Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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OSFI Updates Instructions for Form 1 – Attestation Regarding Withdrawal Based on Financial Hardship
Jan 2, 2024, 06:00
by
Amanda Wilke
The Office of the Superintendent of Financial Institutions (OSFI) updated the instructions for Form 1 – Attestation Regarding Withdrawal Based on Financial Hardship to reflect the 2024 Year’s Maximum Pensionable Earnings (YMPE), which is the maximum amount of earnings on which contributions to the Canada Pension Plan (CPP) are based. It is updated annually by the federal government based on the average industrial wage in Canada. The YMPE for 2024 is $68,500. OSFI updated FAQ 2 (about the unlocking amount) to reflect the 2024 YMPE.
The financial hardship unlocking provisions of the Pension Benefit Standards Regulations, 1985 (PBSR) allow for funds to be withdrawn based on one of the following or a combination of both:
- Low income
- High medical or disability-related costs
A number of the unlocking provisions refer to the YMPE in determining whether funds can be unlocked and/or the amounts that can be unlocked. The figures found in Form 1 reflect the amounts for 2024 and are valid for withdrawals up to December 31, 2024.