Human Resources Legislative Update
Solvency Funding Exemptions Extended Through 2017
Date: November 11, 2014
On November 7, 2014, the Ontario government filed O. Reg. 207/14, 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).
In June of 2013, the Ontario government filed amending regulations to extend the temporary exemption from the requirement to file annual valuations as a result of solvency concerns to December 31, 2014 for the following plans (O. Reg. 186/13):
- listed jointly sponsored pension plans;
- specified Ontario multi-employer pension plans; and
- the OMERS Supplemental Pension Plan for Police, Firefighters and Paramedics.
Pursuant to O. Reg. 207/14, the temporary exemption for these three categories of plan has now been extended to December 31, 2017, effective immediately.