Tag: Reg. 38
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 . . .
FSCO has published an Administrative Penalties Guideline, which provides guidance regarding the process that is followed when the Superintendent imposes an administrative penalty under the Ontario Pension Benefits Act (PBA).
Ontario has published Regulation 365/17 "Administrative Penalties", a new regulation under the Ontario Pension Benefits Act (PBA). These new Regulations (as well as the related PBA amendments) are scheduled to come into force on January 1, 2018.
Late last year, the government passed Bill 70, which added ss.108.1-108.5 to the PBA. These sections authorize the Superintendent to impose: (i) general administrative penalties for contravening a prescribed provision of the PBA or the regulations, a requirement imposed by order, or an obligation assumed by way of undertaking; and (ii) summary administrative penalties for contravening a prescribed provision of the PBA or the regulations.
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: