O. Reg. 413/07: GENERAL


Published: 2007-07-27

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ontario regulation 413/07

made under the

pension benefits act

Made: July 25, 2007
Filed: July 27, 2007
Published on e-Laws: July 31, 2007
Printed in The Ontario Gazette: August 11, 2007


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

(General)

1. (1) Subsection 1 (2) of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by adding the following definition:

“solvency asset adjustment” means the amount calculated under section 1.2; (“rajustement de l’actif de solvabilité”)

(2) The definition of “solvency liability adjustment” in subsection 1 (2) of the Regulation is revoked and the following substituted:

“solvency liability adjustment” means the amount specified by section 1.3; (“rajustement du passif de solvabilité”)

2. The Regulation is amended by adding the following section:

1.3 (1) For the purposes of this Part, the solvency liability adjustment in relation to a report is zero unless either of the circumstances described in subsection (2) exist.

(2) The solvency liability adjustment in relation to a report is the amount calculated under subsection (3) if either of the following circumstances exist:

1. The solvency valuation includes a determination of a solvency asset adjustment, and that solvency asset adjustment includes an amount described in clause 1.2 (1) (a).

2. The solvency valuation includes a determination of a solvency asset adjustment, and that solvency asset adjustment includes an amount defined as “A” in subsection 1.2 (2).

(3) In the circumstances described in subsection (2), the solvency liability adjustment is the amount, positive or negative, by which the value of the solvency liabilities is adjusted as a result of using a solvency valuation interest rate that is the average of market interest rates calculated over the same period of time as the one used in the determination of the amount referred to in paragraph 1 or 2 of subsection (2), whichever applies.

3. (1) Section 3.2 of the Regulation is revoked and the following substituted:

3.2 Each of the following pension plans is prescribed as a jointly sponsored pension plan for the purposes of the Act:

1. OMERS Primary Pension Plan, registered under the Act as number 345983.

(2) Section 3.2 of the Regulation, as remade by subsection (1), is amended by adding the following paragraph:

2. OMERS Supplemental Pension Plan for Police, Firefighters and Paramedics, registered under the Act as number 1175892.

4. (1) Section 37 of the Regulation is amended by adding the following subsection:

(1.1) Subsection (1) does not apply with respect to a jointly sponsored pension plan.

(2) Subsection 37 (3) of the Regulation is revoked.

(3) Subsection 37 (4) of the Regulation is amended by striking out “where the assessment date for a plan is on or after the 1st day of January, 1993” in the portion before clause (a).

(4) Subsection 37 (6) of the Regulation is amended by striking out “Where the assessment date for a plan is on or after the 1st day of January, 1993 and” in the portion before clause (a) and substituting “If”.

5. Paragraph 9 of subsection 47 (1) of the Regulation is revoked.

6. The Regulation is amended by adding the following section:

47.3.1 The employers who are required to make contributions under the OMERS Supplemental Pension Plan for Police, Firefighters and Paramedics, registered under the Act as number 1175892, and the members of the pension plan are exempt from the requirement to make contributions under clause 4 (2) (a) with respect to any solvency deficiency under the plan and from the requirement to make special payments under clauses 4 (2) (c) and 4 (2.4) (b) with respect to any solvency deficiency under the plan.

7. (1) Subject to subsection (2), this Regulation comes into force on the day it is filed.

(2) Subsection 3 (2) and section 6 come into force on July 1, 2008.

 

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