Supporting Regulations Proposed for Transfer Agreements under Section 80.1
The Ontario government has posted proposed content for Pension Benefits Act regulations for public review and commentary. These regulations are required before amendments to section 80.1 of that Act come into effect. Once proclaimed in force, section 80.1 of the Act will allow the administrators of certain public sector plans to negotiate agreements to give eligible employees an opportunity to consolidate their pension benefits in relation to past government-initiated restructurings.
The proposed supporting regulatory content (Transfer Agreements Under Section 80.1 of the Pension Benefits Act) elaborates on intended application, the temporary framework requirements and disclosure obligations.
Stakeholders and interested persons may comment by August 19, 2011 on this proposed content.