BC - Bill 16 re PRPPs
British Columbia introduced Bill 16, Pooled Registered Pension Plans Act, for first reading on February 28, 2013. If passed, the Bill will enable B.C. employees to participate in the federal scheme for pooled registered pension plans that was passed late last year.
NS - DB Funding Regulations
Nova Scotia filed regulation 33/2013, which amends the defined benefit plan funding provisions in Nova Scotia's Pension Benefits Regulations. In particular, the Regulations provide temporary funding relief by allowing sponsors of DB plans to elect to take up to 15 years to amortize either new or existing solvency deficiencies.
ON - Draft Regulation re Asset Transfers for Prescribed Plans
Ontario has published draft regulations pursuant to s. 80.1 of the Ontario Pension Benefits Act, which apply to HOOPP, OMERS, OPSEU Pension Trust, Public Service Pension Plan and VON Canada Pension Plan. The regulation will allow the designated public sector plans to negotiate agreements to give eligible employees an opportunity to consolidate their pension benefits in relation to past government-initiated restructurings. Comments on the regulations must be submitted by April 15, 2013.
ON - Ontario Pension Board v. Ratansi
Overturning a decision of the Financial Services Tribunal, the Ontario Divisional Court held that divested employees cannot receive a pension from their prior plan while continuing employment with the new employer.