JUNE - JULY 2012
FED - Federal (Budget) Bill C-38
On June 29, 2012, the federal government passed Bill C-38, Jobs, Growth and Long-term Prosperity Act. The Bill will implement a number of the announcements from the 2012 federal budget.
FED - Bill C-25 re Pooled Registered Pension Plans
Following up on the consultation paper it released in December of 2010, the federal government introduced Bill C-25: the Pooled Registered Pension Plans Act on November 17, 2011. The Bill received royal assent on June 28, 2012.
BC - Bill 38 re New PBSA
British Columbia passed Bill 38, Pension Benefits Standards Act, on May 31, 2012. Upon proclamation, the Bill will replace the current B.C. Pension Benefits Standards Act in its entirety.
NB - Bill 63 re PBA Amendments
New Brunswick Bill 63, An Act to Amend the Pension Benefits Act, received royal assent on June 13, 2012. The Bill makes a number of amendments to the New Brunswick Pension Benefits Act, including permitting phased retirement and a new type of plan - "shared risk plans" - to be established and/or current defined benefit plans to convert to such an arrangement. The Bill came into force on July 1, 2012.
ON - Regulation re SOMEPPs
Ontario filed Regulation 203/12, extending temporary solvency funding relief for another five years for specified Ontario multi-employer pension plans.
ON - Final Regulations & Proclamations re Pension Reform
As of July 1, 2012, a number of amendments to the Ontario Pension Benefits Act (in Bill 16, Bill 236, Bill 120 and Bill 173) and related amendments to the general regulation (in Regulation 178/12) were proclaimed in force
ON - Regulation re Temporary Solvency Funding Relief
Ontario Regulation 164/12 was filed on June 22, 2012. This regulation, which amends Regulation 909, implements the initial stage of solvency funding relief, which was announced earlier this year as part of the Ontario budget.
ON - Bill 55 re Budget Amendments
The Ontario government passed Bill 55, Strong Action for Ontario Act (Budget Measures), 2012, on June 20, 2012. The Bill includes amendments to the Ontario Municipal Employees Retirement System Act (Schedule 43) and the Ontario Pension Benefits Act (Schedule 44).
PEI - Bill 41 - PBA & Consultation Paper
Prince Edward Island introduced Bill 41, Pension Benefits Act, for first reading on May 17, 2012. Included with the Bill is a consultation paper which indicates that: plan sponsors will have up to three years to comply with the new provisions (once the Bill receives royal assent and is proclaimed in force); draft regulations will be released for comment later this year and the government will continue to seek feedback "during 2012".
QUE - Bill 80 Re VRSPs
Quebec introduced Bill 80, An Act respecting voluntary retirement savings plans, for first reading on June 12, 2012. If passed, the Bill will establish a new type of retirement plan for Quebec workers - voluntary retirement savings plans.
General - Draft CAPSA Guideline re DC Plans
The Canadian Association of Pension Supervisory Authorities has released a draft Defined Contribution (DC) Pension Plans Guideline (the Guideline) for comment. Comments on the Guideline are due by November 1, 2012.