O. Reg. 485/18: ESSAR STEEL ALGOMA INC. PENSION PLANS

 

ontario regulation 485/18

made under the

Pension Benefits Act

Made: November 28, 2018
Filed: November 30, 2018
Published on e-Laws: November 30, 2018
Printed in The Ontario Gazette: December 15, 2018

Amending O. Reg. 202/02

(ESSAR STEEL ALGOMA INC. PENSION PLANS)

1. Subsection 1 (1) of Ontario Regulation 202/02 is revoked and the following substituted:

Interpretation

(1) In this Regulation,

“General Regulation” means Regulation 909 of the Revised Regulations of Ontario, 1990 (“General”) made under the Act;

“Hourly Employees Plan” means The Essar Steel Algoma Inc. Pension Plan for Hourly Employees registered under the Act as number 1079904;

“original Hourly Employees Plan” means The Non-Contributory Pension Plan Covering Hourly Paid Bargaining Unit Employees of Algoma Steel Inc. registered under the Act as number 335802;

“original Salaried Employees Plan” means The Algoma Steel Inc. Salaried Employees Pension Plan for Employees in Canada registered under the Act as number 335810;

“Salaried Employees Plan” means The Essar Steel Algoma Inc. Pension Plan for Salaried Employees registered under the Act as number 1079896;

“Wrap Plan” means the Essar Steel Algoma Inc. Wrap Pension Plan registered under the Act as number 1079888.

2. (1) Paragraph 1 of subsection 3 (2) of the Regulation is amended by striking out “new Hourly Employees Plan” at the end and substituting “Hourly Employees Plan”.

(2) Paragraph 1 of subsection 3 (4) of the Regulation is amended by striking out “new Salaried Employees Plan” at the end and substituting “Salaried Employees Plan”.

3. The heading before section 5 and sections 5 and 6 of the Regulation are revoked and the following substituted:

Wrap Plan

Exclusion from the Guarantee Fund

5. (1) Pension benefits provided by the Wrap Plan are not guaranteed by the Guarantee Fund.

(2) The administrator of the Wrap Plan is not required to file a Pension Benefits Guarantee Fund assessment certificate, despite subsection 18 (7) of the General Regulation.

(3) Essar Steel Algoma Inc. is not required to pay to the Guarantee Fund an annual assessment in respect of the Wrap Plan, despite subsection 37 (1) of the General Regulation.

(4) Sections 30 and 37 of the General Regulation do not apply with respect to the Wrap Plan.

(5) The filing of an election under section 14 of this Regulation, as it read immediately before it was revoked by Ontario Regulation 485/18 made under this Act, does not affect the operation of this section.

Restrictions re annuities and transfers on wind up

6. Subsection 29 (8) of the General Regulation does not apply with respect to the Wrap Plan.

4. Sections 7 to 16 of the Regulation are revoked.

5. Sections 17 to 19 of the Regulation are amended by striking out “new Wrap Plan” wherever it appears and substituting in each case “Wrap Plan”.

6. Sections 20 to 23 of the Regulation are revoked.

Commencement

7. This Regulation comes into force on the day it is filed.