The Segal Group summarizes and analyzes important compliance news affecting pension plans in a publication called Briefing.Ontario’s Ministry of Finance has filed regulations that formalize a new funding framework for defined benefit pension plans. The framework, which came into force on May 1, 2018, introduces:
In general, the regulations are in line with what was proposed in December 2017. However, there are notable changes to the rules regarding benefit improvements.Our latest Briefing presents an overview of the changes, which apply to all pension plans except target benefit multi-employer pension plans (TB MEPPs). The proposed funding framework that will apply to TB MEPPs is currently in consultation.
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