Order in Council 506/2021

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 AgriCorp is an agent of the Crown established under the AgriCorp Act, 1996 (Ontario);

And whereas AgriCorp is the sponsor and administrator of a single employer, defined benefit pension plan with approximately 312  active members that currently provides pension benefits to over 80 retirees known as the Pension Plan for Employees of AgriCorp effective January 1, 1997 with registration number 1034321 (the “AgriCorp Plan”);

And whereas AgriCorp provides a supplemental payment under a plan entitled the AgriCorp Supplemental Employee Retirement Plan to members whose pension entitlement is limited by the maximum pension payable pursuant to the provisions of the Income Tax Act (Canada);

And whereas merging these separate pension/retirement plans with a large defined benefit and supplemental pension plan would be consistent with the Ontario Government's commitment to pool assets and increase efficiencies for smaller pension plans in the province;

And whereas AgriCorp has requested to be designated as a participating employer in the Public Service Pension Plan (PSPP) set out in Schedule 1, as amended, under the Public Service Pension Act and in the Public Service Supplementary Benefits Account continued under Order in Council 867/2019, as may be amended from time to time (PSSBA):

And whereas AgriCorp acknowledges that it does not have the authority to change the terms of the PSPP; that the Lieutenant Governor in Council in its sole discretion can change the terms of the PSPP; that such changes may impact AgriCorp and its employees and that the current and former AgriCorp employees continue to be advised of the same; and that AgriCorp will be responsible for all liabilities associated with the participation of its current and former employees in the PSPP;

And whereas the Lieutenant Governor in Council considers it reasonable and appropriate for AgriCorp, which is an agent of the Crown, to join as a participating employer in the PSPP;

Now therefore pursuant to paragraph 2 of subsection 2(1) of the PSPP, effective May 1, 2021, all permanent full-time and part-time employees of AgriCorp are designated as a class of employees required to be members of the PSPP;

And pursuant to subsection 2(2) of the PSPP, effective May 1, 2021, all AgriCorp employees, other than those who are permanent employees, are designated as a class of employees who are entitled but not required to be members of the PSPP and shall, upon filing a written election with the Ontario Pension Board, become members of the PSPP;

And further that AgriCorp shall be an employer under the PSPP and the PSSBA for the purposes of all AgriCorp employees who are required to be members or who elect to become members of those plans.

And further that in accordance with Section 81 of the Pension Benefits Act Ontario the PSPP will be the successor pension plan to the AgriCorp Plan with respect to:

1. the service of AgriCorp employees on and after May 1, 2021
2. the credit of AgriCorp employees accrued prior to May 1, 2021 that is purchased through the transfer of assets from the AgriCorp Plan and any payments associated with the transfer of assets to the PSPP; and
3. the payment of pension benefits for AgriCorp employees who retired prior to May 1, 2021 or any AgriCorp member who is entitled to an annual deferred vested pension from the AgriCorp Plan and does not retire prior to May 1, 2021.