Human Resources Legislative Update

Temporary solvency relief extended for specified Ontario MEPPs

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.