Human Resources Legislative Update
Alberta Passes PRPP Legislation
Date: June 4, 2013
On May 7, 2013, Bill 18, Pooled Registered Pension Plans Act,passed Third Reading in the Legislative Assembly of Alberta and received Royal Assent on May 27, 2013. Bill 18 authorizes pooled registered pension plans (“PRPPs”) to be made available to eligible employees and self-employed persons in Alberta and sets out the legal framework for the establishment, administration and operation of those PRPPs. Subject to the legislation and any supporting regulations, the requirements set out in the federal Pooled Registered Pension Plans Act (“Federal Act”) will apply, with necessary modifications, to the Alberta PRPPs.
Bill 18 will come into force upon proclamation.
As previously reported, the Federal Act came into force on December 14, 2012.
For information regarding the PRPPs, see our prior blog posts.