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Bill 180, Building a Better Ontario Act (Budget Measures) 2024, receives Royal Assent

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June 07, 2024

Bill 180, Building a Better Ontario Act (Budget Measures), 2024, received Royal Assent on May 16, 2024.

The bill amends the Pension Benefits Act to address target benefits and includes the following changes:

  • Enhanced requirements for written policies specifically related to plans providing target benefits, along with transitional rules for implementation.
  • Revised criteria for target benefits and new rules if criteria are not met.
  • Updated procedures for converting benefits in multi-employer plans to target benefits, including changes to consultation rules and a new five-year conversion limit.
  • Provisions allowing FSRA's Chief Executive Officer to request information from target benefit plans to ensure compliance with adverse deviation requirements in the Act and regulations.

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