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ARTICLE · 19 DECEMBER 2020

WSIB And OCEU Complete First-ever SEPP To JSPP Conversion In Canada

Osler, Hoskin & Harcourt LLP
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With current market conditions and a low interest rate environment creating sustainability-related concerns for sponsors of defined benefit ("DB") pension plans, the "de-risking" of pension plans

CanadaEmployment and HR
Olivia Suppa
Olivia Suppa
Paul Litner
Paul Litner
Jonathan Marin
Jonathan Marin
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With current market conditions and a low interest rate environment creating sustainability-related concerns for sponsors of defined benefit ("DB") pension plans, the "de-risking" of pension plans has been top of mind for many pension plan sponsors. For public sector pension plans sponsored by a single employer (and other prescribed plans) in Ontario, there is an opportunity to reduce cash flow and balance sheet volatility in respect of DB pension liabilities through converting into a jointly sponsored pension plan (a "JSPP").

On July 1, 2020, the  Workplace Safety and Insurance Board (the "WSIB") and the Ontario Compensation Employees Union ("OCEU") converted WSIB's $3.5-billion defined benefit, single employer pension plan ("SEPP") to a jointly sponsored pension plan that is now administered by a Board of Trustees.  

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