O. Reg. 118/14: SOLVENCY FUNDING RELIEF FOR CERTAIN PUBLIC SECTOR PENSION PLANS, Filed May 1, 2014 under Pension Benefits Act, R.S.O. 1990, c. P.8
ontario regulation 118/14
made under the
Pension Benefits Act
Made: April 30, 2014
Filed: May 1, 2014
Published on e-Laws: May 2, 2014
Printed in The Ontario Gazette: May 17, 2014
Amending O. Reg. 178/11
(SOLVENCY FUNDING RELIEF FOR CERTAIN PUBLIC SECTOR PENSION PLANS)
1. Section 12 of Ontario Regulation 178/11 is amended by adding the following subsections:
(2.1) The special payments required by paragraph 1 of subsection (2) are deemed to be special payments required under clause 5 (1) (e) of the General Regulation.
(2.2) In subsection (2.3),
“previously-scheduled special payments” means, in relation to a particular valuation date,
(a) the special payments required by paragraph 1 of subsection (2) with respect to solvency deficiencies arising before the valuation date that are scheduled for payment after the valuation date, and
(b) the special payments required by paragraph 2 of subsection 9 (2) or paragraphs 2 and 4 of subsection 9 (4), as applicable, with respect to solvency deficiencies arising before the valuation date that are scheduled for payment after the valuation date;
“solvency excess” means, in relation to a particular valuation date, the amount, if any, by which the sum of the solvency assets and the solvency asset adjustment exceeds the sum of the solvency liabilities, the solvency liability adjustment and the prior year credit balance.
(2.3) If there is a solvency excess on a particular valuation date, the previously-scheduled special payments must be adjusted in accordance with the following rules:
1. If the solvency excess is greater than or equal to the sum of the present value of the previously-scheduled special payments, those special payments must be reduced to zero.
2. If the solvency excess is less than the sum of the present value of the previously-scheduled special payments, the solvency excess may be applied to reduce any of the following in order to reduce the solvency excess to zero:
i. The amount of the previously-scheduled special payments required by paragraph 2 of subsection 9 (2) or paragraphs 2 and 4 of subsection 9 (4), as applicable.
ii. The amortization period of the previously-scheduled special payments referred to in subparagraph i.
iii. The amortization period of the previously-scheduled special payments required by paragraph 1 of subsection (2).
2. Item 6 of Schedule 1 to the Regulation is revoked and the following substituted:
6. |
The Contributory Pension Plan for TUFA Employees of Trent University |
1048826 |
July 1, 2010 |
3. Schedule 2 to the Regulation is revoked and the following substituted:
schedule 2
public sector pension plans receiving stage two solvency funding relief
Item |
Name of the pension plan |
Registration number |
1. |
Carleton University Retirement Plan |
0526616 |
2. |
Contributory Pension Plan for Hourly-Rated Employees of McMaster University Including McMaster Divinity College |
0215418 |
3. |
The Contributory Pension Plan for TUFA Employees of Trent University |
1048826 |
4. |
Pension Plan for Professional Staff of Lakehead University |
0246058 |
5. |
Pension Plan for Professional Staff of University of Guelph |
0324616 |
6 |
Retirement Plan of the University of St. Michael’s College |
0211441 |
7. |
Retirement Plan of University of Guelph |
0324624 |
8. |
The Royal Ontario Museum Pension Plan |
0469866 |
9. |
Wilfrid Laurier University Pension Plan |
0314492 |
10. |
York University Pension Plan |
0329763 |
Commencement
4. This Regulation comes into force on the later of July 1, 2014 and the day it is filed.