Order in Council 942/2018

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 Financial Services Regulatory Authority of Ontario (FSRA) was established as a corporation without share capital by the Financial Services Regulatory Authority of Ontario Act, 2016 (FSRA Act) on June 29, 2017;

Whereas pursuant to the FSRA Act, FSRA is an agent of the Crown in right of Ontario;

Whereas it is expected that a number of FSRA employees will be transferred from the Ontario Public Service, 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;

Whereas the Lieutenant Governor in Council considers it reasonable and appropriate for former employees of the Ontario Public Service who are employees of FSRA to continue to participate in the PSPP as well as for other employees of FSRA to join the PSPP;

Whereas members of the PSPP whose pension benefits under the PSPP exceed the maximum pension benefits permitted under the Income Tax Act (Canada) in respect of registered pension plans also participate in the Public Service Supplementary Benefits Account (PSSBA) that has been continued under Order in Council O.C. 3044/98 as amended by Order in Council O.C. 1905/2009 and as may be further amended from time to time;

Now therefore pursuant to:

1. paragraph 2 of subsection 2(1) of the PSPP, all permanent full-time and permanent part-time employees of the FSRA, who are not represented by Ontario Public Service Employees Union (OPSEU), are designated as a class of employees who are required to become members of the PSPP in respect of service with FSRA on and after May 1, 2018; and
2. paragraph 1 of subsection 2(2) of the PSPP, all fixed-term full-time and fixed-term part-time employees of the FSRA, who are not represented by OPSEU, are designated as a class of employees who are entitled to become members of the PSPP, in respect of service with FSRA on and after May 1, 2018, upon filing a written election with the Ontario Pension Board;

And further that the FSRA shall be an employer under the PSPP and the PSSBA for the purpose of the employees designated in this Order.