ontario regulation 254/18

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. 202/02

(ESSAR STEEL ALGOMA INC. PENSION PLANS)

1. Subsection 12.1 (2) of Ontario Regulation 202/02 is amended by striking out “subsection 5 (1)” and substituting “subsections 5 (1) and (1.0.0.1)”.

2. Paragraph 1 of subsection 18 (2) of the Regulation is amended by adding “or (1.0.0.1)” after “5 (1)”.

3. Section 19 of the Regulation is amended by adding “or (1.0.0.1)” after “5 (1)”.

4. Paragraph 1 of subsection 21 (4) of the Regulation is revoked and the following substituted:

1. Subsections 5 (17) and (17.1) of the General Regulation do not apply to the valuation of the consolidated prior solvency deficiency unless the application of those subsections is required to avoid revocation of registration of the pension plan under the Income Tax Act (Canada).

5. (1) Subsection 22 (2) of the Regulation is amended by adding “or (1.0.0.1)” after “5 (1)”.

(2) Subsection 22 (3) of the Regulation is revoked and the following substituted:

(3) The consolidated prior solvency deficiency of the new Hourly Employees Plan and the new Salaried Employees Plan, respectively, is excluded,

(a) for the purposes of subsection 5 (1) of the General Regulation, from the solvency deficiency described in clause 5 (1) (e) of the General Regulation; and

(b) for the purposes of subsection 5 (1.0.0.1) of the General Regulation, from the solvency deficiency described in clause 5 (1.0.0.1) (g) of the General Regulation.

Commencement

6. 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.