . . .
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OSFI Instruction Guides re Disclosure Requirements
OSFI has published updated Instruction Guides for Disclosure Requirements for Defined Contribution (DC) and Defined Benefit (DB) Pension Plans. The Guides set out the requirements for the disclosure of information to plan members, former members, employees eligible to join the plan, and spouses/common-law partners.
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Retail Wholesale Union Pension Plan and Summit/Lucerne/Macdonalds Division 2016 B.C. Supt. Pens. (May 31, 2016) – Refusal to Register Plan Amendment that Would Impact Retiree Benefits
The Retail Wholesale Union Pension Plan is a multi-employer negotiated cost defined benefit plan. Its normal retirement age (NRA) for regular retirements is age 60.
Effective January 1, 2003, in response to plan funding concerns, the trustees of the plan changed the NRA to age 65 in the case of a plan wind-up. Over the years certain other amendments were made to the plan, including reductions to accrued benefits and future accruals, as a result of solvency deficiencies.
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