Required contributions after solvency ratios first reach 0.85
 15. (1) This section applies with respect to the funding of the Hourly Employees Plan and the Salaried Employees Plan on and after the valuation dates of the first reports filed under section 21, 22 or 23 showing that, as of the same valuation date, the Hourly Employees Plan and the Salaried Employees Plan each have a solvency ratio that is equal to or greater than 0.85. (2) Despite section 9, for the purposes of this section, subsections 5 (16) and (16.1) of the General Regulation apply. (3) On the valuation date of the reports described in subsection (1), the prior year credit balance of the pension plans is deemed to be zero. (4) The employer is required to make the following contributions to the Hourly Employees Plan and the Salaried Employees Plan: 1. Contributions for normal cost and for the provision for adverse deviations in respect of the normal cost in accordance with the General Regulation, subject to subsection 9 (3). 2. Contributions, up to the contribution limit described in subsection (6), in respect of special payments related to a reduced solvency deficiency of either or both pension plans, a going concern unfunded liability of either or both pension plans or an increase in the going concern liabilities related to plan amendments made to either or both pension plans, all as determined in accordance with the General Regulation as if none of the exceptions or modifications to the General Regulation set out in this Regulation applied, excluding for all purposes the following: i. Special payments with respect to benefit improvements described in subsection 18 (1). ii. If the Hourly Employees Plan or the Salaried Employees Plan is amended to permit new members to join the pension plan, special payments relating to the following: A. Any going concern unfunded liability in respect of the new members. B. Any reduced solvency deficiency in respect of the new members. C. Any increase in the going concern liabilities of the pension plan as a result of the amendment permitting new members to join the pension plan and any subsequent amendment in respect of the new members. 3. Special payments, determined in accordance with subsection 18 (2), in connection with benefit improvements, if any, to which section 18 applies. 4. Lump sum contributions in connection with benefit improvements, if any, to which section 18 applies, to ensure that the solvency ratio and the going concern funded ratio of the pension plans are above the levels prescribed in section 3.0.1 of the General Regulation. 5. If the Hourly Employees Plan or the Salaried Employees Plan is amended to permit new members to join the pension plan, special payments relating to the following: i. Any going concern unfunded liability in respect of the new members. ii. Any reduced solvency deficiency in respect of the new members. iii. And any increase in the going concern liabilities of the pension plan as a result of the amendment permitting new members to join the pension plan and any subsequent amendment in respect of the new members. 6. If the Hourly Employees Plan or the Salaried Employees Plan is amended to permit new members to join the pension plan, any lump sum contributions made to ensure that the solvency ratio and the going concern funded ratio of the pension plan are above the levels prescribed in section 3.0.1 of the General Regulation as a result of any amendment in respect of the new members. (5) For the purposes of paragraph 2 of subsection (4), on the valuation date of the reports described in subsection (1), the following rules apply: 1. The sum of the following amounts shall be liquidated, with interest at the rates described in subsection 5 (2) of the General Regulation, in equal monthly instalments over a period of five years that begins no later than 12 months after the valuation date of the report: i. Any special early retirement window deficiencies described in sections 12 and 12.1 of Ontario Regulation 202/02 (Essar Steel Algoma Inc. Pension Plans) made under the Act immediately before those sections were revoked, determined prior to the valuation date of the report. ii. Any solvency deficiency determined prior to the valuation date of the report. iii. Any reduced solvency deficiency determined prior to the valuation date of the report. 2. The amounts in paragraph 1 shall not include any reduced solvency deficiency in respect of benefit improvements described in subsection 18 (1) or in respect of new members. (6) The following rules apply with respect to the contribution limit referred to in paragraph 2 of subsection (4): 1. The aggregate contributions for both pension plans under that paragraph shall not exceed $31 million per year. 2. The annual contribution for each pension plan under that paragraph shall not exceed the contribution limit determined in respect of the pension plan in accordance with subsections (11) to (16), as applicable, and if this limit for one of the pension plans exceeds the annual contributions required under paragraph 2 of subsection (4) for that pension plan, the excess amount shall increase the contribution limit for that second pension plan. (7) Contributions required under paragraph 2 of subsection (4), as limited under subsection (6), shall be paid into the pension fund of the relevant pension plan on a monthly basis and within the month in which they are due. (8) The contributions described in paragraphs 1, 3 and 5 of subsection (4) and in subsection (7) are deemed, for the purposes of subsection 5 (16) of the General Regulation, to be required contributions under section 4 of the General Regulation. (9) The employer may apply the prior year credit balance, if any, to reduce payments in respect of contributions required under paragraphs 3 and 5 of subsection (4) and under subsection (7). (10) Subsections (11) to (16) apply if the contributions described in paragraph 2 of subsection (4) would be greater than $31 million but for the contribution limit described in paragraph 1 of subsection (6). (11) If the amount of the adjusted solvency deficiency of the pension plans as set out in the most recently filed reports for the pension plans is not zero for both pension plans, the contribution limit described in paragraph 2 of subsection (6) for each pension plan shall be determined using the formula, $31 million × C/D in which, “C” is the amount of the adjusted solvency deficiency of the pension plan as set out in the most recently filed report for the pension plan, and “D” is the aggregate amount of the adjusted solvency deficiency of both pension plans as set out in the most recently filed reports for the pension plans. (12) If the amount represented by “C” in the formula set out in subsection (11) is zero for one of the pension plans, for the purposes of paragraph 2 of subsection (6), $31 million shall be allocated to the contribution limit for the other pension plan. (13) If the amount represented by “C” in the formula set out in subsection (11) is zero for both pension plans, the contribution limit described in paragraph 2 of subsection (6) shall be determined for each pension plan using the formula, $31 million × E/F in which, “E” is the amount of the going concern unfunded liability of the pension plan as set out in the most recently filed report for the pension plan, and “F” is the aggregate amount of the going concern unfunded liability of both pension plans as set out in the most recently filed reports for the pension plans. (14) If the amount represented by “C” in the formula set out in subsection (11) is zero for both pension plans and the amount represented by “E” in the formula set out in subsection (13) is zero for one of the pension plans, for the purposes of paragraph 2 of subsection (6), $31 million shall be allocated to the contribution limit for the other pension plan. (15) If the amount represented by “C” in the formula set out in subsection (11) is zero for both pension plans and the amount represented by “E” in the formula set out in subsection (13) is zero for both pension plans, the contribution limit described in paragraph 2 of subsection (6) shall be determined for each pension plan using the formula, $31 million × G/H in which, “G” is the amount of the solvency liability of the pension plan as set out in the most recently filed report for the pension plan, and “H” is the aggregate amount of the solvency liability of both pension plans as set out in the most recently filed reports for the pension plans. (16) In the formulas set out in subsections (11), (13) and (15), (a) the amounts represented by “E”, “F”, “G” and “H” shall be determined as if the General Regulation applied with none of the exceptions or modifications to the General Regulation set out in this Regulation; and (b) the amounts represented by the expressions “C/D”, “E/F” and “G/H” are to be calculated to four decimal places. (17) With respect to the payments to be made under paragraph 2 of subsection (4), if the aggregate contribution described in that paragraph for both pension plans is less than $31 million in a year, the employer shall make payments into the pension fund of each pension plan in the amounts determined in respect of each pension plan in accordance with the General Regulation as if none of the exceptions or modifications to the General Regulation set out in this Regulation applied.