On February 10, 2011, the Ontario government released its proposed details regarding solvency funding relief for the public sector and broader public sector (“BPS”). The government first announced that it would consider providing solvency funding relief for university pension plans on August 5, 2010 (which was consistent with the 2010 Budget announcement that solvency funding…
Tag: Pension Benefits Act
Pension Reform Bill Ordered for Third Reading Under Accelerated Schedule
In accordance with the terms of a special time allocation motion that was passed on November 3, 2010, Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, was reported to the House as amended by the Standing Committee on Finance and Economic Affairs and ordered for Third Reading on December 1,…
Pension Reform Bill Referred to Committee Under Accelerated Schedule for Consideration and Debate
On November 3, 2010, the Ontario government passed a special time allocation motion setting out an accelerated timetable for the full consideration and debate of Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, by December 2, 2010.
Ontario Introduces Further Pension Reforms
On October 19, 2010, the Ontario government introduced Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010. As previously reported, these pension reforms will build on the first phase of reforms which were passed earlier this year.
Technical Pension Amendments Proclaimed In Force on October 1, 2010
On October 1, 2010, amendments to the Pension Benefits Act and Financial Services Commission of Ontario Act, 1997, set out in Bill 16, the Foundation for Jobs and Growth Act, 2010, will come into force. These Bill 16 amendments permit the Ontario government and the pension regulator to enter into agreements with other designated provincial…
New General Pension Regulation Amendments Filed
On September 8, 2010, the Ontario government published O. Reg. 342/10 (General) under the Pension Benefits Act, amending Reg. 909 of R.R.O. 1990. The amendments authorize the Ontario government and the pension regulator to enter into reciprocal agreements with designated jurisdictions providing for the orderly regulation of multi-jurisdictional pension plans. O. Reg. 342/10 will come…
Ontario to Introduce Phase II Pension Reforms
On August 24, 2010, the Ontario government announced that further pension reforms to be tabled this fall will address almost 40 recommendations made by the Expert Commission on Pensions. The announcement indicates that this “broad package of pension reforms” will include: modifications to the funding requirements for multi-employer pension plans and jointly sponsored pension plans,…
Ontario Announces Pension Funding Relief for University Sector
On August 5, 2010, the Ontario government announced that it will provide universities with temporary solvency funding relief. The temporary funding relief will be provided through two stages: a temporary period during which each university must develop a sustainability plan for its pension plans and, if the sustainability plan is acceptable to the government, an…
Ontario’s Pension Reform Legislation Receives Royal Assent
On May 18, 2010, Bill 236, the Pension Benefits Amendment Act, 2010 received Royal Assent. A number of the Bill 236 amendments are now in force, while others will come into force later this year. Supporting regulations are also expected to be introduced. As previously reported, Bill 236 carried at Third Reading on May 5,…
Ontario Passes New Pension Reform Legislation
On May 5, 2010, Bill 236, the Pension Benefits Amendment Act, 2010 carried at Third Reading, and is expected to receive Royal Assent. Bill 236 was reported as amended by the Standing Committee on Finance and Economic Affairs on April 19, 2010.