O. Reg. 181/12: GENERAL MOTORS PENSION PLANS

 

ontario regulation 181/12

made under the

pension benefits act

Made: June 20, 2012
Filed: June 26, 2012
Published on e-Laws: June 26, 2012
Printed in The Ontario Gazette: July 14, 2012

Amending O. Reg. 321/09

(General Motors Pension Plans)

1. Section 3 of Ontario Regulation 321/09 is amended by adding the following subsection:

(1.1) Despite subsection (1), benefit improvements are deemed for the purposes of this Regulation not to be made under a plan if the amendment to the plan confers a benefit improvement that is required by law.

2. (1) Subsections 4 (1) and (2) of the Regulation are revoked and the following substituted:

(1) Subsections 74 (1), (1.1), (1.3), (2), (3), (4) and (8) of the Act do not apply to a plan on or after September 1, 2009 unless the plan is fully wound up and there are assets of the plan remaining after payment of all fees and expenses relating to the wind up and after payment of all pensions, deferred pensions, pension benefits and ancillary benefits under the terms of the plan.

(2) Subsection 4 (3) of the Regulation is amended by striking out the portion before paragraph 1 and substituting the following:

(3) The following rules apply if subsections 74 (1), (1.1), (1.3), (2), (3), (4) and (8) of the Act apply to a plan under subsection (1):

. . . . .

(3) Paragraph 1 of subsection 4 (3) of the Regulation is amended by striking out “subsection (2)” wherever it appears and substituting in each case “subsection (1)”.

(4) Paragraph 2 of subsection 4 (3) of the Regulation is amended by striking out “subsection (2)” and substituting “subsection (1)”.

(5) Subsection 4 (4) of the Regulation is amended by striking out “subsections 74 (1), (2), (3) and (4) of the Act” and substituting “subsections 74 (1), (1.1), (1.3), (2), (3), (4) and (8) of the Act”.

3. (1) Subsection 5 (6) of the Regulation is amended by striking out “other than subsection 84 (4) of the Act”.

(2) Section 5 of the Regulation is amended by adding the following subsection:

(6.1) However, benefit enhancements are not guaranteed by the Guarantee Fund under section 84 of the Act, despite subsection (6).

Commencement

4. This Regulation comes into force on July 1, 2012.