Human Resources Legislative Update
Pension Agreements With “Designated Jurisdictions,” Aggregate Funding of AbiBow Pension Plan Regulations Filed
Date: June 9, 2011
On June 3, 2011, the Ontario government filed two regulations under the Pension Benefits Act.
O. Reg. 195/11 amends General Regulation 909 by creating a new section, “Designated Jurisdictions and Agreements with Designated Jurisdictions”, and a Table listing multi-jurisdictional agreements entered into under section 100 of the Act, and the date on which the agreement comes into effect in Ontario. This regulation comes into force on July 1, 2011. As previously reported, Ontario has entered into one such agreement, effective July 1, 2011, with Quebec.
O. Reg. 196/11, “AbiBow Canada Inc. Pension Plans”, implements certain agreements involving Ontario, Quebec and AbiBow Canada Inc., relating to the Ontario pension plans listed in Schedule 1 and the Quebec pension plans listed in Schedule 2 to the regulation, providing for the aggregate funding of those plans. This regulation, which stems from Abitibi and Bowater’s filing under the Companies’ Creditors Arrangements Act, is now in force.