Regulation - LGIC
Regulation made under the Pension Benefits Act amending O.Reg. 202/02 (Essar Steel Algoma Inc. Pension Plans)
Regulation Number(s):
52/14
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
The Regulation was filed on March 7, 2014.
Further Information:
Ontario Regulation 52/14 made under the Pension Benefits Act
Proposal Number:
14-MOF011
Posting Date:
Summary of Proposal:
The Regulation amends Regulation 202/02 under the Pension Benefits Act to correct two technical drafting deficiencies in the recent amendments to this Regulation. The Regulation amends Regulation 202/02 as follows:
1. The definition of the term "excess net cash" at section 16(6) of the Regulation is amended to more accurately reflect a Memorandum of Understanding beween Essar Steel Algoma Inc. and its trade unions; and,
2. The references to section 5(17) of O.Reg. 909 at sections 17(4)(2) and 21(4)1 of the Regulation are amended to ensure that the subject pesnion plans remain compliant with the regulations under the Income Tax Act (Canada) in the event that one or more of the pension plans develops a surplus.
1. The definition of the term "excess net cash" at section 16(6) of the Regulation is amended to more accurately reflect a Memorandum of Understanding beween Essar Steel Algoma Inc. and its trade unions; and,
2. The references to section 5(17) of O.Reg. 909 at sections 17(4)(2) and 21(4)1 of the Regulation are amended to ensure that the subject pesnion plans remain compliant with the regulations under the Income Tax Act (Canada) in the event that one or more of the pension plans develops a surplus.
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:
March 7, 2014
Decision:
Approved