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ARTICLE · 02 JUNE 2011

Ontario Makes Changes To Pension Funding Requirements

Osler, Hoskin & Harcourt LLP
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The Ontario government recently filed regulations under the "Pension Benefits Act" (the PBA), which implement funding changes for jointly sponsored pension plans (JSPPs) and certain public sector plans, as well as more general changes applicable to all defined benefit (DB) plans.

CanadaEmployment and HR
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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The Ontario government recently filed regulations under the Pension Benefits Act (the PBA), which implement funding changes for jointly sponsored pension plans (JSPPs) and certain public sector plans, as well as more general changes applicable to all defined benefit (DB) plans.

Regulation 177/11 follows up on the Bill 120 amendments to the PBA with related amendments to the PBA regulations, including:

  • JSPPs that existed on August 24, 2010 (as listed in the regulations) are exempt from solvency funding requirements. However, JSPPs will still be required to determine solvency deficiencies using the method set out in the amendments, and a valuation report will have to be filed if a plan amendment changes the amount of the solvency deficiency.

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