Human Resources Legislative Update
Time Period for Filing Solvency Funding Relief Reports Extended
Date: June 25, 2013
On June 20, 2013, the Ontario government filed O. Reg. 186/13 amending O. Reg. 177/11 (as amended by O. Reg. 330/12) which amended Regulation 909 (General) made under the Pension Benefits Act.
As previously reported, the definition of “solvency concerns” sets out the circumstances under which defined benefit pension plans are required to file annual actuarial valuations (instead of triennially).
Pursuant to O. Reg. 186/13, the exemption from the requirement to file annual valuations as a result of solvency concerns has been extended to December 31, 2014 for the following plans:
- listed jointly sponsored pension plans;
- specified Ontario multi-employer pension plans; and
- the OMERS Supplemental Pension Plan for Police, Firefighters and Paramedics.
O. Reg. 186/13 came into force on June 20, 2013.