The federal government issued the news release below yesterday (June 25, 2014) regarding the target benefit pension plan consultations that it commenced in late April 2014.
Target benefit pension plans - also known as shared risk plans - represent an alternative to defined benefit or defined contribution pension plans. Several provinces have already passed legislation providing for target benefit pension plans, but in many cases that legislation is not yet in force.
Harper Government Completes Public Target Benefit Plan Consultations read more »
The BC Government issued the following news release yesterday (February 19, 2014):
VICTORIA - Amendments to the new Pension Benefits Standard Act clarify elements of the original act and help ensure the legislation will be ready for proclamation later this year, Finance Minister Michael de Jong announced today.
Today's amendments are primarily technical corrections, including: read more »
Supreme Court of Canada confirms that pension benefits should not be deducted from notice period damages
In IBM Canada Limited v. Waterman, 2013 SCC 70, the majority (7/2) of the Supreme Court of Canada confirmed that pension benefits should not be deducted from notice period damages. In doing so, the Supreme Court of Canada upheld the decisions of the BC Court of Appeal and the BC Supreme Court. My summary of the BC Supreme Court's ruling, which sets out the facts, can be found here.
In the majority ruling the Supreme Court of Canada summarized its ruling as follows: read more »
Top court to address whether pension benefits should be deducted when assessing wrongful dismissal damages
The Supreme Court of Canada announced on April 5, 2012 that it would be hearing the appeal in IBM Canada Limited v. Richard Waterman.
This case, from BC, concerns whether pension benefits from an employer funded plan should be deducted from wrongful dismissal damages.
The Supreme Court of Canada's summary of the decision is as follows: read more »
SCC refuses leave to appeal in Que notice, pension case involving 2 former Canadian Jewish Congress employees
The Supreme Court of Canada dismissed the application for leave to appeal today in Leona Polger, et al. v. Canadian Jewish Congress. (Que. C.A., June 21, 2011) (34438).
The case concerned two long serving employees of the Canadian Jewish Congress ("CJC") - one with 36 years service, the other with 22 years. The employees had been dismissed by the CJC in December 2004 and January 2005.
The Quebec Superior Court had awarded them each 36 months notice and a pension enhancement.
On appeal, the Quebec Court of Appeal had reduced the notice to 24 months and determined that they were not entitled to the pension enhancement. See: Canadian Jewish Congress c. Polger, 2011 QCCA 1169.
For more on this case: read more »
Murray Gold, a lawyer at Koskie Minsky in Ontario, has recently written a paper on "Pension Reform Current Issues"(April 2011). As set out in the Executive Summary, the paper:
- reviews Canada's retirement income system, and explains how it works;
- looks at the Old Age Security ("OAS"), the Guaranteed Income Supplement ("GIS"), the Canada Pension Plan ("CPP") and employment based pensions, and explains how they function and work together; and
- reviews the political parties' pension platforms in the 2011 election, and compares and evaluates them.
Appeal court rules that, in context of CCAA, pension plan deficiency claims can have priority over secured creditors
In Indalex Limited (Re), 2011 ONCA 265, the Ontario Court of Appeal ruled that, in the context of Companies' Creditors Arrangement Act (CCAA) proceedings, pension plan deficiency claims can, in certain circumstances, have priority over secured creditors.