Regulation - LGIC
Extension of the Solvency Funding Moratorium for Specified Ontario Multi-Employer Pension Plans (SOMEPPs)
Regulation Number(s):
Ontario Regulation 203/12
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
Ontario Regulation 203/12 was filed on July 20, 2012.
Further Information:
O. Reg. 203/12
Proposal Number:
12-MOF015
Posting Date:
Summary of Proposal:
This regulation amends Regulation 909 to extend the solvency funding moratorium for SOMEPPs for five years, to August 31, 2017. The moratorium would be provided to certain multi-employer pension plans which have made an election to become a SOMEPP.
SOMEPPs continue to be required to target full funding on a going-concern basis.
This extension will allow the development of a long-term comprehensive regulatory system for these MEPPs, including those which are multi-jurisdictional.
SOMEPPs continue to be required to target full funding on a going-concern basis.
This extension will allow the development of a long-term comprehensive regulatory system for these MEPPs, including those which are multi-jurisdictional.
Contact Address:
Pension Policy Branch
Ministry of Finance
5th Floor Frost Building South
7 Queen's Park Crescent East
Toronto, ON M7A 1Y7
Ministry of Finance
5th Floor Frost Building South
7 Queen's Park Crescent East
Toronto, ON M7A 1Y7
Effective Date:
July 20, 2012
Decision:
Approved