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Legislation update
Teachers’ submission to the Arthurs Commission, which is reviewing Ontario’s Pension Benefits Act, expressed a number of concerns. Given Teachers’ varied mandate as a large plan administrator as well as a significant investor and shareholder, we have a multi-dimensional view of the issues facing the Ontario pension system: its administration, its regulations, its relationship with other authorities, and its overall strengths and weaknesses including its sustainability.
Our submission was based on the view that the current pension system model is unsustainable, and that the time is right for the public and private sectors to work together to revitalize the system and devise a new model designed for Ontario’s evolving markets and demographics – a new model that supports realistic and affordable pension contributions and benefits through the foreseeable future, and that shares the burden of risk fairly across generations and among private and public employers. Download the full submission (65KB PDF).
There were no legislative or regulatory changes in 2007 that materially affected the plan’s governance.
Regarding the administration of plan benefits, the plan’s re-employment rules for retired teachers were changed by the plan sponsors to reflect the federal government’s decision to give pension plan members two additional years to make contributions. As explained in detail, the plan’s working-after-retirement limits apply to pensioners until November 30 of the year in which they turn 71, up from age 69. No limits apply after that point.
In addition, the plan was amended to provide same-sex survivor benefits retroactive to April 1998. This expands the time period previously in place. This amendment conforms to a Supreme Court of Canada decision that involved eligibility of same-sex partners for Canada Pension Plan survivor benefits. |
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