FTR Now on Significant Reforms to Pension and Employment-Related Statutes Mentioned in Benefits and Pensions Monitor
An FTR Now written by Hicks Morley’s Natasha D. Monkman, Alyson M. Frankie, Paul A. Migicovsky, Paul E. Broad, Tierney Read Grieve was mentioned in the November 26, 2018 Benefits and Pensions Monitor Daily News Alert. The alert emphasizes the implementation of variable benefits accounts described in the FTR Now titled “The Outlook is More Change: Ontario Proposes Significant Reforms to Pension and Employment-Related Statutes.“
Steps were taken earlier this year towards implementing the option for defined contribution pension plans to offer variable benefit accounts. These would permit retired members to receive benefits directly from a plan. It would also modify the unproclaimed variable benefit provisions to allow a retired member to transfer up to 50% of the amount transferred to a variable account to a registered retirement savings arrangement, when certain requirements are met.