On November 3, 2010, the Ontario government passed a special time allocation motion setting out an accelerated timetable for the full consideration and debate of Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, by December 2, 2010.

In accordance with the language of the motion, Bill 120 was passed at Second Reading on November 4, 2010 without further debate and referred to the Standing Committee on Finance and Economic Affairs. The Committee is authorized to meet briefly for two days of public hearings on November 17 and 24, 2010. The Committee will then undertake a clause-by-clause review of the Bill on December 1, 2010.

The terms of the motion require the Committee to report the Bill to the House as amended no later than December 2, 2010. On that date, the Bill may be ordered for Third Reading, with no more than one (1) hour of debate. It is therefore likely to pass in early December.

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".