The Ontario government filed regulatory amendments extending temporary solvency relief another five years for specified Ontario multi-employer pension plans (“SOMEPPs”). O. Reg. 203/12 amends sections 6.01(2), 6.0.3(2) and 6.04(1)(b) of General Regulation 909 to extend the solvency funding relief to valuations dated on or before August 31, 2017, and is now in force. We anticipate…
Tag: Pension Benefits Act
Ontario Files BPS Solvency Funding Relief, JSPP Funding Rules and Filing of Actuarial Valuations Regulation
On June 22, 2012, the Ontario government filed O. Reg 164/12 made under the Pension Benefits Act, amending Regulation 909 (General). Generally speaking, plan administrators are required to file actuarial valuations within nine months from the date of the valuation. O. Reg 164/12 provides an extension to the window for filing actuarial valuations in accordance…
Implementation of Key Ontario Pension Reform Measures is Imminent
On April 30, 2012 and May 3, 2012, the Ontario Ministry of Finance issued two separate draft regulations that propose changes to the general Regulation 909 under the Ontario Pension Benefits Act (the “PBA Regulations”). Together, these two draft regulations are referred to in this FTR Now as the “Draft Regulations.” As discussed in our…
Ontario Releases Proposed Grow-In Benefit Regulations
Further to the release of pension reform proposals, on Thursday, May 3, 2012 the Ontario government published additional draft amendments to General regulation 909 under the Pension Benefits Act (“Act”). As anticipated, the draft regulations prescribe additional “activating events” or circumstances that would trigger grow-in benefits for the purpose of s. 74(1), paragraph 3 of…
Long-Awaited Grow-In, Regulatory Pension Reforms Released
On Monday, April 30, 2012, the Ontario Ministry of Finance published long-awaited, proposed regulatory amendments under the Pension Benefits Act (“Act”), including additional, proposed prescribed “activating events” for the purposes of grow-in benefits that come into force on July 1, 2012, for public commentary.
Regulation Proposed To Extend Filing Deadlines of Public Sector, BPS Pension Plans
The Ontario government has proposed an amendment to Regulation 909 made under the Pension Benefits Act, Filing Extension for Certain Pension Plans in the Public Sector and Broader Public Sector. This regulation would extend the timeframe for these pension plans to file their actuarial valuation reports and extend the time for the commencement of special…
Enhanced Disclosures in Pension Plan Annual Statements
Under the Ontario Pension Benefits Act (“PBA”) pension plan administrators are required to provide annual statements to active plan members within six months of the plan year-end. With many plans having a December 30 or 31 year-end, a large number of administrators are now in the process of preparing statements for 2011. The PBA Regulations…
Supporting Regulations Proposed for Transfer Agreements under Section 80.1
The Ontario government has posted proposed content for Pension Benefits Act regulations for public review and commentary. These regulations are required before amendments to section 80.1 of that Act come into effect. Once proclaimed in force, section 80.1 of the Act will allow the administrators of certain public sector plans to negotiate agreements to give…
Bill 133 Regulations (Asset Division on Marriage Breakdown) Filed Under Pension Benefits Act
On June 24, 2011, the Ontario government filed long-anticipated regulations in support of amendments to the Pension Benefits Act effected by Bill 133, the Family Statute Law Amendment Act, 2009. O. Reg. 287/11 (Family Law Matters) follows the previously reported March 2011 release of draft regulations and a related Consultation Paper, and reflects that consultation…
Pension Agreements With “Designated Jurisdictions,” Aggregate Funding of AbiBow Pension Plan Regulations Filed
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…