Regulation - LGIC
Exemption from Solvency Funding Requirements for the Toronto Transit Commission Pension Fund Society
Regulation Number(s):
Ontario Regulation 336/11
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
Ontario Regulation 336/11 was filed on July 21, 2011.
Further Information:
Ontario Regulation 336/11
Proposal Number:
11-MOF022
Posting Date:
September 8, 2011
Summary of Proposal:
Effective upon filing, this regulation provides the Toronto Transit Commission (TTC) Pension Fund Society with a solvency funding exemption.
The TTC Pension Fund Society has been converted to a jointly sponsored pension plan (JSPP) and will be treated the same as other JSPPs recently exempted from solvency funding requirements.
The Expert Commission on Pensions said pension plans with joint governance and risk sharing should be funded according to more flexible rules. Consistent with this recommendation, the government will consider a solvency exemption for new JSPPs in the future, subject to appropriate conditions on a case-by-case basis, such as the protection of accrued benefits.
The TTC Pension Fund Society has been converted to a jointly sponsored pension plan (JSPP) and will be treated the same as other JSPPs recently exempted from solvency funding requirements.
The Expert Commission on Pensions said pension plans with joint governance and risk sharing should be funded according to more flexible rules. Consistent with this recommendation, the government will consider a solvency exemption for new JSPPs in the future, subject to appropriate conditions on a case-by-case basis, such as the protection of accrued benefits.
Contact Address:
Pension Policy Branch
Office of Taxation, Agencies, and Pensions
Ministry of Finance
5th Floor Frost Building South
7 Queen's Park Crescent East
Toronto, ON M7A 1Y7
Office of Taxation, Agencies, and Pensions
Ministry of Finance
5th Floor Frost Building South
7 Queen's Park Crescent East
Toronto, ON M7A 1Y7
Effective Date:
July 21, 2011
Decision:
Approved