Regulation - LGIC

Regulation made under the Pension Benefits Act Amending O.Reg. 202/02 (Algoma Steel Inc. Pension Plans)and consequential amendments to O.Reg. 909.

Regulation Number(s):
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
The Regulation was filed on December 13, 2013.
Further Information:
Proposal Number:
Posting Date:
Summary of Proposal:
The Regulation permits Essar Steel Algoma Inc. to defer a portion of the special payments for its pension plans due on or after December 1, 2013. The Regulation requires the solvency deficiency in the Essar Steel Algoma Wrap Pension Plan to be consolidated effective December 1, 2013, and re-amortized until March 31, 2024. The Regulation further requires the solvency deficiencies in the Essar Steel Algoma Inc. Pension Plan for Salaried Employees and the Essar Steel Algoma Inc. Pension Plan for Hourly Employees to be consolidated effective April 1, 2017, and re-amortized until March 31, 2024. For the period from December 1, 2013 until March 31, 2017, the Essar Steel Algoma Inc. will be required to make fixed annual contributions to those plans. The Regulation also includes some technical amendments to update the names of the sponsor company and its pension plans.

O.Reg. 328/13 makes consequential amendments to O.Reg. 909 to reflect the amendments to O.Reg. 202/02.
Contact Address:
Pension Policy Branch
Ministry of Finance
5th Floor, Frost Bldg S.
7 Queen's Park Crescent
Toronto, ON M7A 1Y7
Effective Date:
December 1, 2013