Alberta
Regulation respecting change in contribution rate for the Management Employees Pension Plan
On Dec. 6, 2016 the Alberta government filed Alberta Regulation 192/2016 - Management Employees Pension Plan (2017 Contribution Rate) Amendment Regulation under the Public Sector Pension Plans Act. This regulation amends the Management Employees Pension Plan by changing the contribution rate, effective Feb. 1, 2017.
Read the full text of the regulation.
British Columbia
New regulation respecting solvency funding relief
On Oct. 24, 2016, the British Columbia government filed B.C. Reg. 245/2016 under the Pension Benefits Standards Act. This regulation amended the Pension Benefits Standards Regulations to provide new solvency funding relief measures for British Columbia-registered pension plans with a defined-benefit component. The solvency relief measures allow a plan sponsor to make an election to extend the regular solvency amortization period from five to 10 years, and to consolidate of all prior solvency deficiencies into a single new deficiency.
The Financial Institutions Commission of British Columbia has released Bulletin PENS 16-009 titled Extension of Solvency Deficiency Payment Period which summarizes the solvency funding relief measures under B.C. Reg. 245/2016, and the process for making an election.
Read the text of this regulation.
Read Bulletin PENS 16-009.
Regulation respecting provisions applicable to public sector pension plans and multi-employer plans
On Dec. 7, 2016, the British Columbia government filed B.C. Reg. 297/2016 under the Pension Benefits Standards Act. This regulation amends the Pension Benefits Standards Regulations by amending the list of provisions of the PBSA that are applicable to public sector pension plans, and by amending the list of pension plans that are exempt from the definition of “multi-employer pension plan” as defined under the PBSA.
Read the text of this regulation.
Manitoba
New regulation respecting solvency funding relief
On Dec. 31, 2016, the Manitoba government filed Regulation 157/2016 - Special Payments Relief Regulation, 2016 under the Manitoba Pension Benefits Act. This regulation allows Manitoba-registered pension plans with a defined-benefit component to extend the regular solvency amortization period from five to 10 years. Plan sponsors may elect not to make solvency special payments by filing an election to amortize the deficiency instead of making payments in accordance with the requirements of the Pension Benefits Regulation.
The Manitoba Pension Commission has released Update 16-01 titled Special Payments Relief Regulation 2016 which summarizes the solvency funding relief measures under Regulation 157/2016, and the process for making an election.
Read the text of this regulation.
Regulation filed respecting Tolko Pension Plans
On Oct. 14, 2016, the Manitoba government filed Regulation 139/2016 - Special Payments Exemption (Tolko Pension Plans) Regulation. This regulation affects the Tolko Manitoba Pension Plan for Hourly Paid Employees Represented by Unifor Local 1403 and the Tolko Manitoba Pension Plan for Hourly Paid Employees Represented by United Steelworkers Local 7106. This regulation allows the plans to file for an exemption from special payments required under the Manitoba Pension Benefits Regulation.
Read the text of this regulation.
Saskatchewan
Regulation filed affecting the Pooled Registered Pension Plans (Saskatchewan) Regulations
On Nov. 25, 2016, the Saskatchewan government filed the Pooled Registered Pension Plans (Saskatchewan) Amendment Regulations. This regulation amends section 7 of the Pooled Registered Pension Plans (Saskatchewan) Regulations by amending the list of jurisdictions with substantially similar legislation to now include the province of Ontario.
Read the full text of this regulation.
Glorie Alfred is a legal consultant with Morneau Shepell