O. Reg. 7/13: ALGOMA STEEL INC. PENSION PLANS

Link to law: http://www.ontario.ca/laws/regulation/r13007
Published: 2013-01-11

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ontario regulation 7/13

made under the

pension benefits act

Made: January 9, 2013
Filed: January 11, 2013
Published on e-Laws: January 11, 2013
Printed in The Ontario Gazette: January 26, 2013


Amending O. Reg. 202/02

(algoma steel inc. pension plans)

1. (1) The definition of “new Hourly Employees Plan” in subsection 1 (1) of Ontario Regulation 202/02 is amended by striking out “Algoma Steel Inc.” and substituting “Essar Steel Algoma Inc.”.

(2) The definition of “new Salaried Employees Plan” in subsection 1 (1) of the Regulation is amended by striking out “Algoma Steel Inc.” and substituting “Essar Steel Algoma Inc.”.

(3) The definition of “new Wrap Plan” in subsection 1 (1) of the Regulation is amended by striking out “Algoma Steel Inc.” and substituting “Essar Steel Algoma Inc.”.

2. Subsection 5 (3) of the Regulation is amended by striking out “Algoma Steel Inc.” at the beginning and substituting “Essar Steel Algoma Inc.”.

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

Deferral of certain special payments

14.1 (1) This section applies with respect to any special payment in respect of any of the new pension plans that is required to be made on or after December 1, 2012 and before December 1, 2013.

(2) The following rules apply with respect to the special payment, despite subsection 5 (1) of the General Regulation and despite subsection 14 (1) or (2) of this Regulation, as applicable:

1. A special payment may be deferred, with interest payable, for a period of up to one year after the date on which it was originally scheduled to be made.

2. Interest on the deferred special payment must be calculated at the going concern valuation interest rate or the solvency valuation interest rate, as applicable, that was used in the report under section 14 of the General Regulation that was most recently filed with a valuation date before the payment was originally scheduled to be made.

Commencement

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