Representatives from the governments of Saskatchewan, British Columbia, Nova Scotia, Ontario and Quebec signed the 2016 Multi-Judicial Pension Agreement (2016 agreement) effective July 1, 2016. The Canadian Association of Pension Control Authorities (CAPSA) developed the agreement to create a clear legal framework for the management and regulation of multi-judicial pension plans. Beginning in 1968, the federal government and most provinces entered into bilateral and multilateral reciprocity agreements to simplify the management of the PJP by denouncing the powers and duties of other jurisdictions to the jurisdiction that employed the plurality of MJPP members (the Major Authority with other jurisdictions known as the Minor Authorities). Although the agreement on reciprocal agreement (memorandum) eliminated the need to register the plan in each jurisdiction in which the MJPP had members, it did not sufficiently simplify the management of many MJPs and did not address many issues specifically (in particular, what legislation regulates a particular issue, such as planned funding). However, to the extent that the agreement allows administrators to apply a single set of disclosure rules for members` statements and plan changes and reduce uncertainty in other areas of plan administration, this will be a positive development in the ongoing modernization of Canada`s pension regulatory system. The 2016 MJPP agreement is expected to do so as early as the 1st all countries in the state (with the exception of Prince Edward, which does not have existing pension laws) have been replaced by agreements of several jurisdictions signed by Ontario and Quebec on July 1, 2011 (the 2011 MJPP Agreement), as well as the 1968 Memorandum of Reciprocal Memorandum of Reciprocal Agreement by all countries of the state (with the exception of Prince Edward Island Island , which does not have existing pension laws) (the “1968 Memorandum”). The other federal states and the federal court did not sign the 2011 version, although some of them have passed laws authorizing their governments to do so. In the meantime, the 1968 memorandum remains in force for provinces that did not sign the 2016 MJPP agreement and all similar bilateral agreements between the federal government and the provinces will remain in effect. Although only Ontario and Quebec have signed the agreement so far, the remaining provincial governments and the federal government should become signatories in due course. However, until then, the 1968 protocol of the 1968 protocol remained in force for these jurisdictions. Role of the PBGF When the agreement was signed, Ontario finally agreed to a “final position” approach to determining the benefit rights of a member with a service in more than one jurisdiction during his or her career.
However, the agreement provides that the Ontario Pension Benefits Guarantee Fund (FBS) will continue to apply only to benefits incurred while employed in Ontario. The administrator of a pension plan submitted to the FGM must therefore continue to keep records of all periods of service of Ontario members in order to assist a possible application with the FMBB in the event of an end of the program. Gaps in the agreement The agreement does not achieve the long-awaited goal of greater harmonization of pension standards.