by June Smyth and John Melinte In 1993, Bill Webb was working for a Canadian bank when all employees were offered a choice between keeping their Defined Benefit (DB) Pension Plan or converting to a (new) Defined Contribution (DC) option. At the time, interest rates were high and with the dot.com boom, equity markets were […]
The Financial Services Regulatory Authority of Ontario (FSRA) has released their final guideline on how to avoid a plan’s deregistration under the Income Tax Act (ITA). In the past, plan sponsors could face possible deregistration of their pension plan if over-contributions or excess benefit errors were made. The guidance identifies the documents, timeframes and information […]
As part of the 2021 federal budget, the government committed to modernizing the Employment Insurance (EI) program in order “to better meet the changing needs of Canadian workers and employers” and “to offer better support to Canadian families”. They have since conducted a series of consultations, carried out in two phases over 12 months (August […]
Effective February 11, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) has confirmed amendments to the Pension Benefits Act removing the requirement for plan administrators of member-directed Defined Contribution Pension Plans (DCPP) to prepare a Statement of Investment Policies and Procedures (SIPP). FSRA also confirmed the requirement for plan administrators of DCPPs to file […]
Diversity, equity and inclusion (DE&I) are becoming integral to every organization’s culture and many organizations are expanding their DE&I initiatives. Until recently benefit plans were traditional in nature and typically changes were implemented to realign the plan with the company budget. Since the start of the pandemic there has been a renewed focus on ensuring […]
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The Form 7 is an administrative form that plan sponsors must complete within the first 60 days of the pension plan’s fiscal year to provide an estimate of expected contributions to the trustees of the plan. The trustee is expected to monitor the contributions and advise the Financial Services Regulatory Authority of Ontario (FSRA) if […]