Tag: Act s. 87
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 . . .
Ontario has filed Regulation 207/19: The Essar Steel Algoma Inc. Wrap Pension Plan, which implements "The Wrap Plan Agreement" and "The Agreement Regarding the Wrap Plan", and revokes Regulation 202/02: Essar Steel Algoma Inc. Pension Plans . . .
The Ontario Superintendent of Financial Services issued a Notice of Intended Decision (NOID) regarding a plan administrator's disclosure obligations and authority to charge fees for family law calculations . . .
Unite Here Local 75 v. Sunnybrook Health Sciences Centre 2018 ONSC 1444 – Court Defers to Plan Administrator’s Jurisdiction to Determine Pensionable Earnings
Certain employees of Sunnybrook Health Sciences Centre (Sunnybrook) work at Sunnybrook's event facilities as servers. In addition to an hourly wage, per the collective agreement, these employees receive gratuities charged as a percentage on all contracts.
The servers are members of the Healthcare of Ontario Pension Plan (HOOPP). HOOPP took the position that the gratuities did not meet the requirements for "pensionable earnings" as defined in s. 2.18 of the plan.
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.
Hiscocks v. Financial Services Commission of Ontario Tribunal, 2017 ONSC 5456 – Tribunal Decision re Eligibility to Join Pension Plan Upheld
In an earlier decision, Hiscocks applied to the Financial Services Tribunal, arguing that DRS Technologies Canada Ltd. had contravened s. 25 of the Ontario Pension Benefits Act (PBA), as it did not inform him of his eligibility to join the DRS pension plan upon its purchase of Spar Aerospace Limited's assets (Hiscocks' former employer). The Tribunal dismissed Hiscocks' application, finding that s. 25 did not apply and DRS had no obligation to essentially "remind" Hiscocks of his eligibility. (See my earlier post, for further background.)
Hiscocks sought judicial review of the Tribunal decision, which was dismissed by the Ontario Superior Court.
Ontario finalized Regulation 213/17, which sets out the prescribed circumstances when the Superintendent can require an administrator to prepare and file a new valuation report. As I reported earlier this year, these circumstances are as follows:
- a decline in the number of plan members;
- a decrease in employer contributions;
- a decrease in the . . .
The Ontario government has posted draft regulations regarding the Superintendent's powers to: (i) make special orders; and (ii) impose administrative penalties.
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: