Ontario Proclaims July 1 For PBA Amendments To Come Into Force

Author:Mr R. Andrew Harrison and James Fu
Profession:Borden Ladner Gervais LLP

July 1, 2012 has been proclaimed as the date on which the following legislative provisions, among others, will come into force:

immediate vesting of pension benefits; payment or "unlocking" of small amounts; extension of grow-in benefits to all eligible employees whose employment is terminated by the employer on or after July 1, 2012, other than for specified reasons; permitting plan administrators to use electronic means to send notices, statements and other records to specified persons with the recipient's consent; and elimination of partial plan wind-ups. These legislative changes will have an impact on the design and...

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