On July 14, 2014, the Ontario government reintroduced its budget that it had originally tabled on May 1, 2014, which lists a number of key pensions-related matters, including the introduction of the Ontario Registered Pension Plan that supplements the Canada Pension Plan; a legislative framework for Pooled Registered Pension Plans; consultation on target benefit plans; reforms for defined benefit pension plans with respect to funding rules; voluntary pooling of assets for public entities; and legislative amendments that would create regulatory authority to prescribe requirements for conversions to jointly sponsored pension plans. For a detailed discussion of these provisions, please see our May 2014 Blakes Bulletin: Ontario Government’s 2014 Budget Provisions Affecting Pensions
To implement certain aspects of the 2014 budget, the Ontario government has introduced Bill 14, Building Opportunity and Securing Our Future Act (Budget Measures), which includes amendments to the Pension Benefits Act (Ontario) as follows:
- Amendments that were previously included in what was Bill 194 of the last session of the Ontario assembly, which was introduced to implement certain aspects of the 2014 budget on May 1, 2014, in respect of conversions to jointly sponsored pension plans.
- Amendments that were previously included in what was Bill 151 of the last session of the Ontario assembly, which provided for amendments clarifying spousal entitlements to pre- and post-retirement death benefits in response to the Ontario Court of Appeal decision in Carrigan v. Carrigan Estate, and technical amendments to section 80.1 that – according to a Ministry of Finance background information document – would make changes to help people affected by split pensions resulting from past government divestments. For a more detailed discussion of Bill 151, please see our December 2013 Blakes Bulletin: Ontario Government Releases Legislation Amending Pension Benefits Act.