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ARTICLE · 19 APRIL 2024

Ontario Introduces Amendments To Support A Permanent Framework For Target Benefit Pension Plans

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On March 26, 2024, the Ontario government published their 2024 Budget, in which it was announced that draft regulations to Ontario's Pension Benefits Act (PBA)...

CanadaEmployment and HR
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On March 26, 2024, the Ontario government published their 2024 Budget, in which it was announced that draft regulations to Ontario's Pension Benefits Act (PBA) would be introduced for review in the summer of 2024, with the intention of implementing a permanent target benefit framework to the PBA effective January 1, 2025. This follows an industry consultation, discussed in our previous blog, Ontario Initiates Consultation on Permanent Framework for Target Benefit Pension Plans, which the Ontario Ministry of Finance had initiated with the aim of replacing existing temporary solvency funding regulations for multi-employer pension plans (MEPPs) that are able to reduce accrued benefits.

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