Regulation made under the Pension Benefits Act amending O.Reg. 196/11 (Abibow Canada Inc. Pension Plans)
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
The Regulation was filed on April 10, 2014.
Summary of Proposal:
The Regulation amends Regulation 196/11 under the Pension Benefits Act to provide Resolute FP Canada Inc. with the funding relief for 5 of its Ontario pension plans (together with 10 of its Quebec pension plans pursuant to a harmonized and parallel special regulation in Quebec) as follows:
1. Increase the basic yearly amortization contribution amount up to the expiry date of the regulation in 2021;
2. Remove prospectively the existing requirement that Resolute must make extra contributions to the pension plans under certain conditions; and
3. Defer payments of the Ontario portion of past-due contributions.
The Regulation also includes some technical amendments to update the names of the sponsor company and its pension plans.
O.Reg. 106/14 makes consequential amendments to O.Reg. 909 to reflect the amendments to O.Reg. 196/11.
Pension Policy Branch
Ministry of Finance
5th Floor, Frost Bldg. S.
7 Queen's Park Crescent
Toronto, ON M7A 1Y7
April 15, 2014