Order in Council 1591/2017

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

whereas the Investment Management Corporation of Ontario (IMCO) was established pursuant to the Investment Management Corporation of Ontario Act, 2015 and will provide investment management services and advisory services to participating organizations in Ontario’s Broader Public Sector;

and whereas it is expected that a number of employees will be transferred to IMCO from their employment at the Ontario Pension Board where they are currently members of the Public Service Pension Plan (PSPP) set out in Schedule 1 as amended under the Public Service Pension Act, R.S.O. 1990, Chapter P. 48;

and whereas the periods of service of persons who commenced employment with the Ontario Pension Board prior to January 1, 2017 are counted for the purposes of determining whether they meet the eligibility requirements set out in subsection 2(1) of Order in Council O.C. 1933/2016 in respect of their employment with the Ontario Pension Board;

and whereas the Lieutenant Governor in Council considers it reasonable and appropriate to enable persons who commenced employment with the Ontario Pension Board prior to January 1, 2017 and who are transferred to IMCO to retain their ability to have their credit in the PSPP in respect of their employment with IMCO counted for the purposes of determining whether they meet the eligibility requirements set out in subsection 2(1) of Order in Council O.C. 1933/2016;

and whereas the Lieutenant Governor in Council considers it reasonable and appropriate to enable other employees of IMCO to have the ability, at retirement, to enrol in the alternative post-retirement benefits plan described in section 7 of Order in Council O.C. 1933/2016 on condition of paying one hundred per cent (100%) of the premium costs of the benefits provided they have met the eligibility criteria set out in subsection 8 (1) of Order in Council O.C. 1933/2016;

therefore, pursuant to the prerogative of Her Majesty The Queen in Right of Ontario and the Crown’s natural person powers at common law to provide for post-retirement insured benefits in the discharge of the Government of Ontario’s executive functions and responsibilities:

1. Despite any limitation set out in Order in Council O.C. 1100/2015 and subsection 2(2) of Order in Council O.C. 1933/2016, for the purpose of determining whether a person meets the eligibility requirements set out in subsection 2(1) of Order in Council O.C. 1933/2016, the periods of credit and/or continuous service under the PSPP that are accrued in respect of service at IMCO, or purchased or transferred while employed by IMCO, of a person who commenced employment prior to January 1, 2017 with:
   1. IMCO; or
   2. the Ontario Pension Board and who is transferred to IMCO prior to August 1, 2017

shall be counted; and

2. Despite any limitation set out in Order in Council O.C. 1100/2015 and subsections 2(2) and 8(4) of Order in Council O.C. 1933/2016, for the purpose of determining whether a person meets the eligibility requirements set out in subsection 8(1) of Order in Council O.C. 1933/2016 for enrolment in the alternative post-retirement benefits plan on condition of paying one hundred per cent (100%) of the premium costs of the benefits, subject to and in accordance with the provisions set out in section 8 of that Order in Council, the periods of credit and/or continuous service under the PSPP that are accrued in respect of service at IMCO, or purchased or transferred while employed by IMCO shall be counted.