The Government of Alberta has put two pieces of pension reform legislation on hold for the time being.
Bill 9, the Public Sector Pension Plans Amendment Act, and Bill 10, the Employment Pension (Private Sector) Plans Amendment Act have been referred to an all-party committee for additional consultation.
President of Treasury Board and Minister of Finance Doug Horner said he has heard concerns from stakeholders about some of the provisions in these pieces of legislation.
“Upon reflection, I believe the right course of action is to briefly hit the pause button and refer Bills 9 and 10 to the all-party Standing Committee on Alberta’s Economic Future for further consideration and comments,” he explained.
The provisions at issue in Bill 9 would have imposed changes to early retirement and indexation benefits for four of Alberta’s public-sector pension plans, according to a Blakes Bulletin.
The Bulletin also noted that the concerns with Bill 10 presumably relate to its provisions dealing with the ability to convert past-service defined benefits to target benefits as part of a plan conversion to the new target benefit structure permitted by the new act.
The standing committee is expected to report back to the legislature on its recommendations in the fall.
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