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 penalties will not be imposed.
However, going forward, filings due on, or after, September 30, 2019 must comply with the filing requirements and prescribed timelines under the PBA to ensure that summary administrative penalties are not incurred.
To learn more about recent developments in pensions and employee benefits law as well as recent employment and labour law changes, join us on October 30, 2019 for our semi-annual program, held in our Toronto office from 8:30 a.m. to 1 p.m.
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