The (Funding) Future is Here: Ontario Releases Pension Funding Reform Details

On December 14, 2017, the Ontario government published the long-awaited details to support the proposed reforms to funding rules for Ontario pension plans. The proposed regulations describe the amendments to the Pension Benefits Act Regulations that will, among other things: Alter solvency funding obligations, by reducing the solvency deficiency required to be funded (such that…

Extended Solvency Relief for Broader Public Sector Plans

On October 31, 2016, the Ontario government filed new regulations under the Pension Benefits Act (PBA) to implement additional solvency funding relief for certain broader public sector (BPS) plans. Subsequent solvency funding relief re stage two. Effective October 31, 2016, O. Reg. 350/16, amending O. Reg. 178/11 (Solvency Funding Relief For Certain Public Sector Pension…

Marshall Consultation Paper on Ontario Pension Solvency Funding Framework Released

Ontario registered defined benefit (DB) pension plans must be funded on the greater of a going concern or solvency basis, as we outlined in our recent FTR Now Ontario Pension Solvency Funding Framework Under Review. Due to the recent, yet prolonged, low-interest rate environment, most DB plans are in a deficit position on a solvency basis, requiring many employers to make large special payments to fund the deficits over a five-year period…

Pension Solvency Funding Relief Is Here…Again

INTRODUCTION On November 1, 2012, important amendments were made to the Pension Benefits Act Regulation 909 (the “Regulation”). The amendments extend the temporary solvency relief measures for eligible defined benefit pension plans and make housekeeping changes to the sections requiring defined benefit pension plans to file annual, rather than triennial, actuarial valuations. This FTR Now…

Ontario Budget – Highlights for Employers

On Tuesday, March 27, the Ontario Government introduced its 2012 Budget, which is entitled Strong Action for Ontario (the “Budget”). The Government also introduced Bill 55, the Strong Action for Ontario Act (Budget Measures), 2012 (“Bill 55”), omnibus legislation designed to implement a number of the proposals contained in the Budget. The Budget sets out…

Solvency Funding Relief Details for Broader Public Sector Released by Ontario Government

On February 10, 2011, the Ontario government released the Details of the Proposed Temporary Solvency Funding Relief for Certain Pension Plans in the Broader Public Sector (“BPS”) (the “Details”). The government previously announced that it would consider providing solvency funding relief for pension plans provided in respect of BPS employers in the university sector on…

Natasha Monkman Contribute to Benefits and Pensions Monitor

Hicks Morley’s Natasha Monkman wrote an article entitled “A Uniquely Canadian Approach to Solvency Funding Relief” that appeared in the October issue of Benefits and Pensions Monitor and is also included on the magazine’s website. The article discusses in detail the different approaches to solvency funding relief undertaken by the federal and provincial governments in…