BMKP Sidebars

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Pension and Benefit Highlights from Ontario's Budget 2019

On April 11, 2019, Ontario’s Progressive Conservative Government released its first budget after winning a majority of seats in the Ontario Legislature in the 2018 Ontario general election.  Titled “Protecting What Matters Most”, Budget…Read More

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Investing in the Middle Class, Budget 2019 Pension, Benefit and Executive Compensation Highlights

On March 19, 2019, Justin Trudeau’s Government released its fourth budget - Investing in the Middle Class, Budget 2019. Budget 2019 includes a number of policy initiatives that will impact employers, including: the…Read More

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Employer Benefit Plans to Resume Responsibility for Dependent Children Rx Coverage on March 1, 2019

The prior Ontario government implemented OHIP+, under which OHIP-insured children and youth under age 25 receive free prescription drug coverage.  Effective January 1, 2018, OHIP+ became the first payer at 100% of the cost for eligible drugs.  OHIP+ effectively removed from employer-sponsored benefit…Read More

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Federal Consultation on Enhancing Retirement Security for Canadians

In conjunction with the release of the federal Government’s 2018 Fall Fiscal update last week, three federal Departments released a Consultation Document on Enhancing Retirement Security for Canadians.  According to the Consultation Document “the Government is seeking feedback from pensioners, workers,…Read More

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Ontario Government Supports Efficiencies in Pension Sector

Last Thursday the new Ontario government presented the 2018 Fall Economic Outlook and Fiscal Review.  Budget legislation, Bill 57, Restoring Trust, Transparency and Accountability Act, 2018, was introduced in the legislature on the same day.  The 2018 Fall Economic Outlook and Bill 57 included…Read More

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Ontario Pension Benefits Act Amended to Provide a Discharge for Buy-out Annuity Purchases Effective July 1, 2018

De-risking of defined benefit (“DB”) pension plans has been an important topic for Canadian employers and pension plan administrators in recent years.  The use of “buy-out annuities” is one of the de-risking strategies available while a pension plan is ongoing.  Very generally, a buy-out annuity purchase…Read More

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Reduced Solvency Funding and PfADs Change the Ontario DB Funding Landscape

Ontario Regulation 250/18 (the “Funding Regulation”) was issued on April 18, 2018 and introduces a new funding regime for Ontario-registered defined benefit (“DB”) pension plans.  The new DB funding regime essentially replaces the existing…Read More

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Pension and Benefit Highlights of the 2018 Ontario Budget

On March 28, 2018 the Ontario Government released its 2018 Budget, A Plan for Care and Opportunity (the Budget), along with companion legislation,  Bill…Read More

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Missing Members, Present Obligations

Missing former members have long been an issue for pension plan administrators.  Historically, missing beneficiaries posed challenges when pension payments were scheduled to commence and at the time of a plan wind-up.  In 2017, administrators were for the first time required to provide a biennial…Read More

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Welcome Amendments to the Ontario Pension Benefits Act Contained in Stronger, Fairer Ontario Act (Budget Measures), 2017

Ontario introduced Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017, for first reading on November 14, 2017. The Bill makes a number of amendments to the Ontario Pension Benefits Act (the PBA), which will be of interest to employers and pension plan…Read More