O. Reg. 326/13: GENERAL SYNOD PENSION PLAN OF THE ANGLICAN CHURCH OF CANADA

Link to law: http://www.ontario.ca/laws/regulation/r13326
Published: 2013-12-13

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ONTARIO REGULATION 326/13

made under the

PENSION BENEFITS ACT

Made: December 11, 2013
Filed: December 13, 2013
Published on e-Laws: December 13, 2013
Printed in The Ontario Gazette: December 28, 2013


Amending O. Reg. 156/13

(GENERAL SYNOD PENSION PLAN OF THE ANGLICAN CHURCH OF CANADA)

1. Section 2 of Ontario Regulation 156/13 is amended by adding the following subsections:

(3) A reference in this Regulation to an August 2011, August 2012, December 2013, December 2014 or December 2015 valuation report is a reference to a valuation report with a valuation date of August 31, 2011, August 31, 2012, December 31, 2013, December 31, 2014 or December 31, 2015, as applicable.

(4) In the event of a conflict between this Regulation and the General Regulation, this Regulation prevails.

2. Section 3 of the Regulation is amended by striking out “November 30, 2013” and substituting “December 31, 2013”.

3. Section 4 of the Regulation is revoked and the following substituted:

Election re solvency funding requirements

4. (1) The administrator of the pension plan may elect to have all of the following rules apply to the pension plan:

1. Despite subsections 14 (1) and (3) of the General Regulation, valuation reports must be filed with a valuation date of August 31, 2012, December 31, 2013, December 31, 2014 and December 31, 2015.

2. For all valuation reports with a valuation date on or after August 31, 2011 and before December 31, 2015, the sufficiency of the required contributions is determined on the basis of a going concern valuation, despite subsection 6 (4.1) of the General Regulation.

3. The period beginning on August 31, 2011 and ending on December 30, 2015 is deemed for the purposes of subsection 7 (3) of the General Regulation to remain a period for which special payments are required to be made under section 5 of the General Regulation.

4. A solvency deficiency determined in an August 2011, August 2012, December 2013 or December 2014 valuation report must be liquidated, with interest at the rates described in subsection 5 (2) of the General Regulation, by equal monthly instalments over a five year period starting no later than December 31, 2016, despite clause 5 (1) (e) and subsection 5 (1.0.1) of the General Regulation. The monthly instalments are deemed to be special payments under subsection 5 (1) of the General Regulation made for the purpose of liquidating a solvency deficiency.

5. Despite clause 1.2 (1) (d) of the General Regulation, the solvency asset adjustment for a solvency deficiency determined in a report under section 3 or 14 of the General Regulation with a valuation date on or after August 31, 2012 but before December 31, 2015 must include,

i. the present value of special payments with respect to any going concern unfunded liability that are scheduled for payment within the period that begins on the valuation date of the report and ends on December 31, 2021, and

ii. the present value of special payments with respect to any solvency deficiency — other than a solvency deficiency determined in the report — that are scheduled for payment within the period that begins on the valuation date of the report and ends on December 31, 2021.

6. No amendment to the pension plan that increases the going concern unfunded liability or the solvency deficiency may be filed before the later of December 31, 2016 and the date on which the solvency deficiencies referred to in paragraph 4 have been liquidated. However, this restriction does not apply with respect to an amendment made to confer a benefit improvement that is required by law.

7. The administrator is not permitted to make an election under section 5.6.1 of the General Regulation on or after December 31, 2013. An election made under that section before December 31, 2013 ceases to have effect on December 31, 2013.

(2) The election must be made in writing and must be filed with the Superintendent no later than December 31, 2013.

(3) The election may be made only once and cannot be rescinded.

Required contributions

5. (1) This section applies despite subsection 6 (4.2) of the General Regulation, if the administrator makes the election authorized by section 4.

(2) For the purposes of clause 6 (4) (a) of the General Regulation, the required contributions to the pension plan for the period that begins on August 31, 2011 and ends on December 30, 2015 are sufficient if, for each year of that period that is covered by the report, the required contributions are not less than the sum of the following amounts determined using the benefit allocation method:

1. The normal cost of the pension plan.

2. The special payments set out in a previous report that remain to be paid with respect to any going concern unfunded liability.

3. The special payments to be paid with respect to any going concern unfunded liability that is determined in the report.

Notice of election for members, etc.

6. (1) If the administrator makes the election authorized by section 4, the administrator shall send a notice containing the following information to every person who is a member, former member or retired member:

1. The name and provincial registration number of the pension plan.

2. The name and contact information of the administrator.

3. A statement indicating that the administrator has obtained the consent of the members, former members and retired members to an exemption for the pension plan from the solvency funding requirements under the General Regulation from August 31, 2011 until December 30, 2015. The statement must indicate the proportion of the members, former members and retired members who have given their consent.

4. A statement confirming that the pension plan is exempted from the solvency funding requirements under the General Regulation from August 31, 2011 until December 30, 2015.

(2) The notice must be sent to every member, former member and retired member no later than January 31, 2014 at the person’s last known address in the administrator’s records.

(3) A copy of the notice must be filed with the Superintendent no later than 45 days after the day on which the administrator sends the notice to the members, former members and retired members.

Progress reports for members, etc.

7. (1) If the administrator makes the election authorized by section 4, the administrator shall send the progress reports required by this section to every person who is a member, former member or retired member on the day on which the progress report is prepared.

(2) A progress report must be sent not more than six months after the end of each fiscal year of the pension plan in which a report under section 3 or 14 of the General Regulation is filed.

(3) Each progress report must contain the following information:

1. The name and provincial registration number of the pension plan.

2. The name and contact information of the administrator.

3. A statement that the pension plan is exempted from the solvency funding requirements under the General Regulation from August 31, 2011 until December 30, 2015. If the progress report is sent after December 31, 2015, the statement must indicate that the pension plan was exempted from the solvency funding requirements during that period.

4. An explanation of how the security of the pension benefits and the ancillary benefits for members, former members and retired members might be affected as a result of the exemption of the pension plan from the solvency funding requirements.

5. The valuation date of the most recent report filed under section 3 or 14 of the General Regulation.

6. The transfer ratio of the pension plan as of the valuation date of the two most recent reports filed under section 3 or 14 of the General Regulation.

7. The amount of the solvency deficiency of the pension plan as of the valuation date of the two most recent reports filed under section 3 or 14 of the General Regulation.

8. The estimated annual contributions required to fund the normal cost of the pension plan and all special payments as set out in the report referred to in paragraph 5.

9. The total annual contributions made to the pension plan in the two previous fiscal years of the plan.

(4) A progress report may be included in the written statement that is required to be sent to members under section 27 of the Act for the same fiscal year.

(5) A copy of the progress report must be filed with the Superintendent no later than 45 days after the day on which the administrator sends the progress report to the members, former members and retired members.

Revocation

8. This Regulation is revoked on September 1, 2022.

Commencement

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