Tag: Act s. 82
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Ontario FSRA Guidance re Single Employer DB Plans that are Actively Monitored
The Financial Services Regulatory Authority (FSRA) published draft guidance outlining its supervisory approach for single employer defined benefit (DB) pension plans where there may be a concern with security of the pension benefits . . .
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Archibald et. al. v. Ontario (CEO of FSRA), 2019 ONFST 16 – Nortel Plan Wind Up Addenda Approved
As a part of the Nortel Networks Corporation (Nortel) bankruptcy, the Superintendent ordered the wind up of two pension plans (the Plans) as of October 1, 2010. Shortly thereafter, the Superintendent approved an interim allocation of the Pension Benefits Guarantee Fund (PBGF). Per that approval, any PBGF money not required to provide benefits in accordance with s. 34 of the Regulation (e.g., indexation benefits) would be returned to the PBGF . . .
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Ontario Passes Bill 100 (Budget Bill)
Ontario passed Bill 100, Protecting What Matters Most Act (Budget Measures), 2019, on May 29, 2019. Bill 100 includes amendments to the Financial Services Commission of Ontario Act, 1997, Financial Services Regulatory Authority of Ontario Act, 2016, Financial Services Tribunal Act, 2017 and Pension Benefits Act . . .
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Ontario Introduces Bill 100 & Makes Other Budget Announcements
The Ontario government introduced Bill 100, Protecting What Matters Most Act (Budget Measures), 2019, for first reading on April 11, 2019. Bill 100 includes amendments to the Financial Services Commission of Ontario Act, 1997 (Schedule 26), Financial Services Regulatory Authority of Ontario Act, 2016 (Schedule 27), Financial Services Tribunal Act, 2017 (Schedule 28) and Pension Benefits Act (Schedule 48 . . .
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FSCO Notice of Intended Decision re Nortel Pension Plan Wind Up
The Ontario Superintendent of Financial Services issued a Notice of Intended Decision (NOID) with respect to the wind up of two Nortel Networks Corporation (Nortel) pension plans (the Plans):
- to approve certain addenda to the Plans' wind up reports;
- to refuse to order the administrator of the Plans to prepare new addenda using assumptions/methods that determine member entitlements and Pension Benefits Guarantee Fund (PBGF) refunds in a manner which does not take into account certain amounts paid into the pension funds from the Nortel estate; and
- to refuse to order the administrator to refrain from distributing funds to the PBGF in accordance with the addenda.
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Alberta Interpretive Guideline #5: Division and Distribution of Pension Benefits on Marriage Breakdown
Alberta Treasury Board and Finance has posted draft Interpretive Guideline #5: "Division and Distribution of Pension Benefits on Marriage Breakdown". The Guideline summarizes the legislative and regulatory requirements applicable to the division of pension benefits on marriage breakdown, as well as best practices. The Guidelines includes information with respect to the following:
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