39.1.2 (1) A specified beneficiary who elects under subsection 39.1.1 (9) to continue receiving the retired member’s variable benefits may designate a beneficiary. 2017, c. 34, Sched. 33, s. 16. Death benefit (2) A beneficiary designated under subsection (1) is entitled to receive the balance remaining in the retired member’s variable benefit account in a lump sum payment on the death of the specified beneficiary. 2017, c. 34, Sched. 33, s. 16. Estate entitlement (3) The personal representative of the specified beneficiary is entitled to receive the balance remaining in the retired member’s variable benefit account in a lump sum payment on the death of the specified beneficiary unless the specified beneficiary has designated a beneficiary who has an entitlement under this section. 2017, c. 34, Sched. 33, s. 16. Definition (4) In this section, “personal representative” has the same meaning as in the Estates Administration Act. 2017, c. 34, Sched. 33, s. 16. Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 33, s. 16 - 01/01/2020 Note: On a day to be named by proclamation of the Lieutenant Governor, the Act is amended by adding the following section: (See: 2017, c. 34, Sched. 33, s. 17) Target benefits 39.2 (1) A benefit provided by a pension plan is a target benefit if all of the following criteria are satisfied: 1.  The pension plan is a multi-employer pension plan. 2.  The benefit is not a defined contribution benefit. Note: On the day section 17 of Schedule 33 to the Stronger, Fairer Ontario Act (Budget Measures), 2017 comes into force, paragraph 2 of subsection 39.2 (1) of the Act is repealed. (See: 2020, c. 36, Sched. 37, s. 6 (1)) 3.  The documents that create and support the pension plan identify the benefit as a target benefit. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 39.2 (1) of the Act is amended by adding the following paragraphs: (See: 2020, c. 36, Sched. 37, s. 6 (2)) 3.1  The benefit is determined in part with reference to contributions made to the plan and the interest on the contributions. The benefit must satisfy this criterion both before and after the payments of the pension begin. 3.2  The benefit is not determined on an individual account basis. 4.  If the pension plan was not initially registered as providing target benefits, the benefit, if accrued, was converted to a target benefit in accordance with section 81.0.2. 5.  The obligation of participating employers to contribute to the pension fund in respect of the benefit is limited to a fixed amount set out in one or more collective agreements. Note: On a day to be named by proclamation of the Lieutenant Governor, paragraph 5 of subsection 39.2 (1) of the Act is repealed and the following substituted:
(See: 2019, c. 7, Sched. 48, s. 2) 5.  Either of the following circumstances exist: i.  The obligation of an employer to contribute to the pension fund in respect of the benefit is limited to a fixed amount set out in one or more collective agreements and the pension plan satisfies such conditions as may be prescribed. ii.  The obligation of an employer to contribute to the pension fund in respect of the benefit is limited to a fixed amount set out in one or more documents, other than a collective agreement, that create and support the plan and the pension plan satisfies such conditions as may be prescribed. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 39.2 (1) of the Act is amended by adding the following paragraph: (See: 2020, c. 36, Sched. 37, s. 6 (2)) 5.1  Employee contributions to the pension fund in respect of the benefit do not exceed employer contributions to the pension fund in respect of the benefit. 6.  The administrator is authorized under the pension plan to reduce the benefit, both while the plan is ongoing and upon wind up. 7.  The reduction referred to in paragraph 6 is not prohibited by the terms of any applicable collective agreement. 8.  The reduction referred to in paragraph 6 is not prohibited by any applicable pension legislation of a designated jurisdiction, except as provided by the regulations. 9.  The benefit satisfies such other criteria as may be prescribed. 10.  The pension plan satisfies such other criteria as may be prescribed. 2017, c. 34, Sched. 33, s. 17. Same (2) Despite subsections (1) and (3), a benefit provided by a pension plan is not a target benefit if the administrator’s authority to reduce the benefit is restricted in a manner or to an extent that is prohibited by regulation for target benefits. 2017, c. 34, Sched. 33, s. 17. Same (3) Except as otherwise prescribed by regulation and despite subsection (1), a pension plan shall not provide both target benefits and defined benefits. 2017, c. 34, Sched. 33, s. 17. Reduction of target benefits (4) The regulations may specify circumstances in which a target benefit must be reduced and the regulations may provide rules relating to how the target benefit is reduced. 2017, c. 34, Sched. 33, s. 17. Section Amendments with date in force (d/m/y) 2010, c. 24, s. 12 (1, 2) - no effect - see 2017, c. 34, Sched. 33, s. 44 - 14/12/2017 2017, c. 34, Sched. 33, s. 17 - not in force 2019, c. 7, Sched. 48, s. 2 - not in force 2020, c. 36, Sched. 37, s. 6 (1, 2) - not in force