Canadian Pension Reform—Ontario

Bills:

  • Bill 55, Strong Action for Ontario Act (Budget Measure) 2012
    March 27, 2012 First Reading
  • Bill 173, Better Tomorrow for Ontario Act  (Budget Measures) 2011
    May 11, 2011 Royal Assent
  • Bill 120, Securing Pension Benefits Now and in the Future Act 2010
    December 8, 2010 Royal Assent
    December 1, 2010 Reported as amended by the Committee on Finance
    October 19, 2010 First Reading
    The bill  will strengthen Ontario's pension funding rules by requiring more sustainable funding of promised benefits and stronger funding standards for benefit improvements;
    Provide a framework to permit more flexible funding rules for certain multi-employer pension plans and jointly sponsored pension plans; Clarify pension surplus rules and provide a dispute resolution process to allow members, retirees and sponsors to reach agreements on how surplus should be allocated on wind up; Provide a more sustainable Pension Benefits Guarantee Fund by implementing a strategy to build reserves, increase revenues, limit current exposure and reduce risk to taxpayers in the future; and
    Further strengthen regulatory oversight and improve plan administration.
  • Bill 236 Pension Benefits Amendments Act 2010
    On May 18, 2010, Ontario's pension reform legislation, Bill 236, received Royal Assent. The bill, the Pension Benefits Amendment Act, 2010, reforms the employment pension system, and clarifies and modernizes pension plan administration. Reform measures include: immediate vesting and locking-in, extension of grow-in benefits, better access to pension plan information, and phased retirement options. The bill was originally proposed in December 2009.

Government Resources:

Analysis: