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New Pension Laws

Pensions—New Laws

Oct. was a busy month for pension legislation and regulation:

  • Filing of new Regulation O. Reg. 313/15 which changes solvency funding relief rules for public sector plans (effective Jan. 1, 2016)
  • Proclamation of Pension Benefits Act changes letting a SEPP (public sector employer-sponsored single employer pension plan) to merge or convert into a JSPP (jointly sponsored pension plan)
  • Proposed amendments to Regulations that would bring commuted value calculation requirements for pensions into line with current actuarial standards.

Pensions—Guidance

 New guidance issued by FSCO:

Pensions—Statistics

 According to FSCO’s DB funding report for the third quarter, as of Sept. 30, 2015:

  • Median solvency ratio of 84% (vs. 88% on June 30)
  • 35% of plans had solvency ratio between 85% and 100%
  • 9% of plans had solvency ratio above 100%