Government Introduces Draft Regulations Providing Relief for Registered Pension Plans

“The Government of Canada is taking immediate, significant and decisive action through Canada’s COVID-19 Economic Response Plan to support Canadians and protect jobs during the global COVID-19 outbreak.

Finance Minister Bill Morneau recently announced the release of draft regulations that would help employers who sponsor a Registered Pension Plan (RPP) or salary deferral leave plan for their employees to manage and maintain their benefit obligations through the crisis. It will also assure employees who participate in salary deferral leave plans that suspending their leave of absence (e.g., via a recall to essential-service work), or deferring their scheduled leave for up to one year, will not put their plan at risk.”

For more information on the Government of Canada’s latest Draft Regulations, click here.