FSRA offering late-filing pension plans ‘safe harbour’ on administrative monetary policies
The Financial Services Regulatory Authority is giving late-filing pension plans a “one-time” opportunity to avoid administrative monetary penalties. The “safe harbour,” which applies to any outstanding filings under the Pension Benefits Act, expires on Oct. 31. “Rather than have people concerned about flagging non-compliance with late filings, the FSRA has offered this amnesty of sorts,” […]
Arbitrator rules hospital must compensate pensioner rehired part time for benefits
An arbitrator has ruled that part-time employees who have returned to work after retiring and are receiving pension benefits from the Healthcare of Ontario Pension Plan aren’t “members” of the plan for the purpose of calculating their benefit entitlements if they choose not to re-enrol in the HOOPP on resuming service. The upshot of arbitrator […]
Alberta Pension Services Corp. ordered to pay retiree $267K for misrepresentation of benefits
The Alberta Court of Appeal has upheld a $267,017 award to a pensioner for negligent misrepresentation after the Alberta Pensions Services Corp. provided mistaken estimates of the pensioner’s retirement benefits. But the lawyer for Dr. William Calder and his wife says the ruling, which also validated a change in the ASPC’s interpretation of the governing […]
What pension legislation is expected in 2020?
Pension plan stakeholders will see a continued evolution of both short- and long-term reform, with some significant developments expected in 2020. “Hopefully, Ontario will finalize the rules for its target benefit regime — perhaps we’ll see the introduction of single employer target-benefit rules — and there should be some action on variable benefits because the […]
Nortel Pensioners lose $200M refund battle with Ontario’s PBGF
Ontario’s pension benefits guarantee fund has successfully reclaimed some $200 million from monies allocated to pensioners in Nortel Networks Corp. bankruptcy proceedings. The silver lining for pensioners is that the decision by the Financial Services Tribunal finally puts an end to the uncertainty they’ve experienced since their benefits were cut off in 2010. “It would have […]