Tag: Reg. 9
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New Brunswick Draft Regulation re Solvency Funding
New Brunswick published draft regulations, which will amend the General Regulation to provide plan sponsors with greater flexibility in funding solvency deficits. Comments are due by July 13, 2020 . . .
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Ontario Regulation re DB Plan Funding
Ontario filed Regulation 105/19 amending the General Regulation under the Pension Benefits Act (PBA). The amendments relate to benefit improvements, excess contributions, letters of credit, contribution holidays, provisions for adverse deviation (PfAD) and statement of investment policies and procedures (SIPP). There are also a number of amendments specifying that certain funding provisions do not apply to jointly sponsored pension plans (JSPP) and specified Ontario multi-employer pension plans (SOMEPP . . .
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Federal (Senate) Bill S-253 re Pensions in Bankruptcy
Senator Eggleton's Bill S-253, An Act to amend the Bankruptcy and Insolvency Act and other Acts and Regulations (pension plans), was referred to second reading on September 25, 2018. Bill S-253 is the latest Bill to try to change the regime governing underfunded pension plans of a company that is restructuring or insolvent.
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New Brunswick Bulletin re Financial Statement and Actuarial Valuations
The New Brunswick Financial and Consumer Services Commission published Pension Bulletin 2018-03 regarding the filing of financial statements and actuarial valuation reports. In particular, the Bulletin specifies that these documents must be filed at the same time. Noting that these documents are often prepared by different service providers, the Bulletin suggests methods for ensuring that they are filed together through the Commission's online portal . . .
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FSCO FAQs re SEPP to JSPP Conversions
FSCO updated it frequently asked questions regarding the conversion of single employer pension plans (SEPP) to jointly sponsored pension plans (JSPP) to address the following:
- FSCO’s expectation regarding the description of any differences between the SEPP and the JSPP and the timeline for notices after an application has been submitted to the Superintendent;
- the role of the union in the member consent process;
- FSCO's expectation regarding . . .
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Ontario Regulations re New DB Funding Framework
The Ontario government has filed the regulations which will bring into force its new funding framework for defined benefit plans.
The majority of the amendments to the General Regulation are included in Regulation 250/18, which implements the proposed funding framework that was published for consultation last December. Related amendments, which largely apply to specific pension plans, are contained in a series of additional regulations. Except where otherwise noted, the new funding framework will come into force on May 1, 2018.
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OSFI Actuarial Guides
OSFI has updated two guides for administrators of federally regulated defined benefit plans:
- Guide to Completing the Actuarial Information Summary (AIS); and
- Guide to Completing the Replicating Portfolio Information Summary (RPIS).
The AIS and RPIS must be submitted whenever filing an actuarial . . .
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Quebec Final Regulation re Plan Funding
Quebec finalized Regulation 1183-2017 amending the Regulation respecting supplemental pension plans.
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Status Update: OSFI Actuarial Guide
OSFI has posted an updated the Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans. (The Guide was last updated in October 2016 - see my earlier post.)
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Quebec Draft Regulation re DB Plan Funding
Quebec published a draft regulation under the Supplemental Pension Plans Act, which will amend the Regulation respecting supplemental pension plans with respect to defined benefit plan funding.
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