Proposal
Ontario's Proposed Funding Rules for Multi-Employer Pension Plans that Offer Target Benefits: Description of Proposed Regulations
Regulation Number(s):
New
Instrument Type:
Proposal
Bill or Act:
Pension Benefits Act
Summary of Proposal:
The posted document provides a description of proposed regulations relating to the funding framework for eligible multi-employer pension plans that provide target benefits announced by the government on June 29, 2017.
Included in the document are descriptions of the new going concern rules, including how the provision for adverse deviations will be determined and applied; funding rules for benefit improvements; the contribution sufficiency test; the new basis for determining commuted value payments and transition rules.
Other matters related to the target benefit framework, including funding and governance policies, eligibility requirements, process to reduce accrued benefits and conversion rules will appear in subsequent postings.
Included in the document are descriptions of the new going concern rules, including how the provision for adverse deviations will be determined and applied; funding rules for benefit improvements; the contribution sufficiency test; the new basis for determining commuted value payments and transition rules.
Other matters related to the target benefit framework, including funding and governance policies, eligibility requirements, process to reduce accrued benefits and conversion rules will appear in subsequent postings.
Further Information:
Description of Proposed Target Benefit Funding Rules
(Download Adobe Reader)
Pension Benefits Act
Regulation 909
News Release: Taking Further Action to Protect Retirement Security
Proposal Number:
18-MOF014
Posting Date:
April 4, 2018
Comments Due Date:
May 4, 2018
Contact Address:
Target Benefit Funding Framework
Pension Policy Branch
Ministry of Finance
5th Floor, Frost Bldg S.
7 Queen's Park Crescent
Toronto, ON M7A 1Y7
Pension Policy Branch
Ministry of Finance
5th Floor, Frost Bldg S.
7 Queen's Park Crescent
Toronto, ON M7A 1Y7