Tag: Act s. 18
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Re CCRL Petroleum Employees’ Pension Plan, 2019 (Sask. Superintendent) – Plan Freeze & Partial Wind Up Are Not Void Amendments
The Consumers’ Co-operative Refineries Limited Petroleum Employees’ Pension Plan (the Plan) is a non-contributory defined benefit plan, which includes management and unionized employees. The Plan was closed to new management employees in 2007 and to new unionized employees in 2017. Effective December 31, 2019, CCRL amended the plan to: (i) freeze earnings, continuous service and pensionable service of the management members; and (ii) partially wind up the Plan with respect to such members . . .
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OSFI Guides re Asset Transfers
OSFI has updated its Guidance Notes regarding Asset Transfers related to Defined Benefit and Defined Contribution Plans. The Guidance Notes have been updated to clarify the following:
- information for multi-jurisdictional plans;
- in the case of DB plans, the remittance of normal cost and special payments after the effective date of the transfer and additional information on what is meant by a material negative impact on the receiving plan; and
- in the case of DC plans, the scenarios under which the Superintendent’s permission to transfer assets is or is not required.
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B.C. Guideline re Plan Conversions
The B.C. Financial Institutions Commission has published a "Guideline for Converting Plans from Defined Benefit to Target Benefit". The Guideline sets out the B.C. Superintendent's expectations, including with respect to:
- information to be included in the initial notice to the Superintendent;
- notice and other communications to be provided to plan members;
- documents to be filed with the Superintendent (e.g., plan amendment . . .
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