Human Resources Legislative Update - Legislative Developments in Human Resources Law

On February 10, 2011, the Ontario government released its proposed details regarding solvency funding relief for the public sector and broader public sector (“BPS”).

The government first announced that it would consider providing solvency funding relief for university pension plans on August 5, 2010 (which was consistent with the 2010 Budget announcement that solvency funding relief may be provided to BPS employers). The goal of the solvency funding relief is to support sustainable public sector and BPS defined benefit or hybrid pension plans, including Ontario university pension plans.

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On August 5, 2010, the Ontario government announced that it will provide universities with temporary solvency funding relief.

The temporary funding relief will be provided through two stages: a temporary period during which each university must develop a sustainability plan for its pension plans and, if the sustainability plan is acceptable to the government, an extended amortization period for funding their solvency deficiencies. 

Amendments to the Pension Benefits Act regulations will be required in order to give effect to the promised relief.

More information regarding the announcement is available on our website.

On May 14, 2010, the Ontario government filed O. Reg. 169/10, amending Regulation 34/03 (General) under the Ontario Colleges of Applied Arts and Technology Act, 2002. In part, the amendments provide a new method for appointing members of a board of governors after October 1, 2010, and the terms of the office.