Category: Pensions, Benefits & Executive Compensation

Recent Developments in Pensions and Employee Benefits Law

November 21, 2019

We invite you to join us for our semi-annual program exploring recent updates and legal developments in pensions and employee benefits law as well as recent employment and labour law changes. Topics: Case Law and Regulatory Round-Up Lindsay McLeod Enhanced Benefit Security: What Plan Sponsors Should Understand About Recent Government Changes and Further Proposals Kathryn Bush Member Communications and Beneficiary…

Clawback Policies Gain More Ground in Canada

November 18, 2019

Despite a lack of legislative change over the past eight years, the use of “clawback” provisions—arrangements under which an employee forfeits previously awarded compensation—have become increasingly common in Canada. Canadian public companies listed in the U.S. are subject to statutory clawbacks for certain employees. As well, certain Canadian financial institutions regulated by the Office of the Superintendent of Financial Institutions…

Ontario’s Bill 132: Highlights of Key Proposed Changes to the Ontario Pension Benefits Act

November 4, 2019

The Better for People, Smarter for Business Act, 2019 (Bill 132) was introduced in the Ontario legislature last week. If passed, Bill 132 will make certain amendments to the Pension Benefits Act (PBA), as summarized below. Certain provisions are to come into force upon royal assent and others upon proclamation. This bulletin will highlight some of the key provisions of…

Pensions Newsletter – October 2019

October 23, 2019

Welcome to the 25th issue of the Blakes Pensions Newsletter. This newsletter provides a summary of recent jurisprudential developments that affect pensions and benefits and is not intended to be legal advice. For additional information or to discuss how any aspect of these developments may affect you, please contact a member of the Blakes Pensions, Benefits & Executive Compensation group….

U.S., U.K. Track How Employees’ Salary Stacks Up Against CEO Pay: Is Canada Next Stop for CEO Pay Ratio Disclosure?

October 21, 2019

Each year in January, the Canadian Centre for Policy Alternatives (CCPA) publishes a report on the compensation of the 100 highest-paid chief executive officers (CEOs) of companies on Canada’s S&P/TSX Composite Index, and includes a comparison between the CEOs’ compensation and the average annual income of a Canadian worker. There’s a growing interest in executive compensation relative to other compensation…

Alert: FSRA Announces “One-Time Opportunity” for Outstanding Pension Plan Filings

September 26, 2019

The Financial Services Regulatory Authority of Ontario (FSRA) has announced a “one-time opportunity” to avoid incurring summary administrative penalties for late filing requirements under the Pension Benefits Act (Ontario) (PBA). FSRA indicated that it would be contacting plans with identified outstanding filings. If the specified outstanding filings due before September 30, 2019 are filed by October 31, 2019, summary administrative…

Reminder for Federally Regulated Employers: Sweeping Changes to Canada Labour Code Coming September 1, 2019

August 26, 2019

Part III of the Canada Labour Code (Code) and its accompanying regulations, which provide labour standards for federally regulated employers, are scheduled to undergo significant changes pursuant to the coming into force of certain provisions of Bill C-86, the Budget Implementation Act, 2018, No. 2 (Bill C-86), and Bill C-63, the Budget Implementation Act, 2017, No. 2 (Bill C-63). The…

Proposed Changes to Stock Option Tax Rules

June 19, 2019

On June 17, 2019, Canada’s finance minister tabled a Notice of Ways and Means Motion regarding the taxation of employee stock options. This follows from the government’s announcement in the 2019 Budget that it intended to limit the availability of the 50 per cent deduction on employee stock option benefits (i.e., the deduction that effectively provides capital gains treatment on…

Reminder: Plan-Related Document Changes Arising from New Funding Rules for Ontario DB Pension Plans

June 3, 2019

This bulletin provides a reminder with respect to the new funding rules for Ontario defined benefit (DB) pension plans that came into effect on May 1, 2018. These new rules under the Ontario Pension Benefits Act (PBA) necessitate changes to certain plan-related documents, including the pension plan text, annual and biennial member statements, and the Statement of Investment Policies and…

Recent Developments in Pensions and Employee Benefits Law

April 30, 2019

We invite you to join us for our semi-annual program exploring recent updates and legal developments in pensions and employee benefits law. During this program, we will be joined by guest speaker Caroline Blouin, Executive Vice President, Pensions, Financial Services Regulatory Authority of Ontario (FSRA). Other Topics: Case Law and Regulatory Round-Up Jeff Sommers and Adam Ngan CAPSA Guidelines: DB Funding, DC Plans…