Human Resources Legislative Update
Ontario’s Pension Reform Legislation Receives Royal Assent
Date: May 18, 2010
On May 18, 2010, Bill 236, the Pension Benefits Amendment Act, 2010 received Royal Assent. A number of the Bill 236 amendments are now in force, while others will come into force later this year. Supporting regulations are also expected to be introduced. As previously reported, Bill 236 carried at Third Reading on May 5, 2010 after being reported as amended by the Standing Committee on Finance and Economic Affairs, following a series of amendments.
Our FTR Now of December 15, 2009 provides a summary of this significant new legislation, which followed on the heels of the Report of the Ontario Expert Commission on Pensions, and marks the beginning of a multi-stage pension reform process designed to modernize Ontario’s pension system. The second stage of the modernization process is slated to be introduced later in 2010, and is anticipated to include changes applicable to the funding and investment of pension plans.
Our most recent Bill 236 FTR Now of May 19, 2010 provides a roadmap of actions that now need to be taken by plan administrators and sponsors.