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© Copyright 2002
Rogers Media. The following article first appeared in the January 2002 edition
of BENEFITS CANADA magazine.
BackWords
25 years of
highlights
Regulations, reports and legal wrangling have
transformed the industry over the past 25 years. While some developments such as
pay equity are non-issues today, others--notably pension surplus
distribution--are still the topic of much debate.
Compiled by Kathryn Dorrell and Deanna Rosolen
1977: Nova
Scotia's first Pension Benefits Act (PBA) is passed; The University of Toronto
is one of the first organizations to offer fully paid maternity leaves.
1978:
Prime Minister Pierre Trudeau announces plans to review MPs' generous
pensions.
1979: Quebec forces
employers to issue employee benefits statements every three years and upon
termination.
1980: The Report
of the Task Force on Retirement Income Policy (the Lazar report) analyzes
challenges in the retirement system.
1981: Report of Ontario
Royal Commission on Pensions and Ontario's Bill 214 (plant closures, wind-ups)
are released.
1982: Ottawa unveils Better Pensions
for Canadians.
1983: Report on the
Parliamentary Task Force on Pension Reform (the Frith report) issued; Manitoba
passes amendments to its PBA.
1984: Quebec Pension Plan amended to allow pensions to commence
between ages 60 and 70; Ottawa report calls for one national pension authority.
1985: Newfoundland
establishes its first PBA; Manitoba passes pay equity legislation.
1986: Vancouver
City Savings launches Canada's first socially responsible fund; Dominion ordered
to repay $38 million that it had removed from an employees' pension plan.
1987: Oct. 19 is Black Monday, the
largest drop in the global equity market at that time; Pension Benefits
Standards Act (PBSA) and Ontario PBA drastically revised
1988: Ontario passes pay equity
legislation; Massey Combines Corp. faces a $54-million shortfall in pension plan
assets.
1989: PEI introduces
its first PBA.
1990:
Finance Minister Michael Wilson announces a long-awaited increase in the
Foreign Property Rule for pension fund investments that sees the cap increase to
12% in 1990 and 20% by 1994.
1991: Parcels vs. Red
Deer Regional Hospital ruling in favour of a female employee who sued for the
right to collect disability pay while on maternity leave.
1992: The PBSA adopts the prudent
person approach; Ontario Ministry of Financial Institutions releases draft paper
on pension solvency regulations.
1993: Supreme Court of
Canada rules in the case of Canada (Attorney General) v. Mossop (the ruling
deals with employment discrimination involving gays and lesbians).
1994: Saskatchewan
employers must give benefits to part-timers
1995: Ontario Teachers'
Pension Plan Board announces $150 million in administrative errors--the largest
mistake of its kind in Canada.
1996: Ontario's Bill 26
and Quebec's Bill 33 cut healthcare coverage, leaving seniors shelling out more
for drugs.
1997: The
Aging Paper is released by the Association of Canadian Pension
Management; Prime Minister Jean Chrétien's National Forum on Healthcare calls
for a national pharmacare program; Eaton's strikes a deal with members of its
pension plan to use its $291-million pension surplus to help pay off its debt.
1998: Bill 140
consolidates the Ontario Insurance Commission, the Pension Commission of Ontario
and the Deposit Institutions Division of the Ministry of Finance--the Financial
Services Commission of Ontario is born.
1999: Supreme Court of
Canada rules in case involving pension assets and how they should be divided in
a divorce.
2000: Foreign Property
Limit raised to 25% in 2000 and 30% for 2001; maternity benefits extended to 52
weeks; Financial Services Tribunal says Monsanto doesn't have to distribute
surplus.
2001: The Joint Forum
of Financial Market Regulators releases Proposed Regulatory Principles for
Capital Accumulation Plans; The Financial Services Commission of Ontario and the
Ontario Securities Commission plan to merge; Ontario court orders Monsanto to
distribute surplus; Sept. 11 terrorist attacks on the U.S. BC
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