Ontario introduces new rules to strengthen pensions
Reforms aim to beef up defined-benefit funds.
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The Ontario government is bringing in new rules meant to strengthen defined-benefit pension plans, according to BenefitsCanada.com. The new regulations, which will be introduced in the fall, include tougher funding standards and a dispute resolution mechanism for determining if employees or employers own any surplus funds.
The reforms are also intended to strengthen Ontario’s Pension Benefits Guarantee Fund by increasing its funding and reserves.
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