Ministry of Finance seeks comments on proposed regulations to implement permanent framework for target benefits
June 08, 2023
Ontario’s Ministry of Finance is seeking comments on proposed regulations to implement a permanent framework for target benefits. Comments are due by June 30, 2023.
The new framework would replace funding regulations currently in place for Specified Ontario Multi-Employer Pension Plans (SOMEPPs), which are set to expire in 2024.
The province will also roll out a set of transitional measures to assist plan administrators in converting their plans to the new framework.
The government hopes that the new framework will achieve enhanced transparency, strengthen governance, and support long-term plan sustainability for employers and plan members participating in multi-employer pension plans that offer target benefits.
Click the link below for more information:
