O. Reg. 420/19: GENERAL
filed December 11, 2019 under Pension Benefits Act, R.S.O. 1990, c. P.8
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made under the
Pension Benefits Act
Made: October 25, 2019
Filed: December 11, 2019
Published on e-Laws: December 11, 2019
Printed in The Ontario Gazette: December 28, 2019
Amending Reg. 909 of R.R.O. 1990
(GENERAL)
1. The definition of “Canadian Institute of Actuaries Standards of Practice” in subsection 1 (1) of Regulation 909 of the Revised Regulations of Ontario, 1990 is revoked.
2. Clause 16 (4.1) (b) of the Regulation is revoked and the following substituted:
(b) that are consistent with part 3000 (“Pension Plans”) of the Standards of Practice of the Actuarial Standards Board, published by the Canadian Institute of Actuaries, as amended from time to time.
3. (1) Subsection 19 (1) of the Regulation is amended by striking out “as that section read upon being revised on March 31, 2015” at the end and substituting “as amended from time to time”.
(2) Section 19 of the Regulation is amended by adding the following subsection:
(1.0.1) For a pension plan described in subsection 14 (2) or (3) of the Act, section 3500 of the Standards of Practice of the Actuarial Standards Board, published by the Canadian Institute of Actuaries, as amended from time to time, is to be applied for the purposes of subsection (1) of this section as if subsection 14 (1) of the Act applied in respect of the pension plan.
4. (1) Subsection 29 (2) of the Regulation is amended by striking out “as that section read upon being revised on March 31, 2015” at the end and substituting “as amended from time to time”.
(2) Section 29 of the Regulation is amended by adding the following subsection:
(2.1) For a pension plan described in subsection 14 (2) or (3) of the Act, section 3500 of the Standards of Practice of the Actuarial Standards Board, published by the Canadian Institute of Actuaries, as amended from time to time, is to be applied for the purposes of subsection (2) of this section as if subsection 14 (1) of the Act applied in respect of the pension plan.
5. (1) Section 76 of the Regulation is amended by striking out “the Handbook of the Canadian Institute of Chartered Accountants” wherever it appears and substituting in each case “the Handbook of the Chartered Professional Accountants of Canada, as amended from time to time”.
(2) Subsection 76 (2) of the Regulation is amended by striking out “$3,000,000” and substituting “$10,000,000”.
Commencement
6. This Regulation comes into force on the day it is filed.