Annual report
  14. (1) The administrator shall cause the Wrap Plan to be reviewed annually. (2) Subject to subsection (3), section 14 of the General Regulation does not apply with respect to the Wrap Plan and instead the administrator of the pension plan shall prepare a report in accordance with the following rules: 1. The first report must, i. be prepared with a valuation date of April 1, 2019 and must be filed within 90 days after the date this Regulation comes into force, ii. cover the period from December 1, 2018 to March 31, 2019, and iii. include, in addition to the information required by paragraph 4, information about the monthly payments made into the escrow account under the terms of the Wrap Plan Agreement from November 30, 2018 to March 31, 2019, including the amount and date of each monthly payment, together with all accrued interest on all the payments. 2. Every subsequent report must be prepared with a valuation date of April 1. However, the valuation date of a report, other than the first report, may be a date other than April 1 if that other date is determined in accordance with the Wrap Plan Agreement. 3. Every report, other than the first report, must be filed within 90 days after the valuation date of the report. 4. Subject to subsection (3), if the report shows that the pension plan has a solvency ratio below 1, the report must set out the following information with respect to the pension plan at the valuation date: i. The solvency ratio. ii. The solvency assets. iii. The solvency liabilities. iv. The pension plan’s 15-year cash flow projection, which must include the following information: A. the estimated annual contributions, B. the estimated benefit payments, C. the estimated market value of the pension plan assets, D. the estimated solvency ratio, E. the estimated expenses, and F. the estimated investment income. v. A reconciliation of the market value of the pension plan assets during the period covered by the report, which must include the following information: A. pension plan assets at the beginning of the period and at the end of the period, B. contributions, C. investment income, D. investment gains or losses, E. benefits paid, and F. expenses. vi. A reconciliation of pension plan membership during the period covered by the report, which must include the following information: A. average age of former members, retired members and other persons entitled to benefits under the pension plan, and B. average annual benefits being paid to former members, retired members and other persons entitled to benefits under the pension plan. 5. Every report must be prepared by an actuary, and the actuary who prepares the report must, i. use actuarial cost methods and assumptions that are consistent with section 3000 of the Canadian Institute of Actuaries Standards of Practice, as referred to in clause 16 (4.1) (b) of the General Regulation, and with the requirements of the Act, this Regulation and, if applicable at the time, the General Regulation, and ii. certify that the report satisfies the requirements set out in subparagraph i. 6. The administrator shall give the employer a copy of the annual report immediately after filing it. (3) If a report shows that the Wrap Plan has a solvency ratio equal to or greater than 1, the administrator of the pension plan shall prepare and file a report in accordance with subsection (2), except that instead of the information required under paragraph 4 of that subsection, the report must set out the information with respect to the pension plan at the valuation date that meets the requirements of subsections 14 (7) to (9) of the General Regulation. (4) A report prepared and filed in accordance with subsection (3) is deemed to be a report filed under section 14 of the General Regulation.