Tag: Act s. 97
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.
After noticing that some plan administrators had failed to file the requisite notice of plan termination as prescribed, the B.C. Financial Institutions Commission recently posted Pension Bulletin 16-007. The Bulletin reminds plan administrators that a copy of the notice needs to be filed with the B.C. Superintendent immediately after the election to terminate, or at least 60 days before the intended effective date of the termination.
Where plan administrators fail to comply, the Superintendent may order . . .