ELECTRONIC BENEFICIARY DESIGNATIONS
Ontario Amends Pension Legislation
On May 12, the Ontario government passed legislation to help people conduct business while practising physical distancing. Included in the package of reforms were amendments advocated by the IIAC permitting the electronic designation of a beneficiary for Retirement Savings Plans, Retirement Income Funds, Locked-in Retirement Accounts, Life Income Funds, and Tax-Free Savings Accounts. This will facilitate plan administration and enable firms to better serve clients who transact electronically.
For additional information, please contact Jack Rando.