O.C. 190/2020

A.R. 96/2020

June 24, 2020


            The Lieutenant Governor in Council makes the Employment Pension Plans Amendment Regulation set out in the attached Appendix.

For Information only

Recommended by:          President of Treasury Board and Minister of Finance

Authority:                             Employment Pension Plans Act
                                                (section 159)


 

APPENDIX

Employment Pension Plans Act

EMPLOYMENT PENSION PLANS
AMENDMENT REGULATION

1   The Employment Pension Plans Regulation (AR 154/2014) is amended by this Regulation.

2   The following is added after section 10.1:

Funding requirements exemption for 2020

10.2(1)  The Superintendent may, on the application of an administrator of a plan of which the plan text document contains a benefit formula provision, exempt in writing the plan from the funding requirements of section 60(2)(b) and (c) and 61(2)(b) and (c), as applicable, for such period as the Superintendent may determine, which may begin no earlier than the day this section comes into force and end no later than December 31, 2020.

(2)  An administrator may apply to the Superintendent to rescind an exemption under subsection (1) at any time.

(3)  An application under subsection (1) or (2) must be in writing, must be made no later than December 31, 2020 and must include any documentation or information required by the Superintendent.

(4)  The Superintendent may, pursuant to section 6 of the Act, impose any other terms or conditions on granting the exemption that may be considered appropriate to ensure compliance.

Actuarial excess use exemption for 2020

10.3(1)  The Superintendent may, on the application of an administrator of a plan that is not a divisional multi‑employer plan, of which the plan text document contains a defined benefit provision, exempt in writing the plan from the limitation in section 75(4)(a) on the use of actuarial excess to reduce or eliminate contributions for an applicable fiscal year and permit instead that not more than 40% of the plan’s accessible going concern excess may be used to reduce or eliminate contributions in that fiscal year.

(2)  The Superintendent may, on the application of an administrator of a divisional multi‑employer plan, of which the plan text document contains a defined benefit provision, exempt in writing a participating employer from the limitation in section 75(4)(b) on the use of actuarial excess to reduce or eliminate contributions for an applicable fiscal year and permit instead that not more than 40% of the participating employer’s accessible going concern excess may be used to reduce or eliminate contributions in that fiscal year.

(3)  An authorization referred to in subsection (1) or (2) may only apply to a single fiscal year ending no later than December 30, 2021.

(4)  An application under subsection (1) or (2) must be in writing, must be made no later than December 31, 2020 and must include any documentation or information required by the Superintendent.

(5)  The Superintendent may, pursuant to section 6 of the Act, impose any other terms or conditions on granting the exemption that may be considered appropriate to ensure compliance.

3   The following is added after section 156:

Electronic communications

156.1(1)  Subject to section 156 of the Act, a statement, notice, document or other record or information required or permitted by the Act or this Regulation to be provided, sent, delivered or filed may be provided, sent, delivered or filed by electronic means in accordance with the Electronic Transactions Act.

(2)  For greater certainty, subsection (1) does not apply to the designation of a designated beneficiary.