GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Pension Benefits Standards Regulations, 1985 — (a)
financial institution means (a) except in section 11.1, (i) a bank or an authorized foreign bank within the meaning of section 2 of the Bank Act , (ii) a body corporate to which the Trust and Loan Companies Act applies, (iii) a cooperative credit society to which the Cooperative Credit Associations Act applies, (iv) an insurance company to which the Insurance Companies Act applies, (v) a trust, loan or insurance corporation incorporated by or under an Act of the legislature of a province, (vi) a cooperative credit society incorporated and regulated by or under an Act of the legislature of a province, (vii) an entity that is incorporated or formed by or under an Act of Parliament or of the legislature of a province and that is primarily engaged in dealing in securities, including portfolio management and investment counselling, or (viii) a foreign institution; and (b) for the purposes of section 11.1, those entities referred to in subparagraphs (a)(i) to (vi) or a foreign institution for which an order of the Superintendent has been made under section 574 of the Insurance Companies Act ; ( institution financière )
Pension Benefits Standards Regulations, 1985 — (a)
foreign institution means an entity that is (a) engaged in the business of banking, the trust, loan or insurance business, the business of a cooperative credit society or the business of dealing in securities or is otherwise engaged primarily in the business of providing financial services, and (b) incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province; ( institution étrangère )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
going concern assets means the value of the assets of a plan, including income due and accrued, determined on the basis of a going concern valuation; ( actif évalué en continuité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
going concern deficit means the amount by which the going concern liabilities exceed the going concern assets; ( déficit évalué en continuité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
going concern excess means the amount by which the going concern assets exceed the going concern liabilities; ( excédent évalué en continuité )
Pension Benefits Standards Regulations, 1985 — (a)
going concern liabilities means the present value of the accrued benefits of a plan as determined on the basis of a going concern valuation, including (a) amounts due and unpaid; (b) in the case of a negotiated contribution plan, a provision for adverse deviations; and (c) in the case of any other plan, a provision for adverse deviations, if any; ( passif évalué en continuité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
going concern ratio means the ratio of the going concern assets to the going concern liabilities, on the basis of the most recent actuarial report, excluding those going concern assets and going concern liabilities that are attributable to benefits paid by means of an insurance contract or an annuity, other than a revocable annuity; ( ratio de continuité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
going concern special payment means a special payment made in respect of an unfunded liability under subsection 9(3); ( paiement spécial de continuité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
going concern valuation means a valuation of the assets and liabilities of a plan using actuarial assumptions and methods that are in accordance with accepted actuarial practice for the valuation of a plan that is not expected to be terminated or wound up; ( évalué en continuité )
Pension Benefits Standards Regulations, 1985 — (a)
immediate life annuity means a life annuity that (a) commences periodic payments within one year after its purchase, (b) provides for equal periodic payments or periodic payments that have been varied by reference to (i) the amount of any pension payable under the Old Age Security Act , (ii) the amount of any pension payable under either the Canada Pension Plan or a provincial pension plan as defined in section 3 of the Canada Pension Plan , (iii) the Consumer Price Index for Canada as published by Statistics Canada under the authority of the Statistics Act , or (iv) the value of the assets held in a segregated fund, and (c) is issued by a person authorized to carry on a life insurance business in Canada; ( prestation viagère immédiate )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
insured plan means a plan in which all benefits are paid by means of an annuity or insurance contract issued by a person authorized to carry on a life insurance business in Canada and under which the person is obligated to pay all the benefits set out in the plan; ( régime assuré )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
investment fund means a fund — established by a corporation, limited partnership or trust — the purpose of which is to invest the moneys of two or more investors and the shares or units of which are allocated to each investor in proportion to the interest of the investor in the assets of the fund; ( fonds de placement )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
letter of credit means a letter of credit that meets the requirements of subsection 9.1(5); ( lettre de crédit )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
life income fund means a registered retirement income fund, as defined in subsection 146.3(1) of the Income Tax Act , that meets the requirements set out in section 20.1; ( fonds de revenu viager )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
locked-in registered retirement savings plan means a registered retirement savings plan, as defined in subsection 146(1) of the Income Tax Act , that meets the requirements set out in section 20; ( régime enregistré d’épargne-retraite immobilisée )
Pension Benefits Standards Regulations, 1985 — (a)
marketplace means (a) an exchange; (b) a quotation and trade-reporting system; (c) any other entity that (i) constitutes, maintains or provides a market or facility for bringing together buyers and sellers of securities or derivatives, (ii) brings together the orders for securities or derivatives of multiple buyers and sellers, and (iii) uses established, non-discretionary methods under which the orders interact and with which the buyers and sellers entering the orders agree to the terms of a trade; ( marché )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
market value , in respect of an asset, means the price that would be obtained in the purchase or sale of the asset in an open market under conditions requisite to a fair transaction between parties who are at arm’s length and acting prudently, knowledgeably and willingly; ( valeur marchande )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
member choice account means an account in relation to which a member, former member, survivor or former spouse or former common-law partner of the member or former member is permitted to make investment choices under a plan referred to in subsection 8(4.2) of the Act; ( compte accompagné de choix )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
mutual fund or pooled fund [Repealed, SOR/2015-60, s. 1]
Pension Benefits Standards Regulations, 1985 — (a)
normal cost means the cost of benefits that are to accrue during a plan year, as determined on the basis of a going concern valuation, excluding special payments and including (a) in the case of a negotiated contribution plan, a provision for adverse deviations of at least 5%; and (b) in the case of any other plan, a provision for adverse deviations, if any; ( coûts normaux )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
prior second valuation date in relation to a valuation date, means the day two years prior to that valuation date; ( deuxième date d’évaluation antérieure )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
prior valuation date in relation to a valuation date, means the day one year prior to that valuation date; ( date d’évaluation antérieure )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
PRPP means a plan registered under section 12 of the Pooled Registered Pension Plans Act ; ( RPAC )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
restricted life income fund means a registered retirement income fund, as defined in subsection 146.3(1) of the Income Tax Act , that meets the requirements set out in section 20.3; ( fonds de revenu viager restreint )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
restricted locked-in savings plan means a registered retirement savings plan, as defined in subsection 146(1) of the Income Tax Act , that meets the requirements set out in section 20.2; ( régime d’épargne immobilisée restreint )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
segregated fund means a fund established by a corporation that is duly authorized to operate a fund in which contributions to a pension plan are deposited and the assets of which are held exclusively for the purposes of that plan alone or that plan and one or more other pension plans; ( caisse séparée )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
simplified pension plan [Repealed, SOR/2015-60, s. 1]
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
solvency assets means the amount determined by the formula A + B - C where A is the market value of the assets that relate to the defined benefit provisions of a plan as determined at the valuation date, B is the face value of all letters of credit in effect on the valuation date, other than those being used to fund a plan under Part 3 of the Solvency Funding Relief Regulations or Part 3 of the Solvency Funding Relief Regulations, 2009 , up to a maximum of 15% of the solvency liabilities of the plan as determined at the valuation date, and C is the estimated expense of the winding-up of the plan as certified by an actuary; ( actif de solvabilité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
solvency deficiency means the amount by which the solvency liabilities exceed the adjusted solvency asset amount; ( déficit de solvabilité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
solvency excess means the amount by which the adjusted solvency asset amount exceeds the solvency liabilities; ( excédent de solvabilité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
solvency liabilities means the liabilities of a plan that relate to defined benefit provisions and are determined on the basis that the plan is terminated; ( passif de solvabilité )
Pension Benefits Standards Regulations, 1985 — (a)
solvency ratio means (a) for a plan that is a defined contribution plan that does not have defined benefit provisions, and an insured plan, one; and (b) for any other plan, the ratio of the solvency assets to the solvency liabilities, excluding those solvency assets and solvency liabilities that are attributable to benefits that are paid by means of an annuity, other than a revocable annuity, or an insurance contract, based on the most recent actuarial report; ( ratio de solvabilité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
solvency special payment means a special payment made under paragraph 9(4)(c) or (d); ( paiement spécial de solvabilité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
solvency valuation means a valuation of the assets and liabilities of a plan using actuarial assumptions and methods that are in accordance with accepted actuarial practice for the valuation of a plan, determined on the basis that the plan is terminated; ( évaluation de la solvabilité )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
special payment means a payment or one of a series of payments determined in accordance with section 9 and made for the purpose of liquidating an unfunded liability or a solvency deficiency; ( paiement spécial )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
valuation date means the date on which the actuarial report values the liabilities of a plan; ( date d’évaluation )
Pension Benefits Standards Regulations, 1985 — 3
3 For the purposes of the definition designated province in subsection 2(1) of the Act, Ontario, Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Saskatchewan, Alberta and Newfoundland and Labrador are prescribed as provinces in which there is in force pension legislation applicable to private superannuation plans. SOR/90-363, s. 2; SOR/93-109, s. 2; SOR/94-384, s. 2; SOR/2002-78, s. 2; SOR/2016-205, s. 1
Pension Benefits Standards Regulations, 1985 — 4
4 The employment described in Schedule I is excepted from included employment.
Pension Benefits Standards Regulations, 1985 — 5
ada Labour Code , or (b) members of a pension fund society established under the Pension Fund Societies Act or of another similar organization, the executive of the union, group of unions, pension fund society or other organization may name the pension committee or pension council representative. (6) After an election for the position of representative of the plan members or retired members has been held pursuant to subsection (3) or (4), an election for that position shall be held thereafter at intervals not exceeding three years. (7) If a pension council has been established pursuant to subsection 7.2(1) of the Act and the plan now has fewer than 50 members, the pension council shall be dissolved if a majority of the plan members so request. SOR/93-109, s. 3; SOR/95-171, s. 6; SOR/2002-78, s. 4
Pension Benefits Standards Regulations, 1985 — 6
6 (1) Every plan shall provide that the moneys of the pension fund are to be (a) invested in accordance with Schedule III; and (b) invested (i) in a name that clearly indicates that the investment is held in trust for the plan and, where the investment is capable of being registered, registered in that name, (ii) in the name of a financial institution, or a nominee of it, in accordance with a custodial agreement or trust agreement, entered into on behalf of the plan with the financial institution, that clearly indicates that the investment is held for the plan, or (iii) in the name of CDS Clearing and Depository Services Inc., or a nominee of it, in accordance with a custodial agreement or trust agreement, entered into on behalf of the plan with a financial institution, that clearly indicates that the investment is held for the plan. (2) For the purposes of subsection (1), custodial agreement means an agreement providing that (a) an investment made or held on behalf of a plan pursuant to the agreement (i) constitutes part of the plan’s pension fund, and (ii) shall not at any time constitute an asset of the custodian or nominee; and (b) records shall be maintained by the custodian that are sufficient to allow the ownership of any investment to be traced to the plan at any time. SOR/91-709, s. 1; SOR/95-86, s. 2; SOR/2011-85, s. 2
Pension Benefits Standards Regulations, 1985 — 7
7 The administrator of a plan shall maintain a current record that clearly identifies every investment held on behalf of the plan, the name in which the investment is made and, where appropriate, the name in which the investment is registered.
Pension Benefits Standards Regulations, 1985 — 7.1
7.1 (1) The administrator of a plan shall, before the day on which the plan is registered, establish a written statement of investment policies and procedures that pertain to the plan’s portfolio of investments and loans, other than those relating to any member choice account, including policies and procedures pertaining to (a) categories of investments and loans, including derivatives, options and futures, (b) diversification of the investment portfolio, (c) asset mix and rate of return expectations, (d) liquidity of investments, (e) the lending of cash or securities, (f) the retention or delegation of voting rights acquired through plan investments, (g) the method of, and basis for, the valuation of investments that are not regularly traded at a marketplace; and (h) related party transactions permitted under section 17 of Schedule III and the criteria to be used to establish whether a transaction is nominal or immaterial to the plan, having regard to all factors that may affect the funding and solvency of the plan and the ability of the plan to meet its financial obligations. (2) The statement of investment policies and procedures referred to in subsection (1) shall include a description of the factors referred to in that subsection and the relationship of those factors to those policies and procedures. (3) The administrator of a plan shall submit the statement of investment policies and procedures referred to in subsection (1) (a) to any pension council that has been established, within 60 days after the later of (i) the day on which the statement is established, and (ii) the day on which the pension council is established; and (b) where a plan is a defined benefit plan, to the actuary to the plan on or before the day that is the later of (i) 60 days after the day on which the statement is established, and (ii) the day on which the actuary is appointed. SOR/93-299, s. 2; SOR/2002-78, s. 5; SOR/2011-85, s. 14(F); SOR/2015-60, s. 2; SOR/2017-145, s. 2(F)
Pension Benefits Standards Regulations, 1985 — 7.2
7.2 (1) The administrator of a plan shall review and confirm or amend the statement of investment policies and procedures referred to in subsection 7.1(1) at least once each plan year. (2) A copy of all amendments to the statement of investment policies and procedures shall be submitted, within 60 days after the statement is amended, (a) to any pension council that has been established; and (b) where the plan is a defined benefit plan, to the actuary to the plan. SOR/93-299, s. 2; SOR/2002-78, s. 6
Pension Benefits Standards Regulations, 1985 — 7.3
7.3 (1) The administrator shall annually provide to any person who is permitted by a plan to make investment choices under subsection 8(4.2) of the Act a written statement that (a) includes a description of each investment option available to the person that indicates (i) its investment objective, (ii) the type of investments and the degree of risk associated with it, (iii) its 10 largest asset holdings based on market value, each expressed as a percentage of the total assets, (iv) its performance history, (v) that its past performance is not necessarily an indication of its future performance, (vi) the benchmark that best reflects its composition, (vii) the fees, levies and other charges associated with it that reduce return on investment expressed as a percentage or a fixed amount, and (viii) its target asset allocation; (b) includes a description of how the person’s funds are currently invested; and (c) indicates any timing requirements that apply to the making of an investment choice. SOR/2015-60, s. 3
Pension Benefits Standards Regulations, 1985 — 8
8 The funding of a plan shall be considered to meet the standards for solvency if the funding is in accordance with section 9.
Pension Benefits Standards Regulations, 1985 — 9.1
finition default in subsection (1), and (ii) the letter of credit that has not been renewed, if the default is one that is described in paragraph (e) of that definition; (f) on receipt of a written notice of default from any person other than the employer or the administrator, the trustee shall (i) immediately notify, in writing, the employer, the administrator and the Superintendent of the notice, and (ii) make a demand for payment of the face value of all of the letters of credit held for the benefit of the plan unless the administrator provides a written notice to the trustee within 30 days after receipt of the notice that the default has not occurred; (g) when a trustee makes a demand for payment of the face value of a letter of credit held for the benefit of the plan, it shall notify, in writing, the employer, the administrator and the Superintendent that it has made the demand; (h) the trustee shall immediately notify, in writing, the employer, the administrator and the Superintendent if the issuer does not pay the face value of a letter of credit after a demand for payment has been made; (i) the trustee shall not make a demand for payment if a letter of credit expires without being renewed or if the face value is being reduced, in accordance with these Regulations; and (j) the administrator shall notify the trustee of any circumstance in which a letter of credit may expire or when the face value of a letter of credit may be reduced, under these Regulations. (9) The employer shall provide to the trustee (a) the letter of credit, on its initial issuance, at least 15 days before the day on which the first instalment of a solvency deficiency payment to which the letter of credit relates is due; (b) if a letter of credit is replacing another, the replacement letter of credit at least 15 days before the expiry of the letter of credit that is being replaced; (c) if an expiring letter of credit is to be renewed, the renewed letter of credit at least 15 days before the day on which it would otherwise have expired; and (d) if the letter of credit is being amended, the amended letter of credit within 15 days after the day on which the letter of credit was amended. (10) Any demand made by the trustee in respect of a letter of credit shall be in writing or in any other form that the letter of credit provides. (11) An issuer who assigns a letter of credit to another issuer shall inform the Superintendent, the employer, the administrator and the trustee of the transaction within 15 days after the assignment. SOR/2011-85, s. 4; SOR/2017-145, s. 4
Pension Benefits Standards Regulations, 1985 — (a)
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; and (d) A, from Standard & Poor’s Ratings Services. ( note acceptable )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
ATB means Alberta Treasury Branches established under the Alberta Treasury Branches Act of the Province of Alberta. ( ATB )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
bank means a bank or authorized foreign bank, as defined in section 2 of the Bank Act . ( banque )
Pension Benefits Standards Regulations, 1985 — Pension Benefits Standards Regulations, 1985
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 )