Tag: Act s. 26
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FSCO Guideline re Administrative Penalties
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).
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Ontario Bill 177 re Budget Receives Royal Assent
Today, Ontario passed Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017. The Bill includes amendments to the Pension Benefits Act (Schedule 33) and the Financial Services Regulatory Authority of Ontario Act, 2016 (Schedule 16). It also enacts a new Financial Services Tribunal Act, 2017 (Schedule 17).
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Ontario Bill 177 Budget Bill Includes Pension Amendments
Ontario introduced Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017, for first reading on November 14, 2017. The Bill includes amendments to the Pension Benefits Act (Schedule 33) and the Financial Services Regulatory Authority of Ontario Act, 2016 (Schedule 16). It also enacts a new Financial Services Tribunal Act, 2017 (Schedule 17).
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Ontario Bill 175 re Police Pension Asset Transfers
Ontario introduced Bill 175, Safer Ontario Act, 2017, for first reading on November 2, 2017. The new Police Services Act, 2017 in Bill 175 includes certain pension related amendments.
The amendments set out rules regarding asset transfers between the Public Service Pension Plan and the Ontario Municipal Employees Retirement System, in respect of police service employees transferred between the Ontario Provincial Police and another police service. Bill 175 exempts such transfers from . . .
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Ontario Final Regulation re Administrative Penalties
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.
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Federal Bill C-27 re Target Benefit Plans & Annuities
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.
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Retraite Quebec Newsletter re SPPA Amendments
Retraite Québec published Newsletter #31, which provides guidance for plan administrators on the key amendments to the Supplemental Pension Plans Act that took effect on January 1, 2016. The Newsletter addresses the following changes:
- Pension Plan Funding: actuarial valuation frequency and requirements, notice requirements, stabilization provisions, letters of credit, transitional rules
- Measures for Risk Management: funding, investment and annuity purchasing policies
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Status Update: Quebec Bill 57 re DB Plan Funding
Earlier this year, the Quebec government enacted legislation, which established a new funding method for Quebec defined benefit pension plans. Draft regulations, released last week, provide DB plan administrators with additional guidance regarding these new funding requirements.
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B.C. Guideline re Plan Conversions
The B.C. Financial Institutions Commission has published a "Guideline for Converting Plans from Defined Benefit to Target Benefit". The Guideline sets out the B.C. Superintendent's expectations, including with respect to:
- information to be included in the initial notice to the Superintendent;
- notice and other communications to be provided to plan members;
- documents to be filed with the Superintendent (e.g., plan amendment, filing form . . .
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OSFI Instruction Guide re Filing and Reporting Plan Terminations
OSFI has posted updated Instruction Guides for Filing and Reporting Requirements for Defined Benefit Plan Terminations and Defined Contribution Plan Terminations. The Guides have been updated to reflect amendments to the Pension Benefits Standards Act, 1985 and the Pension Benefits Standards Regulations, the last of which are coming into force on July 1, 2016.
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