The impact of recent Ontario Pension Benefit Act changes
The impact of recent Ontario Pension Benefit Act changes
The impact of recent Ontario Pension Benefit Act changes
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November 21, 2012<br />
Grow-in …..<br />
Impact<br />
• <strong>Pension</strong><br />
administration<br />
processes/systems<br />
• Termination option<br />
forms<br />
• <strong>Pension</strong><br />
statements<br />
• Member records<br />
• Booklets<br />
• Plan text-<br />
RPP/SERP<br />
Considerations<br />
New concept - calculation methodology and the<br />
approach taken should be reviewed carefully based<br />
on plan specifics<br />
Tracking voluntary and involuntary terminations<br />
Potential for disputes over categorization <strong>of</strong><br />
termination<br />
Eliminate on a prospective basis those “grow-in”<br />
benefits – will help mitigate the cost <strong>of</strong> this new rule<br />
Be cognizant <strong>of</strong> salary continuance arrangements<br />
where minimum ESA requirements extend beyond<br />
July 1, 2012<br />
11<br />
2012 <strong>Ontario</strong> <strong>Pension</strong> Changes
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