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ARTICLE · 28 MARCH 2023

Ontario Initiates Consultation On Permanent Framework For Target Benefit Pension Plans

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As promised in the 2022 Budget, the Ontario Ministry of Finance has launched consultations on proposed regulations for Ontario's Pension Benefits Act (PBA) to implement a permanent target...

CanadaEmployment and HR
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As promised in the 2022 Budget, the Ontario Ministry of Finance has launched consultations on proposed regulations for Ontario's Pension Benefits Act (PBA) to implement a permanent target benefit framework for pension plans in Ontario. The framework will replace temporary solvency funding regulations for eligible Multi-Employer Pension Plans (MEPPs) that are able to reduce accrued benefits. The temporary regulations, which are set to expire in 2024, were intended to be in place only until a permanent and comprehensive legislative and regulatory framework was developed. The government's consultation on proposed regulations will be of particular interest to eligible MEPPs that have previously obtained or wish to gain access to solvency funding relief.

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