hordruma/ontario_laws_and_regs huggingface dataset:
PART I INTERPRETATION
 15. (1) The reports and certificates required under section 70 of the Act and under subsection 3 (1) and sections 13 and 14 must be prepared by an actuary.  O. Reg. 144/00, s. 10 (1). (2) Despite subsection (1), reports and certificates in respect of, (a)  a pension plan where all pension benefits are defined contribution benefits; (b)  a fully insured pension plan, established prior to the 1st day of January, 1987 underwritten by a contract or contracts with an insurance company and that does not require any contributions to be made by employees; or (c)  a pension plan underwritten by a contract or contracts issued under the Government Annuities Act (Canada), may be made by an accountant or a person authorized by an insurance company, a trust corporation or by the Annuities Branch of the Department of Labour of the Government of Canada, responsible for administering the pension plan or pension fund.  R.R.O. 1990, Reg. 909, s. 15 (2); O. Reg. 144/00, s. 10 (2).
PART I INTERPRETATION
 16. (1) An actuary preparing a report under section 70 of the Act or under section 3, 13 or 14 shall use methods and actuarial assumptions that are consistent with accepted actuarial practice and with the requirements of the Act and this Regulation.  O. Reg. 144/00, s. 11; O. Reg. 178/12, s. 16 (1). (2) An actuary preparing a report under section 4 shall use his or her best effort to meet the standards set out in subsection (1).  O. Reg. 712/92, s. 11. (3) The person preparing a report referred to in subsection (1) or (2) shall certify that it meets the requirements of subsection (1) or (2), as the case may be.  O. Reg. 712/92, s. 11. (4) The person preparing a report referred to in subsection (2) shall disclose in the report any respect in which the report does not meet the standards set out in subsection (1).  O. Reg. 712/92, s. 11. (4.1) A person preparing a report under subsection (1) or (2) shall use actuarial cost methods and assumptions, (a)  that include a benefit allocation method or a cost allocation method; and (b)  that are consistent with part 3000 (“Pension Plans”) of the Standards of Practice of the Actuarial Standards Board, published by the Canadian Institute of Actuaries, as amended from time to time.  O. Reg. 116/09, s. 2; O. Reg. 420/19, s. 2. (5) Revoked:  O. Reg. 178/12, s. 16 (2).
PART I INTERPRETATION
 16.1 (1) A report filed under section 3 or 14 or submitted under section 4 or 13 must be accompanied by an actuarial information summary.  O. Reg. 178/12, s. 17 (1). (2) The actuarial information summary must be signed by the actuary who signs the report.  O. Reg. 144/00, s. 12; O. Reg. 178/12, s. 17 (2). (3) The actuarial information summary must be prepared in a form approved by the Chief Executive Officer.  O. Reg. 144/00, s. 12; O. Reg. 178/12, s. 17 (3); O. Reg. 149/19, s. 1.
PART I INTERPRETATION
 16.3 (1) The following circumstances are prescribed for the purposes of subsection 87 (6) of the Act with respect to a valuation report: 1.  Since the valuation date of the report most recently filed or submitted in respect of a pension plan under section 3, 4, 13 or 14 of this Regulation, i.  there has been a decline in the number of members of the pension plan, ii.  there has been a decrease in the total amount of contributions or in the amount of contributions in respect of the normal cost made to the plan by the employer or by a person or entity required to make contributions under the plan on behalf of the employer, iii.  there has been a decrease in the going concern assets or solvency assets, or iv.  the employer has sold, assigned or otherwise disposed of all or part of the employer’s business or all or part of the assets of the employer’s business to another person or entity. O. Reg. 213/17, s. 1; O. Reg. 66/22, s. 1 (1). (2) For the purposes of subsection 87 (6) of the Act, the following is a prescribed type of report in respect of a pension plan: 1.  An auditor’s report respecting financial statements filed under section 76 with respect to a pension plan where all the pension benefits provided under the plan are defined contribution benefits. O. Reg. 66/22, s. 1 (2). Valuation
PART I INTERPRETATION
 17. (1) To determine the existence of a solvency deficiency or reduced solvency deficiency for the purposes of a report under section 3, 4, 13 or 14, a valuation shall be performed by the person preparing the report to determine the solvency liabilities of the plan and the solvency assets of the plan.  R.R.O. 1990, Reg. 909, s. 17 (1); O. Reg. 712/92, s. 12; O. Reg. 250/18, s. 28. (2) In determining the solvency liabilities for a multi-employer pension plan established pursuant to one or more collective agreements or a trust agreement or a pension plan that provides defined benefits where the obligation of an employer to contribute to the pension fund is limited to a fixed amount set out in a collective agreement, the solvency liabilities shall be determined on the basis of the benefits structure set out in the plan at the date of the valuation without consideration of any provision for the possible reduction of such benefits.  R.R.O. 1990, Reg. 909, s. 17 (2). Annual Information Return
PART I INTERPRETATION
 18. (1) Subject to subsection 29 (4), the administrator of a pension plan shall file the annual information return required under section 20 of the Act not later than six months after the end of the fiscal year of the plan, in the case of a plan that provides only defined contribution benefits, and not later than nine months after the end of the fiscal year of the plan, in the case of any other plan.  O. Reg. 712/92, s. 13 (1); O. Reg. 287/20, s. 5 (1) et (2). (2) Revoked: O. Reg. 287/20, s. 5 (4). (3)-(5) Revoked:  O. Reg. 307/98, s. 8 (1). (6) Revoked:  O. Reg. 178/12, s. 18 (1). (7) The administrator of a pension plan providing defined benefits (other than a designated plan, an individual pension plan or a plan described in subsection 6 (1)) shall file a Pension Benefits Guarantee Fund assessment certificate.  O. Reg. 178/12, s. 18 (2). (8) Revoked:  O. Reg. 178/12, s. 18 (3). (8.1) A certificate referred to in subsection (7) must be in a form approved by the Chief Executive Officer.  O. Reg. 307/98, s. 8 (2); O. Reg. 178/12, s. 18 (4); O. Reg. 149/19, s. 1. (9) Revoked:  O. Reg. 178/12, s. 18 (5). Commuted Value and Portability of Pension Benefits
PART I INTERPRETATION
 18.1 For the purposes of paragraph 2.1 of subsection 39 (5) of the Act (exclusions from entitlement to excess amount), “benefits that result from voluntary contributions for past service” means, with respect to a member of a pension plan, pension benefits credited to the member as a result of his or her election on or after March 3, 2000 under the plan to make voluntary contributions in order to purchase pension benefits relating to a period of employment before the date on which the member made the election.  O. Reg. 144/00, s. 13.
PART I INTERPRETATION
 20. (1) A former member or retired member of a pension plan who makes an election under section 42 of the Act shall deliver a completed direction to the administrator within 60 days after termination of employment or termination of membership in the pension plan, as the case may be. O. Reg. 49/17, s. 2. (2) The administrator shall comply with an election made under subsection (1) within sixty days after the receipt of all information required by the administrator to comply with the direction.  R.R.O. 1990, Reg. 909, s. 20 (2). (3) The administrator shall not transfer the commuted value of a pension or deferred pension into a prescribed retirement savings arrangement or for the purchase of a life annuity except where the transferee agrees to administer the amount in accordance with the Act and this Regulation. O. Reg. 235/14, s. 1.
PART I INTERPRETATION
 21. (1) This section governs the transfer of an amount equal to the commuted value of a deferred pension or pension under clause 42 (1) (b) of the Act or subsection 42 (12) of the Act into a prescribed retirement savings arrangement.  O. Reg. 409/94, s. 3 (1); O. Reg. 49/17, s. 3. (1.1) The following are the prescribed retirement savings arrangements: 1.  A life income fund. 1.1  A locked-in retirement income fund. 2.  A locked-in retirement account. 3.  An RRIF. 4.  An RRSP.  O. Reg. 409/94, s. 3 (1); O. Reg. 144/00, s. 15 (1). (1.2) If the amount to be transferred does not exceed the amount prescribed for such a transfer under the
Income Tax Act (Canada), it must be transferred into a life income fund or a locked-in retirement account.  O. Reg. 144/00, s. 15 (2); O. Reg. 239/09, s. 10 (1). (1.3) Section 22.2 applies if the amount to be transferred is greater than the amount prescribed for such a transfer under the Income Tax Act (Canada).  In that circumstance, the amount prescribed must be transferred into a life income fund or a locked-in retirement account.  O. Reg. 144/00, s. 15 (2); O. Reg. 239/09, s. 10 (2). (1.4), (1.5) Revoked:  O. Reg. 144/00, s. 15 (2). (2)-(4) Revoked:  O. Reg. 239/09, s. 10 (3). (5) Revoked:  O. Reg. 558/94, s. 2 (4).
PART I INTERPRETATION
 21.1 (1) This section applies if an amendment to a pension plan with defined benefits converts them to defined contribution benefits.  O. Reg. 409/94, s. 4; O. Reg. 144/00, s. 16 (1). (2) A member with defined benefits who elects to convert them in accordance with the amendment to the pension plan is entitled to require the administrator to pay to the member that portion of the amount of the commuted value of the defined benefits that exceeds the amount prescribed under the Income Tax Act
(Canada) for the conversion of defined benefits under the plan to defined contribution benefits.  O. Reg. 144/00, s. 16 (2). (3)-(5) Revoked:  O. Reg. 144/00, s. 16 (2).
PART I INTERPRETATION
 22.1 (1) This section applies when a person is authorized under subsection 39 (4.1), 44 (8), 48 (4) or (8.2), 50 (3) or 63 (9) of the Act to deliver a direction to the administrator of a pension plan requiring the administrator to pay an amount into a registered retirement savings arrangement.  O. Reg. 178/12, s. 22. (2) The person must deliver the direction to the administrator within 90 days after the administrator notifies the person that the person is entitled to require the amount to be paid into a registered retirement savings arrangement.  O. Reg. 178/12, s. 22. (3) The administrator must pay the amount into the registered retirement savings arrangement in accordance with section 50.1 of the Act within 60 days after receiving the direction.  O. Reg. 178/12, s. 22.
PART I INTERPRETATION
 22.3 The following prescribed retirement savings arrangements are prescribed for the purposes of subsection 67 (4) of the Act: 1.  A life income fund. 2.  A locked-in retirement account. 3.  A locked-in retirement income fund. O. Reg. 185/13, s. 1. 22.4, 22.5 Revoked:  O. Reg. 239/09, s. 14. Reciprocal Agreements
PART I INTERPRETATION
 23. (1) This section applies if there is an agreement under section 95 of the Act between the Authority and authorized representatives of one or more designated jurisdictions.  O. Reg. 342/10, s. 3; O. Reg. 149/19, s. 6. (2) If the agreement so provides, a pension plan with the plurality of members employed in a designated jurisdiction is exempted from registration or audit under the Act.  O. Reg. 342/10, s. 3. (3) In order to determine, for the purposes of subsection (2), where the plurality of the members of a pension plan are employed, only those members who are employed in Ontario or in any of the designated jurisdictions shall be counted.  O. Reg. 342/10, s. 3. Interest
PART I INTERPRETATION
 24.1 (1) If a person is entitled to be paid a lump sum from a pension plan, the amount owing to him or her accumulates interest from the date of termination until the beginning of the month in which the lump sum is paid.  O. Reg. 178/12, s. 23 (2). (2) The interest is calculated at the same rate that is used to calculate interest on contributions to the plan made by members and former members.  O. Reg. 178/12, s. 23 (2).
PART I INTERPRETATION
 24.2 (1) If an amount equal to the commuted value of a former member’s deferred pension or a retired member’s pension becomes payable under subsection 42 (1) or (12) of the Act, the amount accumulates interest from the date on which the former member or retired member terminates his or her membership in the pension plan until the beginning of the month in which the amount is paid. O. Reg. 49/17, s. 5. (2) The interest is calculated at the same rate that was used to calculate the commuted value.  O. Reg. 178/12, s. 23 (2).
PART I INTERPRETATION
 24.3 An order under subsection 42 (9) or 43 (5) of the Act to repay an amount must include interest at the postjudgment interest rate as defined in subsection 127 (1) of the Courts of Justice Act, calculated from the date of the transfer of funds to which the order relates.  O. Reg. 178/12, s. 23 (2).
PART I INTERPRETATION
 24.4 (1) If, under subsection 73 (2) of the Act, an amount equal to the commuted value of a person’s pension benefit becomes payable, the amount accumulates interest from the effective date of the wind up of the pension plan until the beginning of the month in which the amount is paid.  O. Reg. 178/12, s. 23 (2). (2) The interest is calculated at the same rate that was used to calculate the commuted value for the purposes of the wind up report.  O. Reg. 178/12, s. 23 (2).
PART I INTERPRETATION
 24.5 An order under subsection 79.2 (15) of the Act for the return of assets to a pension fund must include interest at the post judgment interest rate as defined in subsection 127 (1) of the Courts of Justice Act, calculated from the date of the transfer of assets to which the order relates. O. Reg. 178/12, s. 23 (2); O. Reg. 306/13, s. 4. Surplus Withdrawal Application — Continuing Plan
PART I INTERPRETATION
 25. (1) The following information is prescribed for the purposes of a notice respecting an application under subsection 78 (2) of the Act: 1.  The name of the pension plan and its provincial registration number. 2.  The valuation date of the report provided with the application and the amount of surplus in the pension plan. 3.  Revoked:  O. Reg. 178/12, s. 24 (4). 4.  The amount of surplus withdrawal requested. 5.  A statement that submissions in respect of the application may be made in writing to the Chief Executive Officer within thirty days after receipt of the notice. 6.  The contractual authority, if any, for surplus withdrawals. 7.  Notice that copies of the report and certificates filed with the Chief Executive Officer in support of the surplus request are available for review at the offices of the employer and information on how copies of the report may be obtained.  R.R.O. 1990, Reg. 909, s. 25 (1); O. Reg. 712/92, s. 15; O. Reg. 307/98, s. 10 (1, 2); O. Reg. 178/12, s. 24 (1, 2); O. Reg. 149/19, s. 1. (2) The employer shall file a copy of the notice required by subsection 78 (2) of the Act before transmitting it to the persons required by that subsection.  O. Reg. 307/98, s. 10 (3). (3) Revoked:  O. Reg. 629/92, s. 3. (4) An application under subsection 78 (2) of the Act must be accompanied by the following information and documents: 1.  A certified copy of the notice of the application. 2.  Details as to the classes of persons who received the notice and the date on which the last notice was distributed. 3.  A statement indicating that the requirements of subsection 78 (2) of the Act are satisfied. 4.  A current report demonstrating that a surplus, as determined in accordance with section 26 of this Regulation, exists and that there are no special payments required to be made to the pension fund.  O. Reg. 178/12, s. 24 (3). (5) Revoked:  O. Reg. 178/12, s. 24 (3).
PART I INTERPRETATION
 26. (1) For purposes of determining surplus in a continuing pension plan, (a)  the value of the assets of the pension plan shall be calculated on the basis of the market value of the investments held by the pension fund plus any cash balances and accrued or receivable items; and (b)  the value of the liabilities of the pension plan shall be the greater of “A” and “B” or, if a benefit allocation method is not used to set contribution rates, the greatest of “A”, “B” and “C”, where, “A”  is the sum of going concern liabilities determined using a benefit allocation method and the amount equal to the provision for adverse deviations in respect of going concern liabilities determined using the benefit allocation method, as disclosed in the last valuation report, “B”  is the sum of solvency liabilities and liabilities for benefits, other than pension benefits and ancillary benefits payable under qualifying annuity contracts, that were excluded in calculating the solvency liabilities, and “C”  is the going concern liabilities determined under the actuarial cost method used by the plan. R.R.O. 1990, Reg. 909, s. 26 (1); O. Reg. 250/18, s. 29 (1). (2) For the purposes of the definition of “B” in subclause 79 (1) (d) (i) of the Act and subclause 79 (1) (d) (ii) of the Act, the liabilities of the pension plan are the greater of “D” and “E”, or, if a benefit allocation method is not used to set contribution rates, the greatest of “D”, “E” and “F”, where, “D”  is the sum of going concern liabilities determined using a benefit allocation method and the amount equal to the provision for adverse deviations in respect of going concern liabilities determined using the benefit allocation method, “E”  is the sum of the solvency liabilities and the liabilities for benefits, other than pension benefits and ancillary benefits payable under qualifying annuity contracts, that were excluded in calculating the solvency liabilities, and “F”  is the going concern liabilities determined under the actuarial cost method used by the plan. O. Reg. 250/18, s. 29 (2). 27. Revoked:  O. Reg. 307/98, s. 11. Plan Wind ups
PART I INTERPRETATION
 28.1 (1) This section applies if there is a surplus on the wind up of a pension plan in whole or in part.  O. Reg. 144/00, s. 22. (2) The administrator of the pension plan shall give to each person entitled to a pension, deferred pension or other benefit or to a refund in respect of the pension plan a statement setting out the following information: 1.  The name of the pension plan and its provincial registration number. 2.  The name and date of birth of the member, former member or retired member. 3.  The method of distributing the surplus assets. 4.  The formula for allocating the surplus among the plan beneficiaries. 5.  An estimate of the amount allocated to the person. 6.  The options available to the person concerning the method for distributing the amount allocated to the person and the period within which any election respecting the options must be made. 7.  The method of distribution that will be used, if an election is not made within the specified period. 8.  The name and details of the person to be contacted with respect to any questions arising out of the statement. 9.  Notice that the allocation of surplus and the options available for distributing it are subject to the approval of the Chief Executive Officer and of the Canada Revenue Agency, and may be adjusted accordingly.  O. Reg. 144/00, s. 22; O. Reg. 242/00, s. 3; O. Reg. 386/04, s. 7; O. Reg. 178/12, s. 27; O. Reg. 149/19, s. 1. (3) The statement must be given to the specified persons within 60 days after the administrator receives notice that the Chief Executive Officer has approved the wind up report.  O. Reg. 144/00, s. 22; O. Reg. 149/19, s. 1. (4) A person who is entitled to elect an option described in the statement shall give the administrator his or her election within 90 days after the person receives the statement.  If the person does not do so, he or she shall be deemed to have elected the method of distribution specified in the statement.  O. Reg. 144/00, s. 22. (5) The administrator shall make payment in accordance with the election or deemed election within 60 days after the later of, (a)  the day on which the administrator receives the applicable person’s election or, if no election is made, the day on which the person is deemed to have made the election; and (b)  the day on which the administrator receives notice that the Chief Executive Officer has approved the wind up report.  O. Reg. 144/00, s. 22; O. Reg. 149/19, s. 1.
PART I INTERPRETATION
 28.2 For the purposes of clause 69 (1) (i) of the Act, the following are prescribed as events and circumstances in which the Chief Executive Officer by order may require the wind up of a pension plan: 1.  The pension plan does not have any members.  It has only former members, retired members and other beneficiaries who are not members. 2.  Members of the pension plan no longer accrue pension benefits or ancillary benefits under the plan and employees are no longer permitted to become members of the pension plan under section 31 of the Act.  O. Reg. 178/12, s. 28; O. Reg. 149/19, s. 1.
PART I INTERPRETATION
 29.1 (1) The administrator shall file the following documents within six months after the effective date of the wind up for the period from the most recent fiscal year end to the effective date: 1.  An annual information return under section 18. 2.  Financial statements under section 76 for the pension fund or plan.  O. Reg. 629/92, s. 6. (2) Revoked: O. Reg. 287/20, s. 8 (2). (3) Revoked: O. Reg. 144/00, s. 24. (4) Within thirty days after final distribution of the assets of a pension plan under section 70 of the Act, the administrator shall give the Chief Executive Officer written notice that all the assets of the plan have been so distributed.  O. Reg. 629/92, s. 6; O. Reg. 149/19, s. 1.