80 (1) In this section, “employers’ agreement” means the agreement described in subsection (6); (“accord des employeurs”) “original employer” means the employer who sells, assigns or otherwise disposes of all or part of the employer’s business or all or part of the assets of the employer’s business; (“premier employeur”) “original pension plan” means the original employer’s pension plan; (“premier régime de retraite”) “sale of the business” means the sale, assignment or other disposal referred to in subsection (2) of all or part of a business or all or part of the assets of the business; (“vente de l’entreprise”) “successor employer” means the person who acquires the business or the assets of the original employer; (“employeur subséquent”) “successor pension plan” means the successor employer’s pension plan; (“régime de retraite subséquent”) “transferred member” means the original employer’s employee who is a member of the original pension plan who becomes the successor employer’s employee and a member of the successor pension plan in connection with the sale of the business.  (“participant transféré”)  2010, c. 9, s. 68. Application (2) This section applies if an employer who contributes under a pension plan (or on whose behalf another person or entity makes contributions under a pension plan) sells, assigns or otherwise disposes of all or part of the employer’s business or all or part of the assets of the employer’s business to another person or entity.  2010, c. 9, s. 68. Transfer of employment (3) If, in conjunction with the sale of the business, an employee of the original employer who is a member of the original pension plan becomes an employee of the successor employer and a member of the successor pension plan, his or her employment is deemed, for the purposes of this Act, not to have been terminated by the change of employer.  2010, c. 9, s. 68. Transferred employees’ entitlements (4) If the original employer’s employee who is a member of the original pension plan becomes the successor employer’s employee and a member of the successor pension plan, (a)  he or she continues to be entitled to the benefits provided under the original pension plan in respect of employment in Ontario or in a designated jurisdiction to the effective date of the sale of the business without further accrual; (b)  he or she is entitled to credit in the successor pension plan for the period of his or her membership in the original pension plan, for the purpose of determining eligibility for membership in or entitlement to benefits under the successor pension plan; and (c)  he or she is entitled to credit in the original pension plan for the period of employment with the successor employer for the purpose of determining entitlement to benefits under the original pension plan.  2010, c. 9, s. 68; 2010, c. 1, Sched. 23, s. 7 (4). Exception (5) If the successor employer assumes responsibility for the accrued pension benefits of the transferred member under the original pension plan, clause (4) (a) does not apply with respect to him or her and the successor pension plan is deemed to be a continuation of the original pension plan with respect to any benefits or assets transferred.  2010, c. 9, s. 68. Employers’ agreement to transfer assets, etc. (6) The original employer and the successor employer may enter into an agreement, (a)  to transfer to the successor employer the responsibility for providing pension benefits and other benefits under the original pension plan for transferred members, former members, retired members and other persons entitled to benefits or for classes of them; and (b)  to transfer assets from the original pension plan to the successor pension plan in connection with this transfer of responsibility.  2010, c. 9, s. 68. Same (7) A person or entity required to make contributions on behalf of the original employer or the successor employer, as the case may be, under the employer’s pension plan may enter into the employers’ agreement on behalf of that employer.  2010, c. 9, s. 68. Same (8) Clause (6) (a) does not require the successor pension plan to provide the same pension benefits and other benefits for the transferred members that were provided for them under the original pension plan.  2010, c. 9, s. 68. Consent of members, etc. (9) If the employers’ agreement provides for the consent of any member, the consent of any former member, the consent of any retired member or the consent of any other person to the transfer of assets in respect of his or her pension benefits and ancillary benefits for which any eligibility requirements have been met, (a)  the agreement must give all members, all former members, all retired members or all other persons, as the case may be, the opportunity to consent to the transfer of assets in respect of their pension benefits and ancillary benefits for which any eligibility requirements have been met; and (b)  their prior consent must be obtained in accordance with such requirements as may be prescribed.  2011, c. 9, Sched. 35, s. 7 (1). Requirement for Chief Executive Officer’s consent (10) The Chief Executive Officer’s prior consent is required to authorize the transfer of assets from the original pension plan to the successor pension plan.  2010, c. 9, s. 68; 2018, c. 8, Sched. 23, s. 24. Application for consent (11) The administrator of either pension plan or such other person as may be prescribed may apply for the Chief Executive Officer’s consent to the transfer of assets from the original pension plan to the successor pension plan.  2010, c. 9, s. 68; 2018, c. 8, Sched. 23, s. 24. Notice of application (12) If the employers’ agreement to transfer assets requires the consent of transferred members, former members, retired members or other persons, the applicant shall ensure that notice of the application for the Chief Executive Officer’s consent is given in accordance with such requirements as may be prescribed.  2010, c. 9, s. 68; 2018, c. 8, Sched. 23, s. 24. Statutory criteria for Chief Executive Officer’s consent (13) The Chief Executive Officer shall consent to the transfer of assets in accordance with the application and in accordance with the employers’ agreement if all of the following criteria, and such other criteria as may be prescribed, are satisfied: 1.  The original employer and the successor employer must have entered into an agreement to transfer the assets, and the applicant must give the Chief Executive Officer notice of their agreement. 2.  If the agreement requires the consent of the transferred members, former members and retired members of the original pension plan, or the consent of other persons entitled to benefits under the original pension plan, their consent must have been given for the transfer, and the applicant must give the Chief Executive Officer notice of their consent. 3.  The administrators of the two pension plans must have agreed upon the manner of determining the amount of the assets to be transferred, and the applicant must give the Chief Executive Officer notice of their agreement. 4.  If the pension benefits and other benefits to be provided under the successor pension plan for the transferred members are not the same as the pension benefits and other benefits provided for them under the original pension plan, the commuted value of the benefits provided for the transferred members under the successor pension plan must not be less than the commuted value of the benefits provided for them under the original pension plan, as adjusted for any payments made from the original pension plan to a prescribed retirement savings arrangement or directly to the transferred members in connection with the transfer of the assets. 5.  The commuted value of the benefits referred to in paragraph 4 is determined as of the effective date of the transfer of the assets. 6.  If the original pension plan has a surplus as of the effective date of the transfer of assets, the amount of assets to be transferred must include a portion of the surplus determined in accordance with the regulations.  2010, c. 9, s. 68; 2010, c. 24, s. 33 (2, 3); 2011, c. 9, Sched. 35, s. 7 (2); 2018, c. 8, Sched. 23, s. 23, 24. Notices (14) The notices required by subsection (13) must comply with such requirements as may be prescribed.  2010, c. 9, s. 68. Waiver of conditions (15) The Chief Executive Officer may waive one or more of the conditions referred to in subsections 79.2 (5) and (6) in the prescribed circumstances.  2010, c. 9, s. 68; 2018, c. 8, Sched. 23, s. 23. Waiver of notice requirements (16) The Chief Executive Officer may, if he or she considers it appropriate in the circumstances, waive or vary the application of any provision of the regulations that is made for the purpose of subsection 79.2 (7), or any Authority rule made for the purpose of that subsection. 2020, c. 34, Sched. 18, s. 2. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 31, s. 4 - 16/12/2004 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006 2010, c. 1, Sched. 23, s. 7 (1, 4)
- 01/10/2010; 2010, c. 9, s. 68 - 01/01/2014; 2010, c. 24, s. 33 (2, 3) - 01/01/2014; 2010, c. 24, s. 33 (1) - no effect - see Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2020 2011, c. 9, Sched. 35, s. 7 (1, 2)
- 01/01/2014 2018, c. 8, Sched. 23, s. 23, 24 - 08/06/2019 2020, c. 34, Sched. 18, s. 2 - 08/12/2020 80.1 Repealed: 2010, c. 9, s. 68; 2014, c. 7, Sched. 26, s. 11 (3); 2015, c. 20, Sched. 34, s. 7. Section Amendments with date in force (d/m/y) R.S.O. 1990, c. P.8, s. 80.1 (10) - see 2010, c. 9, s. 68 - see 2014, c. 7, Sched. 26, s. 11 (3) - see 2015, c. 20, Sched. 34, s. 7 - 01/07/2017 2010, c. 9, s. 68 - no effect - see 2012, c. 8, Sched. 44, s. 7 - 01/01/2014; 2010, c. 24, s. 34 (1, 2) - 01/01/2014 2011, c. 9, Sched. 35, s. 8 (1-4) - 01/01/2014; 2011, c. 9, Sched. 35, s. 8 (5) - no effect - see 2012, c. 8, Sched. 44, s. 10 - 20/06/2012 2012, c. 8, Sched. 44, s. 7 - 01/01/2014; 2012, c. 8, Sched. 44, s. 10 - 20/06/2012 2014, c. 7, Sched. 26, s. 11 (1-3)
- 24/07/2014 2015, c. 20, Sched. 34, s. 7 - 04/06/2015