The Ontario government has now received A Fine Balance: Safe Pensions, Affordable Plans, Fair Rules, the final report from the Expert Commission on Pensions.
Based on formal submissions, direct engagement with stakeholders, and its research findings, the commission has submitted a 222-page report containing 142 recommendations for reforming and reinvigorating Ontario's pension system.
The province is seeking feedback on the report from Ontarians, with a written comment period ending February 27, 2009, and is committed to introducing legislation.
While current global economic uncertainties are the short-term reality, Ontario is taking immediate action to strengthen and protect the viability of Ontario’s pension system by increasing the capacity of the Financial Services Commission of Ontario (FSCO), the pension regulator, to oversee pension plans.
To help plans manage solvency funding issues arising from recent market uncertainty, while taking into account the need for benefit security, the government is actively considering temporary solvency relief measures. The government is also working on this issue with its federal and provincial partners, through the Federal-Provincial Working Group on Pensions, announced by the Finance ministers on November 3, 2008.
To learn more or to view the report, visit www.pensionreview.on.ca/english.
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