News & Updates

Ontario's 2024 Budget provides plans to implement target benefit framework

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April 23, 2024

Ontario has published its 2024 budget, which includes plans to implement a target benefit framework to help workers plan for retirement.

This framework is set to come into effect on Jan. 1, 2025. Proposed regulations to support the framework will be available for consultation in summer 2024.

Target benefit pension plans allow employers predictable payout costs, while retirees receive their monthly income stream.

To read more, click the link below for our summary of the budget:

https://www.bmkplaw.com/what-we-think/news-and-updates/2024-ontario-budget.html 

Click the link below for the full budget:

https://budget.ontario.ca/2024/chapter-1b.html#s-1

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