Regulation - LGIC
Deferral of the Expiry of the Exemption from the "Solvency Concerns" Test for Certain Pension Plans
Regulation Number(s):
186/13
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
Ontario Regulation 186/13 made under the Pension Benefits Act was filed on June 20, 2013. The regulation amends O. Reg. 177/11, which amends Reg. 909 of R.R.O. 1990.
Further Information:
Regulation 909
Proposal Number:
13-MOF016
Posting Date:
Summary of Proposal:
This regulation defers the repeal of the exemption that certain pension plans have from the "solvency concerns" test until December 31, 2014.
The exemption applies to jointly sponsored pension plans that are named in Regulation 909 and to specified Ontario multi-employer pension plans (SOMEPPs). These plans are not required to satisfy solvency funding requirements.
This deferral allows further time for consultations with stakeholders regarding a number of funding related reforms, including new test that would determine when pension plans that are not required to solvency fund must file annual valuation reports.
The exemption applies to jointly sponsored pension plans that are named in Regulation 909 and to specified Ontario multi-employer pension plans (SOMEPPs). These plans are not required to satisfy solvency funding requirements.
This deferral allows further time for consultations with stakeholders regarding a number of funding related reforms, including new test that would determine when pension plans that are not required to solvency fund must file annual valuation reports.
Contact Address:
Pension Policy Branch
Ministry of Finance
5th Floor, Frost Bldg S.
7 Queen's Park Crescent
Toronto, ON M7A 1Y7
Ministry of Finance
5th Floor, Frost Bldg S.
7 Queen's Park Crescent
Toronto, ON M7A 1Y7
Effective Date:
June 20, 2013
Decision:
Approved