Proposed Amendment to Regulation 909 under the Pension Benefits Act – Filing Extension for Certain Pension Plans in the Public Sector and Broader Public Sector
Bill or Act:
Pension Benefits Act
Summary of Proposal:
In an effort to support sustainable public sector and BPS pension plans, the Minister of Finance announced in the 2010 Budget that the government is considering providing additional temporary solvency funding relief to certain single employer, defined benefit or hybrid pension plans in the public sector and the broader public sector, including Ontario university pension plans. Details of this relief will be made available in a separate posting on this Registry.
The proposed filing extension regulation would apply to a public sector pension plan that:
- falls within the definition below:
- is not a jointly sponsored pension plan;
- is not a multi-employer pension plan;
- provides defined benefits;
- has at least 25% of total membership that are active members as of the valuation date that continue to accrue defined benefits under the plan; and
- is required to file its valuation report on or before April 30, 2011.
The proposed regulation would extend the filing dates to May 31, 2011 and extend the time for the commencement of special payment schedules established in the report to June 1, 2011, subject to other relief measures that the plan would elect to take.
A “public sector pension plan” means, a pension plan provided in respect of,
(a) the Crown in right of Ontario, a Crown agency, a corporation, with or without share capital, that is not a Crown agency but is owned, operated or controlled by the Crown, and any other board, commission, authority or unincorporated body of the Crown,
(b) a district school board as defined in subsection 1 (1) of the Education Act,
(c) a person or entity that is a health service provider for the purposes of the Local Health System Integration Act, 2006,
(d) a college of applied arts and technology established under the Ontario Colleges of Applied Arts and Technology Act, 2002,
(e) a university in Ontario, including its affiliated and federated colleges, that receives operating grants from the Government of Ontario,
(f) a municipality as defined in section 1 of the Municipal Act, 2001, and
(g) a children's aid society that is designated in accordance with the Child and Family Services Act.
February 10, 2011
Comments Due Date:
March 28, 2011
Public Sector Pension Plan Filing Extension
Pension Policy Branch
Ministry of Finance
5th Floor, Frost Bldg S.
7 Queen’s Park Crescent
Toronto ON M7A 1Y7