O. Reg. 52/14: ESSAR STEEL ALGOMA INC. PENSION PLANS

Link to law: http://www.ontario.ca/laws/regulation/r14052
Published: 2014-03-07

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ontario regulation 52/14

made under the

Pension Benefits Act

Made: March 5, 2014
Filed: March 7, 2014
Published on e-Laws: March 7, 2014
Printed in The Ontario Gazette: March 22, 2014

Amending O. Reg. 202/02

(ESSAR STEEL ALGOMA INC. PENSION PLANS)

1. Subsection 16 (6) Ontario Regulation 202/02 is revoked and the following substituted:

(6) Essar Steel Algoma Inc.’s excess net cash for a fiscal year, for the purposes of this section, is the amount calculated using the formula,

L − M

in which,

“L” is the amount of cash generated by Essar Steel Algoma Inc.’s operating activities for the year in excess of $100 million after taking into account any deductions for interest, taxes, capital investment, working capital and financing fees, but excluding any loans made or obtained, and

“M” is the total amount of contributions payable to the new pension plans in the following fiscal year.

2. Paragraph 2 of subsection 17 (4) of the Regulation is amended by adding at the end “unless the application of that subsection is required to avoid revocation of registration of the pension plan under the Income Tax Act (Canada)”.

3. Paragraph 1 of subsection 21 (4) of the Regulation is amended by adding at the end  “unless the application of that subsection is required to avoid revocation of registration of the pension plan under the Income Tax Act (Canada)”.

Commencement

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