The Jobs, Growth and Long-Term Prosperity Act was passed by the federal government in 2012, which includes changes that will affect long-term disability (“LTD”) plans provided by federally-regulated employers. This will impact employers in the banking, marine, transportation, telecommunication and other federally regulated industries.
Specifically, it amends the Canada Labour Code (“Code”) to require every federally-regulated employer that provides an LTD plan to its employees to insure the plan with a provincially licensed insurer. Subject to any exceptions in the regulations, this requirement will also apply to health and welfare trusts that provide LTD benefits to employees in federally regulated sectors. These new provisions will come into force on July 1, 2014.
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