On January 19, 2018, the Ontario Ministry of Finance (the “MOF”) released a description of proposed changes to the assessment formula for the Pension Benefits Guarantee Fund (PBGF).
On January 10, 2018, Manitoba’s Minister of Finance launched a public consultation to strengthen the existing provincial pension system.
On December 14, 2017, the Ontario government released further details of its proposed new funding framework.
The final version of the Regulation to amend the Regulation respecting supplemental pension plans (the “regulation”) was published on December 20, 2017 in the Gazette officielle du Québec. The regulation came into force on January 4, 2018.
On November 28, 2017, the Nova Scotia government amended its Pension Benefits Regulations to establish clear criteria for asset transfers.
Effective December 3, 2017, the federal Employment Insurance (EI) rules were updated to permit maternity benefits to be paid for up to 15 weeks, and parental leave benefits to be paid for up to 61 weeks.
Benefits Canada: Plan sponsors and administrators finally have guidance on Quebec’s supplemental pension plan legislation, two years after initial amendments on Jan. 1, 2016.
On November 14, 2017, the Ontario government introduced Bill 177, the Stronger, Fairer Ontario Act (Budget Measures), 2017 (Bill 177).
In December 2016, the Quebec government set up a working group to study disparity in treatment clauses based on the date of hire in pension plans (also known as “orphan clauses”).
On November 21, 2017, the Government of Alberta amended the Employment Pension Plans Regulation (the “Regulation”) to establish a new commuted value payout option for Collectively Bargained Multi-Employer Plans that are under a solvency moratorium.