Category: Plan Restructuring
The B.C. Superintendent of Pensions recently extended the deadline for filing amendments with respect to the PBSA and Regulation to March 31, 2016. Similarly, the deadline for having a funding policy (benefit formula provisions), a participation agreement (non-collectively bargained multi- employer plans), and a governance policy in place was also extended to March 31, 2016. [Note: Notwithstanding this extension, plans were to have been administered in accordance with the new PBSA and Regulations as of September 30, 2015.]
In this post, I review the most significant changes to the PBSA and the Regulations.
The Ontario government passed Bill 144, An Act to implement Budget measures and to enact or amend certain other statutes, on December 10, 2015. The Bill includes the following amendments to the asset transfer provisions of the Pension Benefits Act (PBA) in relation to multi-employer pension plans (MEPPs).
Effective November 1, 2015, the Ontario government filed Regulations 311/15 and 312/15 and proclaimed into force amendments to the Pension Benefits Act (PBA) permitting a broader public sector employer-sponsored single employer pension plan (SEPP) to either transfer or merge into a new or an existing jointly sponsored pension plan (JSPP) (s. 80.4), or convert to a JSPP through plan amendments (s. 81.0.1), if specified conditions are met.