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 rules for defined benefit plans<br />
Change<br />
Right to “grow into”<br />
enhancements on termination:<br />
• Bridge benefits<br />
• Early retirement<br />
• Deemed consent<br />
Applies to involuntary<br />
terminations on or after July 1,<br />
2012 (see next slide)<br />
Previously, only applied on full or<br />
partial plan wind-ups<br />
Details<br />
If termination <strong>of</strong> employment is<br />
involuntarily and<br />
• if rule <strong>of</strong> 55 met - age & years <strong>of</strong><br />
continuous service or plan<br />
membership total 55+<br />
• member grows into any<br />
subsidized early retirement<br />
benefits and bridge benefits<br />
Exclusion for MEPPs and JSPPs if<br />
the plan elects<br />
9<br />
2012 <strong>Ontario</strong> <strong>Pension</strong> Changes
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