jswizzle3737/ontario_laws_and_regs huggingface dataset:
Overview and Interpretation
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Overview of solvency funding relief
 1. (1) Every public sector pension plan listed in Schedule 1 is entitled to the solvency funding relief described in subsection 4 (1) (“stage one solvency funding relief”), beginning as of the pension plan’s stage one valuation date.  O. Reg. 178/11, s. 1 (1); O. Reg. 350/16, s. 1 (1); O. Reg. 286/20, s. 1 (1). (2) Every public sector pension plan that receives stage one solvency funding relief and is listed in Schedule 2 is entitled to the solvency funding relief described in subsection 9 (1) (“stage two solvency funding relief”), beginning as of the pension plan’s stage two valuation date.  O. Reg. 178/11, s. 1 (2). (3) Every public sector pension plan that receives stage one solvency funding relief but is not listed in Schedule 2 is entitled to the transitional solvency funding relief described in subsection 16 (1) (“transitional solvency funding relief”), beginning as of the pension plan’s transitional valuation date.  O. Reg. 178/11, s. 1 (3); O. Reg. 350/16, s. 1 (1); O. Reg. 286/20, s. 1 (2). (4) Revoked: O. Reg. 286/20, s. 1 (3).
Interpretation
 2. (1) In this Regulation, “General Regulation” means Regulation 909 of the Revised Regulations of Ontario, 1990 (General) made under the Act.  O. Reg. 178/11, s. 2 (1). (2) Expressions used in this Regulation have the same meaning as in the General Regulation, except where otherwise indicated.  O. Reg. 178/11, s. 2 (2). Stage One Solvency Funding Relief
Stage One Solvency Funding Relief
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Stage one valuation date
 3. The stage one valuation date for a public sector pension plan listed in Schedule 1 is the valuation date set out in the Schedule.  O. Reg. 178/11, s. 3.
Stage one valuation report
 5. (1) The administrator of a public sector pension plan listed in Schedule 1 shall prepare a valuation report for the pension plan as of its stage one valuation date.  O. Reg. 178/11, s. 5 (1). (2) The stage one valuation report for the pension plan must be filed on or before the date required by subsection 14 (10) of the General Regulation.  O. Reg. 178/11, s. 5 (2); O. Reg. 12/12, s. 1; O. Reg. 181/13, s. 1; O. Reg. 535/21, s. 1. (3) The stage one valuation report must satisfy the following requirements and contain the following information: 1. Except as otherwise indicated in this section and section 4, the report must satisfy the requirements for a report filed under section 14 of the General Regulation. 2. The prior year credit balance to be used in the report is deemed to be zero. 3. The special payments required by paragraph 5 of subsection 4 (2) in respect of the solvency deficiency as of the stage one valuation date are deemed to be special payments required under clause 5 (1) (e) of the General Regulation for the purposes of the report.  However, for the Retirement Plan of the University of St. Michael’s College, the modified version of this requirement set out in subsection 6 (4) applies. 4. A payment schedule must be established in accordance with clause 5 (1) (e) of the General Regulation to indicate the special payments that would have been required — but for this Regulation — to liquidate the solvency deficiency as of the stage one valuation date over a period of five years beginning on the stage one valuation date.  O. Reg. 178/11, s. 5 (3).
Modified rules, Retirement Plan of the University of St. Michael’s College
 6. (1) This section sets out the modified rules for the Retirement Plan of the University of St. Michael’s College that are referred to in paragraphs 2, 4 and 5 of subsection 4 (2) and the modified requirements referred to in paragraph 3 of subsection 5 (3).  O. Reg. 178/11, s. 6 (1). (2) Despite paragraphs 2 and 4 of subsection 4 (2), all contributions to be made under section 4 of the General Regulation in respect of a report filed under section 3, 4 or 14 of the General Regulation with a valuation date of December 31, 2009 must be made with respect to the period from December 31, 2009 to May 31, 2011.  O. Reg. 178/11, s. 6 (2). (3) Despite paragraph 5 of subsection 4 (2), the special payments required to be made with respect to any solvency deficiency determined in the stage one valuation report as of the stage one valuation date must be made in equal monthly instalments from June 1, 2011 until the next report is filed under this Regulation.  The minimum monthly special payment is the amount calculated under subsection 4 (3).  O. Reg. 178/11, s. 6 (3). (4) For the purposes of paragraph 3 of subsection 5 (3), (a) the stage one valuation report must set out any special payments required under clause 5 (1) (e) of the General Regulation determined as of the report filed under section 3, 4 or 14 of the General Regulation with a valuation date of December 31, 2009 for the period that begins on the stage one valuation date and ends on May 31, 2011; and (b) the minimum monthly amount of special payments determined in accordance with subsection 4 (3) that are required to be made for the period that begins on June 1, 2011 and ends on the date the next report is filed under this Regulation are deemed to be special payments required under clause 5 (1) (e) of the General Regulation for the purposes of the stage one valuation report for the same period.  O. Reg. 178/11, s. 6 (4).
Information for members about stage one solvency funding relief
 7. In the annual statement under section 27 of the Act to be given to members after the stage one valuation report is filed for a public sector pension plan listed in Schedule 1, the administrator must include the following information: 1. A statement indicating that the administrator has filed the stage one valuation report for the pension plan. 2. A description of the stage one solvency funding relief received by the pension plan. 3. An explanation of how the stage one solvency funding relief might affect the security of the pension benefits and ancillary benefits of members, former members and retired members. 4. The transfer ratio of the pension plan as of its stage one valuation date. 5. Estimates of the following amounts: i. The annual amount of the contributions to be made by the employer (or a person or entity required to make contributions on behalf of the employer) and, if applicable, by the members to fund the normal cost of the pension plan for the fiscal year. ii. The schedule of special payments that would be payable — but for the stage one solvency funding relief — during the four-year period that begins on the stage one valuation date. iii. The schedule of special payments that are payable — with the stage one solvency funding relief — during the four-year period that begins on the stage one valuation date. 6. If the member is represented by a trade union on the stage one valuation date, a statement indicating that the trade union has been notified that the pension plan is receiving stage one solvency relief.  O. Reg. 178/11, s. 7; O. Reg. 179/12, s. 2. 7.1-7.6 Revoked: O. Reg. 286/20, s. 2. Stage Two Solvency Funding Relief
Stage Two Solvency Funding Relief
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Stage two valuation date
 8. The stage two valuation date for a pension plan listed in Schedule 2 is the first valuation date that follows its stage one valuation date, and it must not be more than three years after the stage one valuation date.  O. Reg. 178/11, s. 8.
Stage two valuation report
 10. (1) The administrator of a public sector pension plan listed in Schedule 2 shall prepare a valuation report for the pension plan as of its stage two valuation date and shall file the report no later than 12 months after that valuation date.  O. Reg. 178/11, s. 10 (1). (2) The stage two valuation report must satisfy the requirements for a report filed under section 14 of the General Regulation, except as otherwise indicated in section 9 of this Regulation.  O. Reg. 178/11, s. 10 (2).
Information for members about stage two solvency funding relief
 11. In the annual statement under section 27 of the Act to be given to members after the stage two valuation report is filed for a public sector pension plan listed in Schedule 2, the administrator must include the following information: 1. A statement indicating that the administrator has filed the stage two valuation report for the pension plan. 2. A description of the stage two solvency funding relief received by the pension plan. 3. An explanation of how the stage two solvency funding relief might affect the security of the pension benefits and ancillary benefits of members, former members and retired members. 4. The transfer ratio of the pension plan as of its stage two valuation date. 5. Estimates of the following amounts: i. The annual amount of the contributions to be made by the employer (or a person or entity required to make contributions on behalf of the employer) and, if applicable, by the members to fund the normal cost of the pension plan for the fiscal year. ii. The schedule of special payments that would be payable — but for the stage two solvency funding relief — until the valuation date of the next report required to be filed under section 14 of the General Regulation. iii. The schedule of special payments that are payable — with the stage two solvency funding relief — until the valuation date of the next report required to be filed under section 14 of the General Regulation. 6. If the member is represented by a trade union on the stage two valuation date, a statement indicating that the trade union has been notified that the pension plan is receiving stage two solvency relief.  O. Reg. 178/11, s. 11; O. Reg. 179/12, s. 3.
Subsequent valuation reports re stage two
 13. (1) The administrator of a public sector pension plan to which section 12 applies for a particular valuation date that is before December 31, 2017 shall prepare  a report for the pension plan as of that valuation date.  O. Reg. 178/11, s. 13 (1); O. Reg. 257/18, s. 3. (2) The report must satisfy the requirements for a report filed under section 14 of the General Regulation, except as otherwise indicated in section 12 of this Regulation.  O. Reg. 178/11, s. 13 (2).
Subsequent valuation reports re stage two, valuation date on or after December 31, 2017
 13.1 For each report of a public sector pension plan listed in Schedule 2 to this Regulation with a valuation date on or after December 31, 2017, the requirements under section 14 of the General Regulation must be satisfied except as otherwise indicated in subsection 12 (7) of this Regulation. O. Reg. 257/18, s. 4.
Information for members about termination of all stage two solvency funding relief
 14. In the annual statement under section 27 of the Act given to members after the first report is filed for a public sector pension plan under the General Regulation following the expiry of the 10-year period described in paragraph 2 of subsection 9 (2) or paragraph 2 of subsection 9 (4) of this Regulation, as applicable, the administrator must include a statement indicating that the pension plan is no longer receiving stage two solvency funding relief.  O. Reg. 178/11, s. 14; O. Reg. 307/13, s. 3. Alternative: Exiting the Scheme after Stage One
Alternative: Exiting the Scheme after Stage One
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Transitional valuation date
 15. (1) The transitional valuation date for a public sector pension plan listed in Schedule 1 but not in Schedule 2 is the first valuation date that follows its stage one valuation date, and it must not be more than three years after the stage one valuation date. O. Reg. 350/16, s. 5; O. Reg. 286/20, s. 3 (1). (2) Revoked: O. Reg. 286/20, s. 3 (2).
Transitional valuation report
 17. (1) The administrator of a pension plan listed in Schedule 1 but not in Schedule 2 shall prepare a valuation report for the pension plan as of its transitional valuation date and shall file the report no later than 12 months after that valuation date.  O. Reg. 178/11, s. 17 (1). (2) The transitional valuation report must satisfy the requirements for a report filed under section 14 of the General Regulation, except as otherwise indicated in section 16 of this Regulation.  O. Reg. 178/11, s. 17 (2).
Information for members about termination of transitional solvency funding relief
 18. In the annual statement under section 27 of the Act to be given to members after the transitional valuation report is filed under section 17 of this Regulation for a public sector pension plan, the administrator must include a statement indicating that the pension plan is no longer receiving stage one solvency funding relief.  O. Reg. 178/11, s. 18. General
Public sector pension plans receiving stage one solvency funding relief
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Public sector pension plans receiving stage two solvency funding relief
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