TORONTO - Ontario is moving ahead with the first pension changes in 20 years, aimed at creating a system that will be better able to withstand economic turmoil.
The changes will clarify benefits for people who are affected by layoffs, eliminate partial pension windups, and make it easier for plans to restructure when companies do.
Finance Minister Dwight Duncan says the legislation will also enhance regulatory oversight and make it easier for plan members and pensioners to access information.
It's the first part of a two-stage plan based on recommendations made by Harry Arthurs, former president of York University in Toronto.
The Arthurs Report, released late last year, recommended that the province enhance its pension guarantee fund and appoint a full-time pension advocate, among several other things.
These changes won't deal with the province's pension benefits guarantee fund, which provides Ontario pensioners with up to $1,000 a month in the event a plan fails to provide its full benefit, or any at all.
