Ontario Government Announcement: Making Workplace Pension Plans More Sustainable
On May 19, 2017, Ontario’s Ministry of Finance announced its proposed new defined benefit (DB) pension plan funding framework as well other amendments to be made in a legislation to be introduced in the fall. It applies to single-employer DB plans, but not to multi-employer pension plans (MEPPs) and jointly sponsored pension plans (JSPPs). The government is not considering changes to funding rules for JSPPs at this time. We were also directly informed that the government intends to announce its proposed target benefit MEPP framework later this spring and release draft regulations for public consultation in fall 2017.
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