An Ontario court is allowing a terminated employee to continue with an action for long-term disability benefits despite signing a document that released such claims. When Joe Swampillai was terminated, he was pursuing an appeal for the denial of his benefits against his employer, Royal & Sun Alliance Insurance Co. of Canada, and against Sun Life […]
Even as regulators move to expand decumulation options for Canadians in defined contribution pension plans, the degree to which employers will actually adopt the solutions available, including variable benefits, remains an open question. Various factors fuel the conundrum, but exposure to liability and litigation risk loom as perhaps the most daunting obstacles. Proponents of safe […]
The long search for the perfect failsafe provision in employment agreement termination clauses may be over with the Ontario Court of Appeal’s recent decision in Amberber v. IBM Canada Ltd. “This decision is a heartening result for employers seeking to enforce termination clauses in their employment contracts,” says Jennifer Dolman, a lawyer in Osler, Hoskin & […]
Despite not yet announcing its election platform, Ontario’s Progressive Conservative Party may have the greatest potential for affecting pensions and benefits in Ontario. “The Conservatives’ broad focus on balancing the budget, which may result in their rationalizing OHIP and delisting some services, represents the real impact potential in this election,” says Anneliesje Warner, a health […]
Whatever the fate of Sears Holdings Corp.’s operations in the United States, the company’s American pensioners are likely to emerge better off than their Canadian counterparts. Much of that is due to the broad powers available to the Pension Benefit Guaranty Corp., which regulates pensions in the United States. “The PBGC can act pre-emptively, and it […]
While many employers offer a comparable pension or health benefits plan to all employees, where long-term incentives plans are available they usually vary by employee level. A recent Willis Towers Watson survey of Canadian publicly traded companies with revenues exceeding $2 billion found 100 per cent of these companies’ chief executive officers and senior executives are […]
In their constant search for diversification, Canada’s largest pension funds seem to be continually restructuring their Canadian office building portfolios. “The goal has been to redeploy their investments by expanding internationally and developing new class A office buildings in Canada as well,” says Ayres Gonsalves, vice-president of commercial at Dorsay Development Corp., a Toronto-based real estate […]
The ongoing Sears Canada Inc. and Wabush Mines restructurings illustrate that there’s perhaps nothing as vexing in insolvency situations as the position that pension deficits occupy in the pecking order of creditor priorities. Indeed, many observers cite the issues over the status of the deemed trust that most provinces’ legislation imposes on pension deficits as […]
After 18 years of litigation, a settlement has delivered $7 million to former employees of the Canada Mortgage and Housing Corp. involved in two class action cases over their pension plan’s actuarial surplus. In the twin cases of Lacroix v. Canada Mortgage and Housing Corp. and McCann v. Canada Mortgage and Housing Corp., almost two decades […]
Plan sponsors and administrators finally have guidance on Quebec’s supplemental pension plan legislation, two years after initial amendments on Jan. 1, 2016. The regulations, which came into force on Jan. 4, 2018, don’t differ significantly from the draft version circulated for consultation last summer. The key features address annuity purchases, funding policies and variable benefits. Read: New pension […]