Pensions, Benefits & Executive Compensation

On July 22, 2014, the Alberta government approved the long-awaited regulations to its new Employment Pension Plans Act (New Act). The New Act was passed in late 2012, but has not yet come into force, pending release of the regulations. The government has indicated that both the New Act and its regulations will now take effect on September 1, 2014.
This latest development brings to a conclusion a process that began in 2007 with the appointment of the Alberta/British Columbia Joint Expert Panel on Pension Standards.

The government had introduced certain amendments to the New Act in April 2014 in Bill 10, the Employment Pension (Private Sector) Plans Amendment Act, 2014. However, due to controversy over certain provisions of Bill 10, those amendments were put on hold and referred to the Standing Committee on Alberta’s Economic Future for further consultation. The committee is not expected to report back until the fall of 2014. Accordingly, when the New Act comes into force it will not contain any of the changes proposed in Bill 10, including the ability to convert accrued benefits on the conversion of a defined benefit pension plan to a target benefit plan.
The New Act and regulations are expected to contain a variety of provisions designed to assist plan administrators with the transition between the old and new legislation. Plan administrators will need to familiarize themselves both with the new rules and the provisions detailing when compliance with those new rules will be required.
Blakes will issue a comprehensive analysis of the new regulations shortly, and will be hosting a series of seminars in Calgary starting in September to examine the new legislation in more depth. Further information regarding the dates of those seminars will follow in the coming weeks.
For further information, please contact:
Christopher Brown     403-260-9707
Sean Maxwell            403-260-9793
or any other member of our Pensions, Benefits & Executive Compensation group.
Posted by:
Tags: Pensions, Benefits & Executive Compensation

Blakes periodically provides materials on our services and developments in the law to interested persons. For additional information on our privacy practices, please contact us at privacyofficer@blakes.com. Blakes Bulletin is intended for informational purposes only and does not constitute legal advice or an opinion on any issue. We would be pleased to provide additional details or advice about specific situations if desired.

For permission to reprint articles, please contact Teona Baetu, Blakes Client Relations & Marketing Department, at 416-863-4345 or teona.baetu@blakes.com. ©2016 Blake, Cassels & Graydon LLP