Excess contributions, year when solvency ratios first reach 0.85
 16. (1) In this section, “specified period” means the period, (a) beginning on the valuation date of the first reports prepared 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, and (b) ending on the day immediately before the day on which the reports described in clause (a) are filed. (2) If the employer has made contributions to the Hourly Employees Plan which are in excess of the contributions the report requires in respect of the specified period, the employer may apply the amount of the excess contributions to offset any payment otherwise required in respect of the Hourly Employees Plan under the report for that pension plan as described in clause (a) of the definition of “specified period” in subsection (1). (3) If the Hourly Employees Plan is amended before the full amount of any excess contributions has been applied under subsection (2), the administrator of the Hourly Employees Plan shall file a report under section 22 in respect of the amendment on the later of, (a) the date the report is required to be filed under paragraph 3 of section 22; and (b) the date on which the full amount of any excess contributions has been applied under subsection (2). (4) If the employer has made contributions to the Salaried Employees Plan which are in excess of the contributions the report requires in respect of the specified period, the employer may apply the amount of the excess contributions to offset any payment otherwise required in respect of the Salaried Employees Plan under the report for that pension plan. (5) If the Salaried Employees Plan is amended before the full amount of any excess contributions has been applied under subsection (4), the administrator of the Salaried Employees Plan shall file a report under section 22 in respect of the amendment on the later of, (a) the date the report is required to be filed under paragraph 3 of section 22; and (b) the date on which the full amount of any excess contributions has been applied under subsection (4). (6) Subject to subsection (7), the valuation date of the next report to be filed under section 24 after the valuation date of the report prepared 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 shall be the later of, (a) the valuation date of the report that would otherwise be required under section 24; or (b) the valuation date of the next annual report required to be filed under section 24 after the full amount of any excess contributions to each of the Hourly Employees Plan and the Salaried Employees Plan has been applied. (7) The valuation date of the next report to be filed under section 24 shall not be more than three years after the valuation date of the report prepared 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. (8) If the valuation date of the next report is the date that is three years after the valuation date of the report prepared 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, the employer is not entitled to use any outstanding amount of the excess contributions to offset any payments otherwise required in respect of the Hourly Employees Plan or the Salaried Employees Plan. (9) Section 55.1 of the Act does not apply to the employer in respect of the excess contributions. Benefit Improvements