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Ontario announces new Solvency Funding Framework

Ontario announces new Solvency Funding Framework

May 25, 2017

On May 19, 2017, the Ontario government announced a new defined benefit (“DB”) pension plan funding framework and expanded coverage under the Pension Benefits Guarantee Fund (“PBGF”).

In addition, the government announced a number of related measures, such as providing for extinguishing legal liability upon buy-out annuity purchase and restrictions on benefit improvements and contribution holidays. Finally, the government promised interim measures to assist DB plan sponsors who are required to file valuation reports dated between December 31, 2016 and December 31, 2017.

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