Human Resources Legislative Update
PBA Letters of Credit Amendment Proclaimed Into Force
Date: November 26, 2012
Section 3 of Schedule 44 to the Strong Action for Ontario Act (Budget Measures), 2012, has been proclaimed into force effective January 1, 2013.
This section repeals and replaces 55.2(12) of the Pension and Benefits Act to provide that section 55.2, Letters of Credit, will not apply with respect to a jointly sponsored pension plan or a multi-employer pension plan. As previously reported, section 55.2 will come into force on January 1, 2013.
For more information on the Strong Action for Ontario Act (Budget Measures), 2012, see our FTR Now of June 20, 2012, “Amended Ontario Budget Bill Passes.”