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On 1 January 2021, the Agreement on Pension Coverage of
Employees of the Eurasian Economic Union Member States, ratified by
the Republic of Kazakhstan on 7 December 2020 (hereinafter - Agreement ), entered into force.
The main purpose of the Agreement is formation of equal rights
in the field of pension coverage among citizens of the EAEU member
states. In other words, citizens of a member state of the EAEU
performing labour (civil) activity on the territory of the Republic
of Kazakhstan shall be entitled to the very same pension coverage
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In a recent case before the Ontario Superior Court of Justice,
the Court was once again faced with a question surrounding the
deductibility of collateral benefits in the motor vehicle accident
context.
1, which arose from a 2016 motor vehicle accident,
the defendants brought a motion pursuant to Rule 21.01(1)(a) of the
Rules of Civil Procedure for a determination of an issue
prior to trial, namely whether the plaintiff s disability
pension benefits were deductible from damages for income loss.
Benefits at Issue
The benefits at issue on the motion were disability pension
PENSION DEVELOPMENTS – WHAT S ON THE HORIZON IN
2021?
We look ahead at the developments we may see across the Irish
pensions sector later this year.
1. Culture Change Coming? The Pensions Authority s
Expectations of Trustees
We now understand that we will see legislation transposing IORP
II in the first half of 2021, and possibly during Q1. In
anticipation of this legislation, the Pensions Authority
(Authority) made a number of announcements late last year
highlighting what it expects of trustees once IORP II is
implemented, how it will supervise trustees, and what can be done
now by trustees to prepare for IORP II.
On 7 October 2020, the Authority published new information for
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On January 12, 2021, the Department of Labor (the DOL ) issued three pieces of guidance detailing the
DOL s view of what steps plan fiduciaries should take to locate
and distribute retirement benefits to missing or nonresponsive
participants ( missing participants ). The guidance is
largely consistent with positions taken by DOL in investigations.
The guidance provides DOL s views on what is best
practices in searching for missing participants and a glimpse
into DOL s enforcement process under its missing participant
initiative. However, the guidance does not establish the type of
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The Consolidated Appropriations Act, 2021 (Act), includes relief
under tax-qualified ERISA retirement plans with respect to plan
loans and withdrawals for certain natural disasters in 2020 through
February 25, 2021.
Disaster Relief. The
Act provides for disaster relief similar to the relief provided in
prior years to individuals impacted by natural disasters, such as
hurricanes and wildfires. The disaster relief applies to major
disasters (except any coronavirus-related disaster) declared during
the period beginning January 1, 2020, and ending on February 25,
2021, so long as the incident period applicable to the disaster