Human Resources Legislative Update
Temporary solvency relief extended for specified Ontario MEPPs
Date: July 23, 2012
The Ontario government filed regulatory amendments extending temporary solvency relief another five years for specified Ontario multi-employer pension plans (“SOMEPPs”).
O. Reg. 203/12 amends sections 6.01(2), 6.0.3(2) and 6.04(1)(b) of General Regulation 909 to extend the solvency funding relief to valuations dated on or before August 31, 2017, and is now in force.
We anticipate that additional regulations to extend the 2009 temporary solvency funding relief regime for pension plans more generally will be forthcoming, as announced in the 2012 Ontario Budget.