Bill 10: Alberta Employment Pension Plans Act Introduced In Alberta Legislature

On October 25, 2012, Bill 10, the Employment Pension Plans Act, was introduced in the Alberta Legislature.

As noted in the Backgrounder that was released with Bill 10, the highlights of the proposed changes to the existing legislation include:

• Harmonized pension rules between Alberta and British Columbia
• Increased flexibility in pension standards
• Extended timelines for addressing funding shortfalls
• Greater clarity surrounding the roles and responsibilities of those charged with the management of pension plans
• Introduction of standards for two new types of plans: target benefit plans and jointly sponsored plans
• Increased focus on disclosure
• Changed vesting requirements from two years of plan membership to immediate