Canada Post Corporation Pension Plan Funding Regulations

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2014-38/FullText.html

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Canada Post Corporation Pension Plan Funding Regulations

SOR/2014-38PENSION BENEFITS STANDARDS ACT, 1985
Registration 2014-02-28
Canada Post Corporation Pension Plan Funding Regulations
P.C. 2014-168 2014-02-28His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 39Footnote a of the Pension Benefits Standards Act, 1985Footnote b, makes the annexed Canada Post Corporation Pension Plan Funding Regulations.

Return to footnote aS.C. 2012, c. 16, s. 89
Return to footnote bR.S., c. 32 (2nd Supp.)

Marginal note:Words and expressions

1 Except as otherwise provided, words and expressions used in these Regulations have the same meaning as in the Pension Benefits Standards Regulations, 1985 (the “PBSR”).

Marginal note:Application

2 These Regulations apply to Canada Post Corporation’s defined benefit plan (the “plan”) in respect of which certificate of registration number 57136 has been issued by the Superintendent under the Act.

Marginal note:Exemption

3 Section 8, subsections 9(1) to (13), paragraph 9(14)(b) and subsections 9.3(1) and (3) of the PBSR do not apply to the plan.

Marginal note:Funding

4 The funding of the plan is considered to meet the standards for solvency if the funding is in accordance with section 5.

Marginal note:Annual contributions

5 The plan must be funded in each plan year by contributions equal to the normal cost of the plan and by the amounts required to be paid by the employer under a defined contribution provision.

Marginal note:Prescribed solvency ratio

6 For the purposes of paragraphs 10.1(2)(c) and (d) of the Act, the prescribed solvency ratio level is 1.0.

Marginal note:Prescribed information for subparagraph 28(1)(b)(iv) of Act

7 (1) In addition to the information referred to in subsection 23(1) of the PBSR, the following information is prescribed for the purposes of subparagraph 28(1)(b)(iv) of the Act:

(a) the amount of the plan’s going concern deficit as shown in the last actuarial report filed with the Superintendent;
(b) the amount of the plan’s solvency deficiency as shown in the last actuarial report filed with the Superintendent;
(c) the amount of payments that are required to be made for the plan year covered by the statement after the day on which these Regulations come into force; and
(d) the amount of payments that would have been made to the plan for the plan year covered by the statement if the plan had been funded in accordance with section 9 of the PBSR during that plan year.

Marginal note:Prescribed information for subparagraph 28(1)(b.1)(ii) of Act

(2) The information referred to in paragraphs (1)(a) to (d) is prescribed for the purposes of subparagraph 28(1)(b.1)(ii) of the Act.

Marginal note:Recipients

(3) The prescribed information must be addressed to the member or former member of the plan and that person’s spouse — or, if that person is cohabiting with a common-law partner, that common-law partner — as shown on the records of the plan administrator and must be

(a) given to the member of the plan at the place of employment; or
(b) mailed to the residence of the member or former member of the plan and that person’s spouse or common-law partner, as the case may be.

8 [Repeal]

Marginal note:Coming into force

9 These Regulations come into force on the day on which they are registered.