ontario regulation 447/12
made under the
pension benefits act
Made: December 12, 2012
Filed: December 20, 2012
Published on e-Laws: December 20, 2012
Printed in The Ontario Gazette: January 5, 2013
Amending Reg. 909 of R.R.O. 1990
1. Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by adding the following section:
47.7.2 (1) The administrator of any of the following pension plans may make the election described in this section:
1. Colleges of Applied Arts and Technology Pension Plan, registered under the Act as number 0589895.
2. Healthcare of Ontario Pension Plan, registered under the Act as number 0346007.
3. Ontario Public Service Employees Union Pension Plan, registered under the Act as number 1012046.
(2) The administrator may elect to cause the pension plan to be reviewed and a report under section 14 to be prepared with a valuation date (the “new valuation date”) that is not later than January 1, 2018 and is also not later than the fourth anniversary of the valuation date of the most recently filed report with a valuation date on or before December 30, 2014, despite subsection 14 (1).
(3) The election may be made only once and must be filed no later than 180 days after the third anniversary (the “standard valuation date”) of the valuation date of the most recently filed report with a valuation date on or before December 30, 2014.
(4) The election, as filed, must specify the new valuation date and must be accompanied by an actuarial cost certificate that sets out the contributions to be made for the period beginning immediately after the standard valuation date and ending on the new valuation date, determined on the basis of the valuation disclosed in the most recently filed report with a valuation date on or before December 30, 2014.
2. Section 47.7.2 of the Regulation is revoked.
3. (1) Subject to subsection (2), this Regulation comes into force on the later of December 31, 2012 and the day it is filed.
(2) Section 2 comes into force on October 1, 2018.