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O. Reg. 257/18: SOLVENCY FUNDING RELIEF FOR CERTAIN PUBLIC SECTOR PENSION PLANS

filed April 20, 2018 under Pension Benefits Act, R.S.O. 1990, c. P.8

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ontario regulation 257/18

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. 178/11

(SOLVENCY FUNDING RELIEF FOR CERTAIN PUBLIC SECTOR PENSION PLANS)

1. (1) Paragraph 2 of subsection 9 (3) of Ontario Regulation 178/11 is amended by adding “or available actuarial surplus” after “actuarial gain” in the portion before subparagraph i.

(2) Subparagraph 2 ii of subsection 9 (3) of the Regulation is amended by adding “or available actuarial surplus” after “actuarial gain” at the end.

2. (1) Subsection 12 (3) of the Regulation is amended by adding “if the valuation date is before December 31, 2017” at the end of the portion before paragraph 1.

(2) Paragraph 2 of subsection 12 (3) of the Regulation is amended by striking out “on or before December 31, 2018” and substituting “before December 31, 2017”.

(3) Subsection 12 (5) of the Regulation is amended by striking out “on or before December 31, 2018” in the portion before paragraph 1 and substituting “before December 31, 2017”.

(4) Subsection 12 (6) of the Regulation is amended by adding “if the valuation date is before December 31, 2017” at the end.

(5) Subsection 12 (9) of the Regulation is amended by adding “that is before December 31, 2017” after “date” in the portion before paragraph 1.

3. Subsection 13 (1) of the Regulation is amended by adding “that is before December 31, 2017” before “shall prepare”.

4. The Regulation is amended by adding the following section:

Subsequent valuation reports re stage two, valuation date on or after December 31, 2017

13.1 For each report of a public sector pension plan listed in Schedule 2 to this Regulation with a valuation date on or after December 31, 2017, the requirements under section 14 of the General Regulation must be satisfied except as otherwise indicated in subsection 12 (7) of this Regulation.

Commencement

5. 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.