There is no question that Bill 176, An Act to amend the Act respecting labour standards, removes some flexibility in plan design going forward. That being said, there are still ways to structure plan design changes that will achieve the employer’s objectives without running afoul of the prohibition under Bill 176
The pace of pension reforms in Ontario has been fast-moving since the release of the Ontario Budget on March 28, 2018. Among other things, the Budget announced continued work on the new funding rules for defined benefit pension plans and related increases to coverage under the Pension Benefits Guarantee Fund, a consultation on a new funding framework for target benefit multi-employer pension plans, consultations regarding new protections for plan members affected by employer insolvencies, and continued work on the new pension and financial services regulator, the Financial Services Regulatory Authority.
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