An overhaul of Ontario’s multi-employer pension system that’s currently in the works is being described as a win-win-win by construction pension advocates.
The existing framework was created by the Ontario government in 2007, and advocates such as LIUNA have been pushing for permanent reforms ever since. “It provides a framework that trustees can administer the pension plan to provide for secure, sustainable retirement for plan members, which helps employers as well.”The Ontario government issued a first proposal for reforms in March 2023 that was roundly criticized by stakeholders, who said it contained elements of systems that had failed in other provinces.
“The proposed permanent framework is intended to strengthen plan governance, improve plan transparency and support long-term plan sustainability for plan members and employers,” said Ministry of Finance spokesperson Scott Blodgett in a statement.
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