Bill 236 explained in plain English
Pension Benefits Amendment Act, 2010
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 39th Parliament, 2nd Session. Representative vote breakdowns appear when the Assembly publishes an Ayes and Nays page for the bill.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
Bill 236 amends the Pension Benefits Act to modernize rules for pension plans, including benefits for members, asset transfers, and plan administration.
This bill amends the Pension Benefits Act to update various rules related to pension plans. Key changes include introducing the concept of a 'retired member', updating rules for beneficiaries, clarifying rules for asset transfers between pension plans, and modifying procedures for partial wind-ups of pension plans. The bill also includes provisions for phased retirement options, surplus sharing agreements, and electronic delivery of information. Some amendments will come into force on specific dates, such as July 1, 2012, and July 1, 2015.
- Amends the Pension Benefits Act to modernize rules for pension plans.
- Introduces the concept of a 'retired member' and updates terminology throughout the Act.
- Modifies provisions related to member benefits, including vesting, small payment thresholds, and phased retirement options.
- Updates rules for asset transfers between pension plans, including mergers, splits, and transfers related to business sales.
- Introduces new rules and transition provisions for partial wind-ups of pension plans.
- Amends rules concerning surplus-sharing agreements between employers and plan members.
- Updates provisions related to plan administration, record-keeping, and disclosure.
- Clarifies the powers of the Superintendent concerning plan registration, approvals, and orders.
- Introduces new provisions for asset transfers related to business sales and changes in union representation.
- Updates rules concerning employer contributions, solvency, and the Guarantee Fund.
- Members of pension plans.
- Former members of pension plans.
- Retired members of pension plans.
- Spouses and beneficiaries of pension plan members.
- Pension plan administrators.
- Employers.
- The Superintendent of Financial Services.
- Trade unions representing plan members.
- Businesses undergoing sale or restructuring.
- Individuals involved in insolvency or bankruptcy proceedings.
- Individuals receiving pension benefits or entitled to them.
- Members have a right to immediate vesting of all pension benefits.
- Pension plans must provide for gradual and uniform accrual of pension benefits.
- Administrators must provide certain information to members and beneficiaries.
- Members may elect to participate in a phased retirement option under certain conditions.
- Rules are updated for asset transfers between pension plans, requiring protection of the commuted value of benefits.
- Members may have rights to surplus sharing in certain circumstances.
- Administrators are obligated to retain records for prescribed periods.
- New notice requirements are introduced for pension plan amendments.
- Provisions are made for the distribution of assets during partial wind-ups.
- The Superintendent has the authority to approve agreements related to insolvencies and bankruptcies.
- Employers and members may enter into surplus-sharing agreements.
- Restrictions on transfers of assets between pension plans are outlined.
- This Act comes into force on the day it receives Royal Assent (May 18, 2010).
- Certain provisions come into force on a day to be named by proclamation of the Lieutenant Governor.
- Section 57 comes into force on July 1, 2012.
- Subsections 8 (3), 15 (3), 65 (2) and 66 (2) come into force on July 1, 2015.
- Amendments related to 'grow-in' benefits for employer-terminated employment take effect on July 1, 2012.
- The repeal of provisions for partial wind-ups is scheduled for a date to be proclaimed.
- Transitional provisions for partial wind-ups are repealed at a later date.
- Section 80.1 (Transfers upon a change of trade unions, MEPPs) is repealed on July 1, 2015.
- The bill updates definitions and rules for registered retirement savings arrangements, which may have tax implications.
- Provisions for surplus sharing agreements and the payment of surplus to employers could impact the financial distribution of pension plan assets.
- Rules regarding asset transfers between pension plans and the valuation of assets may affect the financial management of these plans.
- The bill clarifies requirements for pension plan funding and solvency, which could have financial implications for employers and plan sponsors.
- The Superintendent has powers to make orders requiring administrators or other persons to take or refrain from taking actions if a pension plan is not administered in accordance with the Act, regulations, or the plan itself.
- The Superintendent can order the preparation of reports and specify assumptions or methods to be used.
- The Superintendent can order the return of assets transferred in contravention of the Act.
- Decisions by the Superintendent under Section 81.1 are final and not subject to appeal.
- The exact timing for the coming into force of certain provisions is dependent on proclamation by the Lieutenant Governor.
- The Superintendent has discretion in approving agreements and issuing orders, based on opinions formed under reasonable and probable grounds or when certain prescribed circumstances occur.
- The specifics of certain requirements, such as those for 'grow-in' benefits and surplus-sharing agreements, may be further detailed in regulations.
- The effectiveness of some amendments is subject to prescribed conditions and periods.
The bill amends various sections of the Pension Benefits Act to modernize pension plan rules, including definitions, member benefits, asset transfers, plan wind-ups, and administrative procedures.
Source: Throughout the bill
References and definitions within the Pension Benefits Act are updated to align with the Income Tax Act (Canada) regarding registered retirement savings arrangements and limits for transfers.
Source: Sections 1 (6), 39 (4.1), 44 (7), 48 (8.1), 50 (3), 63 (9), 79.2 (8), 80.1 (8)
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textProcess Snapshot
Vote Summary
This bill does not have a published recorded division in the current official sources, so representative-by-representative vote counts are not shown.
No published representative vote breakdown
The current official sources do not publish a recorded division breakdown for this bill, so there is no representative-by-representative table to show.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced