Proposal
Proposed Criteria for Exempting New Broader Public Sector (BPS) Multi-Employer JSPPs from Solvency Funding Requirements
Regulation Number(s):
n/a
Instrument Type:
Proposal
Bill or Act:
Pensions Benefit Act
Summary of Proposal:
The document attached to this posting seeks comment on the government's proposed criteria for exempting from solvency funding requirements a newly established multi-employer JSPP or a JSPP created out of the amalgamation of existing single employer pension plans.
Proposed criteria include:
1) A minimum of five participating employers;
2) Not more than 50% of the combined membership be employed by a single employer;
3) A baseline asset level of $5 billion;
4) An examination of a plan's overall governance practices, with particular attention paid to Board composition and risk management tools, such as asset-liability management studies (ALMs), Provisions for Adverse Deviations (PfADs) and funding policies.
Proposed criteria include:
1) A minimum of five participating employers;
2) Not more than 50% of the combined membership be employed by a single employer;
3) A baseline asset level of $5 billion;
4) An examination of a plan's overall governance practices, with particular attention paid to Board composition and risk management tools, such as asset-liability management studies (ALMs), Provisions for Adverse Deviations (PfADs) and funding policies.
Further Information:
Proposed Criteria for Exempting New Broader Public Sector (BPS) Multi-Employer JSPPs from Solvency F
(Download Adobe Reader)
Proposal Number:
15-MOF009
Posting Date:
April 15, 2015
Comments Due Date:
June 1, 2015
Contact Address:
Broader Public Sector Pensions Branch
Solvency Exemption Criteria
Ministry of Finance
1st Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
Solvency Exemption Criteria
Ministry of Finance
1st Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7