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ontario regulation 84/11

made under the

pension benefits act

Made: March 23, 2011
Filed: March 25, 2011
Published on e-Laws: March 29, 2011
Printed in The Ontario Gazette: April 9, 2011

Amending Reg. 909 of R.R.O. 1990

(General)

1. The definition of “accountant” in subsection 1 (1) of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by striking out “Public Accountancy Act” at the end and substituting “Public Accounting Act, 2004”.

2. The Regulation is amended by adding the following section immediately before the heading “Significant Shareholder Plans”:

47.7 (1) This section applies with respect to a public sector pension plan that satisfies all of the following criteria:

1. The pension plan is provided in respect of any of the following:

i. The Crown in right of Ontario.

ii. A public entity as defined in subsection 1 (1) of the Financial Administration Act.

iii. A corporation or other entity in the broader public sector as described in subsection 1.0.19 (1) of the Financial Administration Act.

2. The pension plan provides defined benefits or it provides defined benefits as well as defined contribution benefits.

3. It is not a multi-employer pension plan.

4. It is not a jointly sponsored pension plan.

5. Of the aggregate number of members and former members of the plan who are entitled to defined benefits as of the valuation date of the report described in subsection (2), at least 25 per cent are members who have the right to continue to accrue defined benefits under the plan.

(2) Despite subsection 14 (10), a report under section 14 with a valuation date on or after December 31, 2009 and on or before August 1, 2010 may be filed or submitted on or before May 31, 2011.

(3) Despite subsection 12 (2), the employer shall pay the following into the pension fund no later than June 1, 2011:

1. All amounts due under a report described in subsection (2) on the date the report is filed or submitted.

2. Interest on those amounts calculated at the going concern interest rate or the solvency valuation interest rate, whichever applies in the circumstances.

(4) The actuary who prepares the report described in subsection (2) shall calculate the amount of interest that is payable under paragraph 2 of subsection (3).

Commencement

3. This Regulation comes into force on the day it is filed.

 

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