Regulation - LGIC
Amending Regulation 178/11: Solvency Funding Relief for Certain Public Sector Pension Plans
Regulation Number(s):
178/11
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
Posted on e-Laws: https://www.ontario.ca/laws/regulation/r15344
Further Information:
Proposal Number:
15-MOF026
Posting Date:
October 22, 2015
Summary of Proposal:
The Ministry of Finance is seeking comments from stakeholders on a draft regulation that would amend Regulation 178/11 under the Pension Benefits Act.
The broader public sector solvency relief program operates in 2 stages, with relief in each stage. The amount of stage 2 relief is dependent on the date a plan enters that stage. Currently, plans that entered stage 2 on or before December 31, 2014 have the option of making interest only payments during the first 3 years of stage 2 and amortizing the balance of their stage 2 solvency deficit over the remaining 7 year. The draft regulation would extend this option to all plans accepted to stage 2.
The broader public sector solvency relief program operates in 2 stages, with relief in each stage. The amount of stage 2 relief is dependent on the date a plan enters that stage. Currently, plans that entered stage 2 on or before December 31, 2014 have the option of making interest only payments during the first 3 years of stage 2 and amortizing the balance of their stage 2 solvency deficit over the remaining 7 year. The draft regulation would extend this option to all plans accepted to stage 2.
Contact Address:
Broader Public Sector Pensions Branch
Ministry of Finance
1st Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
Ministry of Finance
1st Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
Effective Date:
November 26, 2015
Decision:
Approved