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ARTICLE · 25 SEPTEMBER 2019

Time-Sensitive & One-Time Opportunity To Fix Pension Plan Filings

Borden Ladner Gervais LLP
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Since January 1, 2018, the Ontario pension regulator has had the power to impose administrative monetary penalties (AMPs) of up to $25,000 for contraventions of the Ontario pension legislation

CanadaEmployment and HR
James Fu
James Fu
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Since January 1, 2018, the Ontario pension regulator has had the power to impose administrative monetary penalties (AMPs) of up to $25,000 for contraventions of the Ontario pension legislation. The regulator has granted a one-time opportunity, expiring on October 31, 2019, to administrators to make certain past-due filings to avoid the imposition of summary AMPs. Plan administrators should make good use of this time-limited opportunity.

The Stick — Administrative Monetary Penalties

There are two types of AMPs: general AMPs and summary AMPs. Summary AMPs apply to late regulatory filings.

Both types of AMPs are subject to a maximum of $10,000 for a contravention by an individual or $25,000 for a contravention by a person other than an individual.

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