On November 26, 2015, the Ontario government released its 2015 Ontario Economic Outlook and Fiscal
Review (Economic Statement). The main features of the
Economic Statement as they relate to the retirement income system
are summarized below.
The Ontario government intends to
confirm that the ORPP minimum earnings threshold will be aligned
with the CPP's Year's Basic Exemption of C$3,500 for
eligible employees between the ages of 18 and 70
The initial board of the ORPP
Administration Corporation has been appointed
The Ontario government will release a
cost-benefit analysis of the ORPP by the end of 2015
SOLVENCY FUNDING RELIEF FOR DEFINED BENEFIT PLANS
The Economic Statement provides that the Ontario government will
initiate "on an expedited basis" a review of the current
solvency framework for private-sector sponsors of single-employer
defined benefit pension plans with a view to developing
The Ontario government also plans to extend temporary solvency
funding relief measures, which were provided in 2009 and 2012, for
an additional three years for valuation reports dated in the
three-year period starting on December 31, 2015. In the first
valuation report filed in the three-year period, the temporary
measures would provide sponsors with the following options:
Consolidating existing solvency
payment schedules into a new, longer five-year payment
Extending the solvency payment
schedule to a maximum of 10 years (from the current maximum of five
years) for any new solvency deficiency determined in the valuation
report in which relief is taken, subject to the consent of plan
ELIMINATION OF THE "30 PER CENT RULE" FOR PENSION
The Ontario government intends to eliminate the "30 per
cent rule" for pension fund investments, which restricts
Ontario pension funds, subject to certain exceptions, from owning
more than 30 per cent of the voting shares of a corporation. The
Ontario government intends to post a description of the proposed
regulation that would effect this change for consultation in early
POOLED REGISTERED PENSION PLANS
The Pooled Registered Pension Plans Act, 2015 received
royal assent earlier this year, but has not yet been proclaimed
into force. The Economic Statement provides that the Ontario
government is currently developing regulations.
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