Staff
Last week, the Government of Ontario released four proposals in respect of proposed amendments to Regulation 909 under the Pension Benefits Act (PBA) and is seeking comments from interested stakeholders, according to Hicks Morley’s FTR Now update.
The proposals relate to PBA reforms introduced or announced by the Ontario government over the past four years. The proposals include the following:
- requiring periodic statements to be provided to former members and retired members;
- new rules regarding statements of investment policies and procedures;
- permitting variable benefits to be paid directly from DC plans; and
- updating references to accounting standards in the regulations.
The government has invited interested stakeholders to provide comments on the proposals by June 16, 2014.
If adopted, Hicks Morley says these changes to the regulations, and corresponding proclamations under the PBA, will impact the ongoing administration of Ontario registered pension plans.