Pension Reform Bill Ordered for Third Reading Under Accelerated Schedule
In accordance with the terms of a special time allocation motion that was passed on November 3, 2010, Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, was reported to the House as amended by the Standing Committee on Finance and Economic Affairs and ordered for Third Reading on December 1, 2010.
The Bill is expected to be debated at Third Reading on December 2, 2010, and to pass shortly thereafter.
As previously reported, Bill 120 builds on the first phase of Ontario pension reform outlined in Bill 236, the Pension Benefits Amendment Act, 2009, which was passed earlier this year. The reforms contained in Bill 120 encompass a range of significant pension issues, including changes to the types of permissible benefits and pension plans, as well as changes to surplus entitlement and withdrawal rules, plan administration matters, regulatory oversight, and Pension Benefits Guarantee Fund (“PBGF”) coverage.
For more detailed information about the Bill, please read our FTR Now of October 29, 2010, "Ontario Introduces Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010".