On this episode, we’re discussing the most current topics in the area of pensions law, featuring the head of Fasken’s practice group, Ross Gascho. Topics: “super-priorities” and the Pension Protection Act; fiduciary duties for pension plan trustees; correcting for pension over- and under-contributions. This program contains 30 minutes of substantive content for the Law Society of Ontario’s CPD requirements.
Full Episode (51:40) Download Transcript
⚫ When pension plan payments take a “super-priority” in insolvency proceedings, how will that impact broader financing objectives? (8:59)
⚫ What sorts of fiduciary obligations are owed by pension plan trustees? (18:18)
⚫ How will new ITA amendments help to correct for under- and over-contributions for defined contribution pension plans? (29:15)
⚫ Our Ask-Me-Anything segment, featuring questions submitted by patrons of the Lawyered community (37:00
? How do provincial and federal legislation differ concerning pension and benefit plans in Canada? (37:39)
? How much say (if any) do employees have in the direction and strategy of their company’s pensions plan? (40:45)
? Tell us about the role and responsibilities of pension plan administrators and their potential liabilities. (43:20)
? What sorts of ADR mechanisms are typically used to resolve pensions-related disputes? (45:48)
1. “Super-Priorities” and the Pension Protection Act (Bill C-228) (12:28) Download
– Pension Protection Act
– “Bill C-228: Death Knell for Private Sector Defined Benefit Pension Plans?” (Fasken – Dec 13, 2022)
2. Fiduciary Duties of Pension Plan Trustees (14:17) Download
– Larkin v. Johnson, 2023 BCCA 116
3. Correcting for Pension Over- and Under-Contributions (11:06) Download
– “Income Tax Act and Other Acts and Regulations and Explanatory Notes”, February 2022
– Budget Implementation Act, 2023, No. 1. – Income Tax Regulations
4. Ask-Me-Anything: Pensions Law (14:32) Download
? How do provincial and federal legislation differ concerning pension and benefit plans in Canada?
? How much say (if any) do employees have in the direction and strategy of their company’s pensions plan?
? Tell us about the role and responsibilities of pension plan administrators and their potential liabilities.
? What sorts of ADR mechanisms are typically used to resolve pensions-related disputes?
About the Guest:
Ross Gascho is a partner at Fasken, and head of the firm’s pensions and employee benefits practice.
He advises clients on all aspects of the implementation, administration, funding, communication, investment, governance and wind-up of pension, group benefit and profit-sharing plans. Working with administrators, financial institutions, plan sponsors and trustees, Ross advises on issues in federally and provincially regulated defined benefit and defined contribution plans across the private and public sectors, for both union and non-union employees.
Ross frequently assists employers who are redesigning their broad-based plans, both registered and unregistered, to better fit their business objectives. He also advises clients on pension and benefit issues in corporate transactions. Mr. Gascho is a member of numerous legal and pension organizations, including the National Policy Committee of the Association of Canadian Pension Management. He previously sat on advisory committees for federal and provincial pension regulators.