Human Resources Legislative Update
Solvency Funding Relief Proposal for Public Sector and BPS Pension Plans Released
Date: February 11, 2011
On February 10, 2011, the Ontario government released its proposed details regarding solvency funding relief for the public sector and broader public sector (“BPS”).
The government first announced that it would consider providing solvency funding relief for university pension plans on August 5, 2010 (which was consistent with the 2010 Budget announcement that solvency funding relief may be provided to BPS employers). The goal of the solvency funding relief is to support sustainable public sector and BPS defined benefit or hybrid pension plans, including Ontario university pension plans.