Copyright 2010, Blake, Cassels & Graydon LLP
Originally published in Blakes Bulletin on Pension & Employee Benefits, Occtober 2010
On October 19, 2010, the Ontario government introduced the second stage of pension reform – Bill 120,The Securing Pension Benefits Now and for the Future Act, 2010. These pension reforms will build on the first phase of reforms which received Royal Assent on May 18, 2010, and were discussed in our June 2010 and December 2009 bulletins.
Bill 120 introduces many of the reform initiatives announced by the Minister of Finance in his August 24, 2010 Press Release and the accompanying Technical Backgrounder which were discussed in our August 2010 bulletin.
Bill 120 also introduces some new matters not covered in the August 24, 2010 Press Release and Technical Backgrounder, including a basic statutory framework for target defined benefit (DB) pension plans.
We are reviewing and assessing the legislation and will be preparing a Blakes Bulletin containing a more detailed update on Bill 120 after our October 27th seminar and following discussions with the Ontario government
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.