Bill 99 2006

An Act to amend the Pension Benefits Act

Note: This Act amends the Pension Benefits Act. For the legislative history of the Act, see Public Statutes - Detailed Legislative History on www.e-Laws.gov.on.ca.

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1.  Section 80 of the Pension Benefits Act is amended by adding the following subsections:

Exception, police transfers

(5.1)  Despite subsections (4) and (5), the prior consent of the Superintendent to the transfer of assets is not required if,

(a) a municipality transfers police services from the municipality to the Ontario Provincial Police and employees of the former municipal police service are transferred to the Ontario Provincial Police; and

(b) the transfer of assets protects the commuted value of the member's accrued pension benefits under the employer's pension plan.

Same

(5.2)  Despite subsections (4) and (5), the prior consent of the Superintendent to the transfer of assets is not required if,

(a) police services were provided to a municipality by the Ontario Provincial Police and the municipality commences to provide its own police services;

(b) employees of the Ontario Provincial Police are transferred to the municipal police service; and

(c) the transfer of assets protects the commuted value of the member's accrued pension benefits under the employer's pension plan.

Transition

(5.3)  Subsection (5.1) applies with respect to any transfer of assets in the circumstances described in that subsection that occurred on or after January 1, 1985.

Commencement

2.  This Act comes into force on the day it receives Royal Assent.

Short title

3.  The short title of this Act is the Pension Benefits Amendment Act, 2006.

EXPLANATORY NOTE

The Bill amends the Pension Benefits Act by removing the requirement for the Superintendent's consent to the transfer of assets where policing in a municipality is transferred to the Ontario Provincial Police, employees of the former municipal police service are transferred to the Ontario Provincial Police and the transfer of assets protects the commuted value of the member's accrued pension benefits under the employer's pension plan. The Superintendent's consent is also not required if a municipality commences to provide its own police services and employees of the Ontario Provincial Police transfer to the municipal police service and the transfer of assets protects the commuted value of the member's accrued pension benefits under the employer's pension plan.