O. Reg. 182/12: STELCO INC. PENSION PLANS

Link to law: http://www.ontario.ca/laws/regulation/r12182
Published: 2012-06-26

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ONTARIO REGULATION 182/12

made under the

PENSION BENEFITS ACT

Made: June 20, 2012
Filed: June 26, 2012
Published on e-Laws: June 26, 2012
Printed in The Ontario Gazette: July 14, 2012


Amending O. Reg. 99/06

(STELCO INC. PENSION PLANS)

Note: Ontario Regulation 99/06 has not previously been amended.

1. Subsection 7 (1) of Ontario Regulation 99/06 is amended by adding at the end “other than benefit improvements required by law”.

2. Paragraphs 1 to 4 of subsection 8 (2) of the Regulation are revoked and the following substituted:

1. The liability for the original benefits payable to members, former members or retired members who are affected by the wind up is to be funded in the same manner as the liability for the original benefits in respect of members, former members and retired members who are not affected by the wind up.

2. The liability for the benefit improvements, if any, payable to members, former members or retired members who are affected by the wind up is to be funded in the same manner as the liability for the benefit improvements for members, former members and retired members who are not affected by the wind up.

3. The wind up benefits, if any, payable to members, former members or retired members who are affected by the wind up are to be treated as if they were benefit improvements, and the liability for these wind up benefits is to be funded in the same manner as the liability for the benefit improvements for members, former members and retired members who are not affected by the wind up.

4. The employer or a person required to make contributions on behalf of the employer shall pay into the pension fund of the plan the payments that the employer would be required to make under section 7, determined as if the benefit improvements and the wind up benefits payable to members, former members or retired members who are affected by the wind up were benefit improvements for the members, former members and retired members who are not affected by the wind up.

3. (1) Subsection 20 (1) of the Regulation is amended by striking out the portion before paragraph 1 and substituting the following:

Restriction on payments during wind up

(1) If a participating pension plan is being wound up in whole or in part, the administrator is not permitted to transfer funds from the pension fund of the pension plan for any of the following purposes until the solvency assets in respect of the members, former members and retired members who are affected by the wind up are at least equal to the solvency liabilities in respect of the same members, former members and retired members:

. . . . .

(2) Subsection 20 (2) of the Regulation is revoked and the following substituted:

(2) In subsection (1),

“affected benefits” means the original benefits payable to a member, former member or retired member who is affected by the wind up, any benefit improvements payable to a member, former member or retired member who is affected by the wind up and any wind up benefits payable to a member, former member or retired member who is affected by the wind up.

Commencement

4. This Regulation comes into force on July 1, 2012.