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 […]
[…]
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 […]
On December 8, 2020, Bill 213 received Royal Assent by the Ontario Government. The purpose of Bill 213 is to reduce the burdens of regulation on businesses. Coined the Better for People, Smarter for Business Act, Bill 213 covers off many different facets of regulation in Ontario. One of the major wins for small businesses […]
FSRA released their final guidance on Missing Members – Principles and Practices on December 10, 2020. The guidance outlines the principles and practices to assist pension plan administrators in searching for missing members. A plan member is considered missing if the plan administrator is unable to locate or communicate with the member and believes the […]