FSCO – Benefits Canada.com

Top 5 HR, benefits and pension stories of the week

bwolfe — Thu, 30 Jun 2022 13:00:29 +0000

An Ontario Superior Court judge awarding $210,000 in costs against the Financial Services Regulatory Authority of Ontario was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Ontario court awards $210K in costs against FSRA in Brewers Retail pension case 2. Transition to low carbon economy […]

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Ontario court awards $210K in costs against FSRA in Brewers Retail pension case

bwolfe — Mon, 27 Jun 2022 13:00:33 +0000

An Ontario Superior Court judge is awarding Brewers Retail Inc. $210,000 in costs against the Financial Services Regulatory Authority of Ontario. Justice Ed Morgan’s award followed his criticism of the regulator for defying a decision of its predecessor, the Financial Services Commission of Ontario. One veteran pensions litigator — speaking on condition of anonymity as […]

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Stelco entering $1.3BN annuity buy-in for DB pension

bwolfe — Mon, 20 Jun 2022 13:00:43 +0000

Stelco Inc. is de-risking one of its defined benefit pension plans with a $1.3 billion annuity buy-in. The deal, which covers more than 7,000 United Steelworkers members and beneficiaries employed at the company’s Hamilton, Ont.-based plant, was completed in May with Brookfield Annuity Co. and Sun Life Financial Inc. Read: Stelco workers, retirees learn fate […]

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Top 5 HR, pension and benefits stories of the week

bwolfe — Fri, 18 Mar 2022 13:01:20 +0000

The announcement of a new multi-employer pension plan for Canadian physicians was the most read story over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. New multi-employer pension plan coming for incorporated physicians 2. Employees want flexible working, better benefits to return to workplace: survey 3. After a strong 2021, […]

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Ontario judge cautions FSRA in certification of Brewers Retail pension class action

bwolfe — Wed, 16 Mar 2022 13:00:17 +0000

In certifying a pension class action by Brewers Retail Inc., an Ontario Superior Court judge denounced the Financial Services Regulatory Authority of Ontario for defying a decision of its predecessor, the Financial Services Commission of Ontario. Justice Ed Morgan certified the class on Feb. 10, 2022, setting the stage for a settlement approval hearing. In […]

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FSCO releases guideline for administrative penalties under pension act

mschmit — Wed, 14 Nov 2018 11:45:03 +0000

The Financial Services Commission of Ontario has released its guideline for administrative penalties related to violations of the province’s Pension Benefits Act. The change was introduced at the beginning of 2018, with the superintendent given the authority to impose monetary penalties for certain violations of the act and its regulations. Unlike a fine, these penalties have […]

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How Ontario’s pension regulation changes will impact DC plans

mschmit — Fri, 19 Oct 2018 03:51:59 +0000

Ontario’s pension regulatory landscape has seen a number of recent changes, with many of these affecting defined contribution plan sponsors, according to one expert. Speaking at the 2018 Defined Contribution Investment Forum in Toronto in September, Mark Eagles, senior manager for pension policy at the Financial Services Commission of Ontario, took delegates through the changes. The […]

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FSCO opens consultation on updated pension surplus policies

mschmit — Wed, 17 Oct 2018 12:00:45 +0000

The Financial Services Commission of Ontario is in the process of updating its surplus policies. Once released, the updated policies will be posted for consultation, with the public invited to submit comments by Nov. 12, 2018. The policies outline the FSCO’s expectations regarding applications for the payment of a surplus to employers, plan members, former members, […]

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Ontario DB pension plan solvency up despite equity troubles

mschmit — Mon, 07 May 2018 12:45:36 +0000

In spite of volatile public equity markets, the median solvency ratio for Ontario’s defined benefit pension plans was slightly higher at 95 per cent for the first quarter of 2018, compared to 94 per cent at the end of 2017, according to the Financial Services Commission of Ontario’s latest quarterly report. Equity markets were down in the first […]

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DB solvency ratios inch up: FSCO

mschmit — Tue, 13 Feb 2018 07:40:51 +0000

1 in 4 plans now have more than 100% solvency

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