On December 12, 2019, British Columbia amended its Pension Benefits Standards Regulation to increase going concern funding requirements and reduce solvency funding requirements for provinciallyregulated defined benefit (DB) pension plans.
On September 6, 2017, Nova Scotia announced a consultation on defined benefit (DB) pension plan funding and other regulatory matters.
On June 29, 2017, the government of Ontario announced a target benefit framework for collectively bargained Ontario multi-employer pension plans (MEPPs).
On October 19, 2016, the federal government introduced Bill C-27, which will permit the establishment of target benefit plans (TBPs) by federally regulated employers, for both single and multi-employer pension plans.
Toronto Star: A ‘defined benefits’ pension plan offers significant advantages over the increasingly common ‘defined contribution’ plan.
In August 2016, the Financial Institutions Commission of British Columbia (FICOM) released Bulletin 16-006 titled “Clarification of Union Consent Requirement for Target Benefit Plan Conversions” (the “Bulletin”).
On March 15, 2016, the Financial Institutions Commission of British Columbia (FICOM) released Bulletin 16-001: Guideline for Converting Plans from Defined Benefit to Target Benefit (the “Bulletin”).
On July 24, 2015, the Ontario government released its consultation paper titled Regulatory Reform for Target Benefit Multi-Employer Pension Plans (“consultation paper”).
On April 23, 2015, the Ontario Government introduced its 2015 budget (the “Budget”).
On April 21, 2015, the Federal Government released its 2015 Economic Action Plan (the “Budget”). The Budget includes a number of announcements relating to retirement and benefit plans.