O. Reg. 251/18: RESOLUTE FP CANADA INC. PENSION PLANS
filed April 20, 2018 under Pension Benefits Act, R.S.O. 1990, c. P.8
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made under the
Pension Benefits Act
Made: April 18, 2018
Filed: April 20, 2018
Published on e-Laws: April 20, 2018
Printed in The Ontario Gazette: May 5, 2018
Amending O. Reg. 196/11
(RESOLUTE FP CANADA INC. PENSION PLANS)
1. Section 9 of Ontario Regulation 196/11 is amended by adding the following subsection:
(12.1) Supplemental contributions made under subsections (7) and (8) are deemed to be special payments under clause 5 (1.0.0.1) (f) of the General Regulation for purposes of the calculation of present value referred to in clause 1.2 (1) (d.1) of the General Regulation.
2. Subsection 16 (5) of the Regulation is revoked and the following substituted:
(5) Despite clauses 5 (1) (e) and 5 (1.0.0.1) (g) and subsection 5 (1.0.1) of the General Regulation, the payments described in subsection (3) are deemed to be special payments under subsection 5 (1) or 5 (1.0.0.1) of the General Regulation, as applicable, made for the purpose of liquidating a solvency deficiency.
3. Subsection 17 (9) of the Regulation is revoked and the following substituted:
(9) Despite clauses 5 (1) (e) and 5 (1.0.0.1) (g) and subsection 5 (1.0.1) of the General Regulation, the payments described in subsections (3), (5) and (7) are deemed to be special payments under subsection 5 (1) or clause 5 (1.0.0.1) (g) of the General Regulation, as applicable, made for the purpose of liquidating a solvency deficiency.
4. Subsection 20 (2) of the Regulation is amended by adding the following paragraph:
7. The contributions required by paragraph 4 are deemed to be special payments under clause 5 (1.0.0.1) (f) of the General Regulation for purposes of the calculation of present value referred to in clause 1.2 (1) (d.1) of the General Regulation.
5. Paragraph 2 of section 26 of the Regulation is revoked and the following substituted:
2. After the valuation date, no special payments would have been required under either of the following provisions if the provisions had applied to the Ontario pension plan on the valuation date:
i. Subsection 5 (1) of the General Regulation.
ii. Section 5.6 of the General Regulation, as that section read immediately before May 1, 2018.
6. Paragraphs 1 and 2 of subsection 31 (3) of the Regulation are revoked and the following substituted:
1. Going concern valuation: The information required by subsection 14 (7) or (8.0.2) of the General Regulation, as applicable.
2. Solvency valuation: The information required by subsection 14 (8) or (8.0.4) of the General Regulation, as applicable.
2.1 Other funding information: The information required by subsections 14 (8.0.5) and (8.0.6) of the General Regulation.
7. (1) Subsection 38 (4) of the Regulation is amended by adding “the Act and” before “the General Regulation” in the portion before paragraph 1.
(2) Subsection 38 (4) of the Regulation is amended by adding the following paragraph:
0.1 The requirements of section 55.1 (Contribution holidays) of the Act.
(3) Paragraph 3 of subsection 38 (4) of the Regulation is amended by striking out “sections 7 (utilization of actuarial gain) and 12 (contribution requirements in year of report)” and substituting “sections 7 to 7.0.3 and 12”.
Commencement
8. This Regulation comes into force on the later of the day subsection 1 (4) of Schedule 33 to the Stronger, Fairer Ontario Act (Budget Measures), 2017 comes into force and the day it is filed.