Solvency Funding Relief Regulations, 2009 — 1
1 (1) The following definitions apply in these Regulations. acceptable rating means the rating given by a credit rating agency to an issuer at the time of the issuance or renewal of a letter of credit that is at least equal to one of the following ratings: (a) A, from Dominion Bond Rating Service Limited; (b) A, from Fitch Ratings; (c) A2, from Moody’s Investors Service; or (d) A, from Standard & Poor’s Ratings Services. ( note acceptable ) Act means the Pension Benefits Standards Act, 1985 . ( Loi ) bank means a bank or authorized foreign bank, as defined in section 2 of the Bank Act . ( banque ) beneficiary means a member or former member of a plan or any person who is entitled to pension benefits under the plan except (a) a former member who has transferred or has chosen to transfer their pension benefit credit under section 26 of the Act; and (b) a former member for whom the administrator has purchased an immediate or deferred life annuity. ( bénéficiaire ) beneficiary representative means a union representative or court-appointed representative of a beneficiary. ( représentant des bénéficiaires ) cooperative credit society means a cooperative credit society to which the Cooperative Credit Associations Act applies or a cooperative credit society that is incorporated and regulated by or under an Act of the legislature of a province. ( coopérative de crédit ) Crown Corporation means a Crown corporation that is an agent of Her Majesty in right of Canada in respect of which employment has not been excepted from included employment by a regulation made under subsection 4(6) of the Act. ( société d’État ) default means the occurrence of one of the following: (a) the written notification to the Superintendent that the administrator intends to terminate or wind up the whole plan under subsection 29(5) of the Act; (b) the amendment of the plan, resolution by the employer or coming into force of any other measure that effects the termination of the whole plan; (c) the Superintendent’s declaration under subsection 29(2) or (2.1) of the Act that terminates the whole plan; (d) the filing of any application or petition by the employer, or against the employer, under the Companies’ Creditors Arrangement Act , the Bankruptcy and Insolvency Act or the Winding-up and Restructuring Act ; (e) the termination of the whole plan; (f) the non-renewal of a letter of credit referred to in Part 3 for its full face amount unless (i) it has been replaced by another letter of credit for the same face amount at least 30 days before the beginning of the following plan year, (ii) an amount equal to the face amount of the letter of credit has been remitted to the pension fund at least 30 days before the beginning of the following plan year, or (iii) the face amount of the letter of credit has been reduced in accordance with section 28; or (g) the failure by an employer to comply with a direction issued by the Superintendent under section 11 of the Act with respect to the face amount of the letters of credit required by subsection 21(3). ( défaut ) deficiency means a 2008 solvency deficiency or a solvency deficiency referred to in subsection 5(1) or 21(1) or (2). ( déficit ) holder means a trust company that is licensed to carry on business in Canada and that has entered into a trust agreement with the employer or, if the employer is not the administrator, with the employer and the administrator. ( détenteur ) issuer means a bank or cooperative credit society that is given an acceptable rating by two credit rating agencies and that is not the employer or affiliated with the employer within the meaning of subsection 2(2) of the Canada Business Corporations Act . ( émetteur ) solvency shortfall means the amount, calculated as at the 2008 plan year end, by which the liabilities of the plan, determined on the basis that the plan is terminated or on a basis that is certified by an actuary to be reasonably approximate to a termination basis, and that takes into a