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…
Tag: Pension Benefits Act
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…
Pension Benefits Act JSPP Amendments Come Into Force June 1, 2011
June 1, 2011 has been named as the day on which subsections 1 (9) and 3 (3) and section 16 of Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, come into force. These provisions relate to the recently reported filing of O. Reg. 177/11, and specifically, the change affecting jointly-sponsored…
Ontario Pension Funding and JSPP Regulations Released
On May 20, 2011, the Ontario government filed amendments to the Pension Benefits Act Regulations (“Regulations”) that implement the first of many anticipated regulatory measures stemming from “Phase II” of Ontario’s pension reform initiative. The amendments outlined in O. Reg. 177/11 are in support of earlier amendments to the Pension Benefits Act made by Bill…
Ontario Files New JSPP and Phase II Funding Pension Regulations, BPS Solvency Funding Relief Regulations
On May 20, 2011, the Ontario government filed two new regulations under the Pension Benefits Act. O. Reg. 177/11 contains several amendments to the Pension Benefits Act General Regulation 909 (“Regulations”) relating to measures first introduced by the government when it tabled Bill 120, Securing Pension Benefits Now and for the Future Act, 2010, which…
Deviation From Prescribed Waiver Form Proves Costly
In the administration of a pension plan, there are a number of situations which call for the use of prescribed forms. These forms often require decisions to be made that can affect the pension plan entitlements of members and other plan beneficiaries. Sometimes, in an effort to adapt and/or make the prescribed forms more readable…
Ontario Budget 2011 – Highlights for Employers
INTRODUCTION On March 29, 2011, the Honourable Dwight Duncan, Ontario’s Minister of Finance, tabled the government’s 2011 Budget, “Turning the Corner to a Better Tomorrow”, before the Legislature and simultaneously introduced omnibus legislation amending a variety of statutes to implement some of these initiatives through Bill 173, the Better Tomorrow for Ontario Act (Budget Measures),…
Pension Benefits Act Regulations
On March 25, 2011, the Ontario government filed two regulations amending General Regulation 909 under the Pension Benefits Act: O. Reg. 84/11, dealing with the deadlines for solvency valuations and related payments for certain plans in the public sector and broader public sector; and O. Reg. 85/11, providing for the adoption of the federal investment…
Draft Pension Regulations (Asset Division on Marriage Breakdown) Posted for Public Comment
On March 3, 2011, the Ontario government posted draft regulations under Bill 133, the Family Statute Law Amendment Act, 2009, and a related Consultation Paper for public review and comment. Among other family law-related matters, Bill 133 amends the Pension Benefits Act and creates new rules governing both: (1) the valuation of pension assets by…