Tag: Act s. 12
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).
OSFI has updated its Instruction Guide: Certified Financial Statements (OSFI 60) and Auditor’s Report.The Guide provides instructions for plan administrators who are filing the Certified Financial Statements (OSFI 60 or CFS) and, as applicable, an Auditor’s Report.
OSFI has updated two guides for administrators of federally regulated defined benefit plans:
- Guide to Completing the Actuarial Information Summary (AIS); and
- Guide to Completing the Replicating Portfolio Information Summary (RPIS).
The AIS and RPIS must be submitted whenever filing an actuarial . . .
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.)
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.
On October 19, 2016, the federal government introduced Bill C-27, An Act to amend the Pension Benefits Standards Act, 1985, for first reading. If passed, the Bill will amend the federal Pension Benefits Standards Act (PBSA) to establish a framework enabling federally regulated employers to set up target benefit plans (TBP). The Bill will also amend the PBSA to permit pension plan administrators to purchase immediate or deferred life annuities for former members or survivors in satisfaction of defined benefit (DB) plan obligations.
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:
OSFI has posted updated charts of the pension plan filing process for:
- Defined Benefit plans
- Defined Contribution plans
- This content is only available to subscribers. Please login or go to www.optimizelegal.com to learn more about this product.