Bill 69, the Budget Implementation Act, 2024, No. 1 introduced for first reading
May 28, 2024
On May 2, 2024, the federal government introduced Bill 69, the Budget Implementation Act, 2024, No. 1, for first reading.
Bill 69 includes amendments to the Pension Benefits Standards Act, 1985 (PBSA), the Pooled Registered Pension Plans Act (PRPPA), and the Canada Pension Plan (CPP).
The PBSA will be amended to require the Office of the Superintendent of Financial Institutions to publish information related to the investments of prescribed pension plans in a specific format within a reasonable time after each calendar year ends.
Under the amended PRPPA, administrators of pooled registered pension plans must provide new members with written notice of their right to terminate their membership, including prescribed information, unless they joined under sections 39 or 40.
The proposed amendments to the CPP include increasing the Death Benefit for certain contributors, introducing a partial children’s benefit for part-time students, extending eligibility for the disabled contributors' children's benefit when a parent turns 65, and terminating the entitlement to a survivor pension for individuals who are legally separated following the division of pensionable earnings.
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