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…
Tag: Pension Benefits Act
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.
Prior Approval for Commuted Value Transfers Now Required
Due to recent changes to the Regulations under the Ontario Pension Benefits Act, administrators of underfunded defined benefit pension plans registered in Ontario must in certain situations obtain the approval of the Superintendent of Financial Services of Ontario (the “Superintendent”) before transferring any part of the commuted value of a terminated member’s deferred pension or…
Ontario Government Announces Pension Funding Relief
Spurred on by the current economic unrest, the Ontario Government announced yesterday that it will introduce legislation in early 2009 to provide pension plans with solvency funding relief. Following on the heels of the release of the Report of the Expert Commission on Pensions, the proposed temporary solvency relief is intended to better ensure the…