In a quick follow-up to the measures announced in its 2017 Budget, and following consultations on pension solvency conducted in 2016, the Ontario government has announced proposed changes that will ease the burden on single-employer defined benefit pension plan sponsors.

On September 14, 2017, the Ontario Energy Board ("OEB") released its final report, Regulatory Treatment of Pension and Other Post-employment Benefits (OPEBs) Costs (EB-2015-0040) ("Report").

The Ontario Expert Commission on Pensions released its final report, entitled “A Fine Balance: Safe Pensions; Affordable Plans, Fair Rules” (the Report), which contains 142 recommendations to the Ontario government for "reforming and reinvigorating" the pension system in Ontario.

Effective November 1, 2012, Ontario has extended its solvency funding relief measures applicable to private sector pension plans.

Following up on its 2012 budget, the Ontario government announced that it will begin consultations on a new legislative framework for jointly sponsored public sector pension plans (JSPPs).

On May 19, 2017, the Ontario government announced that it is implementing a new funding framework for defined benefit pension plans, which includes:

The Ontario government has posted for public consultation a proposed exemption to the 10% rule which applies to investments of Ontario pension plans.

On August 11, 2015, the Ontario government released further details about the Ontario Retirement Pension Plan (ORPP) that will be relevant to employers with employees in Ontario.

On December 9, 2009, the Ontario government introduced legislation designed to enact a number of long-awaited pension reforms.

Earlier this week, the Ontario government announced that it would be making changes to its post-retirement benefit program in order to "bring the Ontario Public Service retiree benefits in line with other public sector organizations."

In a surprise statement buried in its recently released 2015 Ontario Economic Outlook and Fiscal Review, the Ontario government has announced that it intends to eliminate the "30% rule" from Ontario pension legislation.

On October 19, 2010, the Ontario government introduced the second stage of pension reform – Bill 120, The Securing Pension Benefits Now and for the Future Act, 2010. These pension reforms will build on the first phase of reforms which received Royal Assent on May 18, 2010, and were discussed in our June 2010 and December 2009 bulletins.

On April 15, 2012, several sections of the new Ontario Retirement Homes Act 2010 ("RHA") came into force.

Ontario's Superintendent of Financial Services has issued a Notice of Intended Decision that would require a company plan to count vacation pay ...

On July 31, 2017, OSFI published for comment a new draft guideline, titled: Derivatives Sound Practices for Federally Regulated Private Pension Plans (Draft Guideline).

The Canadian Association of Pension Supervisory Authorities released new Guideline #8 "Defined Contribution Pension Plans Guideline".

Recent Ontario pension reforms have created additional disclosure statement obligations that administrators should consider when they work with their third-party service providers to create annual, termination and death benefit statements.

Over the last couple of years, Canadian federal and provincial governments have expressed concern over declining pension coverage. They have responded by appointing expert commissions to study the matter, and by proposing possible solutions such as pooled registered pension plans and modest enhancements to the Canada Pension Plan.

The British Columbia government has introduced for First Reading a new Pension Benefits Standards Act (the PBSA), marking a long-anticipated major step towards comprehensive pension reform in the province and in neighbouring Alberta.

In September 2017, Nova Scotia's Department of Finance and Treasury Board announced that stakeholder input is being sought regarding potential permanent changes to the funding framework for defined benefit pension plans for Nova Scotia.