O. Reg. 88/05: Algoma Steel Inc.Pension Plans

 

ontario regulation 88/05

made under the

Pension Benefits Act

Made: March 2, 2005
Filed: March 7, 2005
Printed in The Ontario Gazette: March 26, 2005

Amending O. Reg. 202/02

(Algoma Steel Inc. Pension Plans)

1. Section 9 of Ontario Regulation 202/02 is revoked and the following substituted:

Special early retirement window benefits

9. (1) The special early retirement window benefits provided by the new Hourly Employees Plan or by the new Salaried Employees Plan, as the case may be, are all the pension benefits and ancillary benefits to which members are entitled under the plan,

(a) if they elect early retirement under a temporary program offered for a period that falls within an early retirement window;

(b) if they elect early retirement under any other temporary program offered for a period within the window that begins on August 1, 2004 and ends on December 31, 2006, other than a program described in subsection (2); or

(c) if they elect early retirement under any other temporary program offered for a maximum period of 12 months that begins on or after January 1, 2007, other than a program described in subsection (2).

(2) The temporary program excluded from clause (1) (b) or (c) is a program that offers benefits in excess of the benefits that would have been available under the early retirement provisions of the original Hourly Employees Plan or the original Salaried Employees Plan, as the case may be, as those provisions read on September 16, 2001.

2. Section 12 of the Regulation is revoked and the following substituted:

Special early retirement window benefit deficiency

12. (1) The special early retirement window benefit deficiency of the new Hourly Employees Plan or the new Salaried Employees Plan, as the case may be, is the amount described in subsection (2).

(2) The special early retirement window benefit deficiency for a temporary program described in section 9 is the amount by which “A” exceeds “B” where,

“A” is the portion of the solvency liabilities of the plan, as determined on the last day on which members may retire under the temporary program, that relates to the special early retirement window benefits to which members are entitled under the temporary program, and

“B” is the portion of the solvency liabilities of the plan, as determined on the last day on which members may retire under the temporary program, that relates to all the pension benefits and ancillary benefits to which those members would be entitled in the absence of the temporary program.

3. Subsection 14 (1) of the Regulation is amended by striking out “and” at the end of clause (a) and by revoking clause (b) and substituting the following:

(b) with respect to the special early retirement window benefit deficiency for a temporary program offered for a period that ends on or before December 31, 2006, the special payments required to liquidate the deficiency, with interest at the rates used in the report in which the deficiency was determined, by equal monthly instalments over the period beginning on the later of June 28, 2002 and the valuation date of the report in which the deficiency was determined and ending on September 16, 2016; and

(c) with respect to the special early retirement window benefit deficiency for a temporary program offered for a period that begins on or after January 1, 2007, the special payments required to liquidate the deficiency, with interest at the rates used in the report in which the deficiency was determined, by equal monthly instalments over a period of five years beginning on the valuation date of the report in which the deficiency was determined.

4. Subsection 15 (1) of the Regulation is amended by striking out “and ends on September 16, 2016” at the end.