jswizzle3737/ontario_laws_and_regs huggingface dataset:
Interpretation
 2. (1) In this Regulation, “adjusted solvency deficiency” has the meaning set out in subsection (3); “Amended and Restated Representative Counsel Order” means the order of the Ontario Superior Court of Justice (Commercial List) in court file number CV-15-000011169-00CL dated November 9, 2015, entitled “Amended and Restated Representative Counsel Order”, as amended by the Local 2251 Representation Order; “annual report” means, in relation to the Hourly Employees Plan or the Salaried Employees Plan, the valuation report required under section 21 or 24, as the case may be; “Consenting Creditors” means those Essar Steel Algoma Inc., pre-petition term lenders and holders of its 9.5 per cent pre-petition senior secured notes due 2019 that are parties to a Restructuring Support Agreement dated September 15, 2016 (as amended and restated as of August 15, 2017 and as further amended from time to time); “General Regulation” means Regulation 909 of the Revised Regulations of Ontario, 1990 (General) made under the Act; “going concern funded ratio” means, in relation to the Hourly Employees Plan or the Salaried Employees Plan, the ratio of “Y” to “Z”, where, “Y” is the value of the assets of the pension plan determined on the basis of a going concern valuation, including accrued and receivable income, and “Z”   is the total amount of the going concern liabilities of the pension plan; “Hourly Employees Plan” means The Essar Steel Algoma Inc. Pension Plan for Hourly Employees, registered under the Act as number 1079904; “Local 2251 Representation Order” means the order of the Ontario Superior Court of Justice (Commercial List) in court file number CV-15-000011169-00CL dated December 5, 2017, entitled “Local 2251 Representation Order”; “Salaried Employees Plan” means The Essar Steel Algoma Inc. Pension Plan for Salaried Employees, registered under the Act as number 1079896; “solvency ratio” means, in relation to the Hourly Employees Plan or the Salaried Employees Plan, the ratio of “Y” to “Z”, where, “Y” is the total amount of the solvency assets of the pension plan related to defined benefits and ancillary benefits, and “Z”   is the total amount of the solvency liabilities related to defined benefits and ancillary benefits of the pension plan. (2) Expressions in this Regulation have the same meaning as in the General Regulation, except where otherwise indicated. (3) The adjusted solvency deficiency of a pension plan as of a particular valuation date is the amount, if any, by which 85 per cent of the solvency liabilities of the pension plan exceeds the solvency assets of the pension plan. (4) For the purposes of this Regulation, benefit improvements are made under a pension plan if an amendment to the plan affects the pensions, pension benefits or ancillary benefits provided by the plan and increases the amount of the normal cost, the going concern liabilities or the solvency liabilities of the plan.
Solvency liabilities — exclusion of plant closure benefit
 3. For the purposes of the definition of “solvency liabilities” in subsection 1 (2) of the General Regulation, the solvency liabilities of the Hourly Employees Plan and the Salaried Employees Plan also exclude liabilities for the plant closure benefit to which individuals who were members on December 31, 2001 are entitled under the relevant plan.
Benefit allocation method
 4. For the purposes of this Regulation, a benefit allocation method shall be used to determine the normal cost and going concern liabilities of a pension plan. Application of General Regulation
Application of General Regulation
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Application of General Regulation
 5. The General Regulation applies to the Hourly Employees Plan and the Salaried Employees Plan except as provided in this Regulation.
Same
 6. (1) For greater certainty, the General Regulation applies with respect to the Hourly Employees Plan and the Salaried Employees Plan on and after the earlier of, (a) 20 years after the day this Regulation comes into force; or (b) the date on which the employer is required to commence funding the pension plans in accordance with the General Regulation, if the employer makes the elections described in section 7. (2) The only provisions of this Regulation that continue to apply after the General Regulation begins to apply are, (a) this section and sections 1 to 3 and 10; (b) section 19 if, before the General Regulation begins to apply, the administrators of the Hourly Employees Plan and of the Salaried Employees Plan have not filed reports showing that both pension plans have a solvency ratio of equal to or greater than 0.85; and (c) subsection 20 (2) if, before the General Regulation begins to apply, the administrators of the Hourly Employees Plan and of the Salaried Employees Plan have filed reports showing that both pension plans have a solvency ratio of equal to or greater than 0.85.
Election to fund in accordance with General Regulation
 7. (1) The employer may file elections with the Chief Executive Officer to commence funding both the Hourly Employees Plan and the Salaried Employees Plan in accordance with the General Regulation instead of in accordance with this Regulation if both pension plans have an available actuarial surplus determined in accordance with section 7.0.2 of the General Regulation. O. Reg. 484/18, s. 7 (1); O. Reg. 150/19, s. 1. (2) Both elections must be filed at the same time and they cannot be withdrawn. O. Reg. 484/18, s. 7 (2). (3) The final report for each pension plan required under section 25 must be filed with the elections. O. Reg. 484/18, s. 7 (3). (4) The effective date on which the employer shall commence funding the pension plans in accordance with the General Regulation is the valuation date of the final reports. O. Reg. 484/18, s. 7 (4).
Funding re new members
 8. If the Hourly Employees Plan or the Salaried Employees Plan is amended to permit new members to join the pension plan, (a) any going concern unfunded liability in respect of the new members, any reduced solvency deficiency in respect of the new members 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 amendments in respect of the new members shall be funded in accordance with the General Regulation as if none of the exceptions or modifications to the General Regulation set out in this Regulation applied; and (b) any lump sum contributions shall be made if they are required 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. Funding Framework
Rules re application of certain provisions in General Regulation
 9. (1) Sections 3, 5, 7, 7.0.1, 7.0.2 and 7.0.3 of the General Regulation do not apply to the Hourly Employees Plan or the Salaried Employees Plan or to the employer with respect to those pension plans. (2) Section 4 of the General Regulation does not apply to the Hourly Employees Plan or the Salaried Employees Plan or to the employer with respect to those pension plans, subject to the following: 1. Subsections 4 (5) to (11) of the General Regulation apply with respect to the pension plans. 2. Clauses 4 (2) (a.1), (b) and (b.1) and paragraphs 1 and 3.0.1 of subsection 4 (4) of the General Regulation apply with respect to the pension plans, but only to the extent that they require the making of contributions in respect of normal cost and contributions in respect of the provision for adverse deviations in respect of the normal cost. (3) For greater certainty, unless the employer has filed elections under section 7 to commence funding both the Hourly Employees Plan and the Salaried Employees Plan in accordance with the General Regulation, the employer shall not use available actuarial surplus determined in accordance with section 7.0.2 of the General Regulation to reduce or suspend contributions for the normal cost of either pension plan or contributions for the provision for adverse deviations in respect of the normal cost of either pension plan. (4) Subsection (3) does not affect the use of excess contributions under section 16.
Exemptions re trust property
 10. (1) Subsection 57 (3) of the Act does not apply to Essar Steel Algoma Inc. or to Algoma Steel Inc. in respect of contributions due and not paid into the pension fund of the Hourly Employees Plan or into the pension fund of the Salaried Employees Plan by Essar Steel Algoma Inc. before this Regulation came into force. (2) Subsection 57 (4) of the Act does not apply to the Hourly Employees Plan or the Salaried Employees Plan or to Essar Steel Algoma Inc. or to Algoma Steel Inc. with respect to those pension plans.
Letter of credit not permitted
 11. For greater certainty, section 55.2 of the Act does not apply to the employer in respect of the Hourly Employees Plan or the Salaried Employees Plan.
Required contributions — solvency ratio below 0.85
 12. (1) This section applies with respect to the funding of the Hourly Employees Plan and the Salaried Employees Plan before the valuation date of a report 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) 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. Fixed contributions, as described in sections 13 and 14. 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. 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.
Fixed contributions before filing of first valuation report
 13. (1) After the day this Regulation comes into force, and until the day before the date on which a report is filed under this Regulation with a valuation date of April 1, 2018, the employer shall make the following monthly contributions: 1. $1,756,666.67 to the Hourly Employees Plan. 2. $826,666.67 to the Salaried Employees Plan. (2) The payments shall be made on or before the last business day of the month in which the contributions are due.
Benefit Improvements
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Non-application of s. 14.0.1 of the Act, specified benefit improvements
 17. (1) For the purposes of subsection 14.0.1 (2) of the Act, the following circumstances are prescribed: 1. A collective agreement governing the Hourly Employees Plan provides for benefit improvements to be made to the plan relating to the special early retirement window benefits described in subsection (2) and the post-retirement indexation described in subsection (3). 2. A collective agreement governing the Salaried Employees Plan provides for benefit improvements to be made to the plan relating to the special early retirement window benefits described in subsection (2) and the post-retirement indexation described in subsection (3). (2) Amendments to the Hourly Employees Plan and the Salaried Employees Plan may provide for additional pension benefits and ancillary benefits to which members are entitled under the plan if they elected early retirement during the period that began on January 1, 2018 and ended on October 31, 2018 or if they elect early retirement during a period, (a) that begins on January 1, 2019 and ends on October 31, 2019; (b) that begins on January 1, 2020 and ends on October 31, 2020; (c) that begins on January 1, 2021 and ends on October 31, 2021; or (d) that begins on January 1, 2022 and ends on October 31, 2022. (3) Amendments to the Hourly Employees Plan and the Salaried Employees Plan may provide for post-retirement indexation of pensions to take effect on the following dates: 1. July 1, 2018. 2. July 1, 2019. 3. July 1, 2020. 4. July 1, 2021. 5. July 1, 2022.
Other benefit improvements
 18. (1) This section applies with respect to benefit improvements resulting from an amendment to the Hourly Employees Plan or the Salaried Employees Plan other than benefit improvements that are, (a) described in subsections 17 (2) and (3); or (b) required by law. (2) The following rules apply with respect to the funding of the benefit improvements: 1. For greater certainty, section 3.0.1 of the General Regulation applies. 2. Any increase in the going concern liabilities of the pension plan as a result of the amendment that exceeds the value of any contributions in respect of the increase before the effective date of the amendment shall be liquidated, with interest at the going concern valuation interest rate, by equal monthly special payments over a period of eight years beginning on the effective date of the amendment. 3. 85 per cent of any increase in the solvency liabilities of the pension plan as a result of the amendment that exceeds the sum of the following amounts shall be liquidated by equal monthly special payments over a period of five years beginning on a date that is no later than 12 months after the effective date of the amendment: i. the value of any contributions in respect of the increase before the effective date of the amendment, and ii. the present value of special payments determined under paragraph 2 that are scheduled for payment in the period that begins on the effective date of the amendment and continues until the end of a five-year period that begins on a date no later than 12 months after the effective date of the amendment. 4. The rates of interest to be used in calculating special payments under paragraph 3 are the rates set out in subsection 5 (2) of the General Regulation. 5. The monthly special payments mentioned in paragraphs 2 and 3 shall be paid on or before the last business day of the month in which the special payment is due. Guarantee Fund
Guarantee Fund
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Pension benefits not guaranteed by Guarantee Fund
 19. The Hourly Employees Plan and the Salaried Employees Plan are prescribed pension plans for the purposes of paragraph 6 of section 85 of the Act, subject to section 20.
Benefits to be guaranteed by Guarantee Fund, solvency ratios of 0.85 or greater
 20. (1) Section 19 ceases to apply as of the valuation date of reports filed for the Hourly Employees Plan and the Salaried Employees Plan 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) The amount of the assessment payable under section 37 of the General Regulation in respect of the fiscal year in which section 19 ceases to apply and in each subsequent year shall be determined in accordance with the following rule: 1. The formula in subsection 37 (4) of the General Regulation applies, except that the value of “B” in that formula shall be 3 per cent of the amount by which “E” exceeds “F” where, “E” is the amount of the additional liability that would result if, on the valuation date of the last report filed for the pension plan under section 22, 23 or 24 on or before the assessment date, all plant closure benefits to which individuals who were members on December 31, 2001 are entitled under the plan were payable in respect of the members in Ontario who, on that valuation date, met the age and service requirements for those benefits, and “F” is the amount, if any, by which the amount determined under clause (b) of the definition of “PBGF assessment base” in subsection 1 (2) of the General Regulation exceeds the PBGF liabilities, both determined as of the valuation date referred to in the definition of “E”. (3) For the assessment payable in respect of the fiscal year in which section 19 ceases to apply, the amount determined in accordance with the formula in subsection 37 (4) of the General Regulation, as modified by paragraph 1 of subsection (2), shall be prorated for the period beginning on the date as of which section 19 ceases to apply and ending on the last day of that fiscal year. Reports to the Chief Executive Officer
Annual reports before solvency ratios reach 0.85
 21. Subject to section 24, the administrator of the Hourly Employees Plan and the administrator of the Salaried Employees Plan shall cause their respective pension plan to be reviewed annually and shall each prepare a report in accordance with the following rules: 1. The first report must be prepared with a valuation date of April 1, 2018 and must be filed within 60 days after the day this Regulation comes into force. 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 terms of the agreements set out in section 1. 3. Every report, other than the first report, must be filed within six months after the valuation date of the report. 4. The report must set out the following information with respect to the pension plan to which the report relates: i. The pension plan’s adjusted solvency deficiency at the valuation date. ii. Contributions to the pension plan that are required to be made, other than contributions that are required to be made in respect of new members as described in section 8, A. for normal cost, B. for the provision for adverse deviations in respect of the normal cost, and C. for the purposes of section 14 and paragraph 1, 2 or 3 of subsection 18 (2). iii. If the plan is amended to permit new members to join the pension plan and one or more new members has joined the pension plan, contributions to the pension plan that are required to be made in respect of those members, A. for normal cost, B. for the provision for adverse deviations in respect of the normal cost, C. for special payments relating to any going concern unfunded liability in respect of the new members, D. for special payments relating to any reduced solvency deficiency in respect of the new members, E. for special payments relating to 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, and F. 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. iv. The amount of contributions made to the pension plan during the period from the valuation date of the most recent prior report to the valuation date of the report under this section. v. The contributions to the pension plan that, but for this Regulation, would have been required to be made during the period covered by the report. vi. The allocation of the contributions to be made under this Regulation among the Hourly Employees Plan and the Salaried Employees Plan, as determined in accordance with section 14. vii. The going concern funded ratio as of the valuation date. 5. The administrator shall give the employer a copy of the report immediately after filing it.
Report re plan amendment
 22. If an amendment, other than an amendment described in subsection 17 (2) or (3), is made to the Hourly Employees Plan or the Salaried Employees Plan, or to both plans, that reduces or increases the plan’s normal cost, going concern liabilities or solvency liabilities, the administrators of the plans shall each file a report that satisfies the following: 1. The report must set out the information required under paragraph 4 of section 21 or under paragraph 3 of subsection 24 (2), whichever is applicable at the time.  However, the report must cover the period from the valuation date of the report to the valuation date of the next annual report. 2. If the plan to which the report relates was amended to provide for benefit improvements, the report must include a description of any lump sum contributions that were made to ensure that the solvency ratio and the going concern funded ratio of the pension plan are above the prescribed levels set out in section 3.0.1 of the General Regulation. 3. Subject to subsections 16 (3) and (5), the report must be filed within six months after the valuation date.
Optional report
 23. (1) The administrators of the Hourly Employees Plan and the Salaried Employees Plan may elect to file a report under this section if all of the following conditions are satisfied: 1. The valuation date is on or after April 1, 2019 and is different from the valuation date of the most recent prior annual report. 2. A report is filed with respect to each pension plan. 3. The reports show that both pension plans had, on the valuation date, a solvency ratio of equal to or greater than 0.85. (2) The reports must set out the information required under paragraph 4 of section 21, except that each report shall only cover the period from the valuation date of the report to the valuation date of the next annual report. (3) The reports must be filed within six months after the valuation date. (4) The administrators may elect to file a report under this section only once.
Reports after solvency ratio reaches 0.85
 24. (1) If the administrators of the Hourly Employees Plan and the Salaried Employees Plan have filed reports showing that both pension plans have a solvency ratio of equal to or greater than 0.85 and the employer has begun to fund each pension plan in accordance with section 15, section 21 does not apply and instead subsection (2) of this section applies. (2) The administrators of the pension plans shall cause their respective pension plan to be reviewed annually and shall each prepare a report in accordance with the following rules: 1. Every report must be prepared with a valuation date of April 1.  However, the valuation date of a report may be a date other than April 1 if that other date is determined in accordance with the terms of the agreements set out in section 1. 2. Every report must be filed within six months after the valuation date of the report. 3. The report must set out the following information with respect to the pension plan to which the report relates: i. Contributions to the pension plan that are required to be made, other than contributions that are required to be made in respect of new members as described in section 8, A. for normal cost, B. for the provision for adverse deviations in respect of normal cost, and C. for the purposes of paragraph 1, 2 or 3 of subsection 18 (2). ii. If the plan is amended to permit new members to join the pension plan, contributions to the pension plan that are required to be made in respect of those members, A. for normal cost, B. for the provision for adverse deviations in respect of the normal cost, C. for special payments relating to any going concern unfunded liability in respect of the new members, D. for special payments relating to any reduced solvency deficiency in respect of the new members, E. for special payments relating to 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, and F. 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. iii. The amount of contributions made to the pension plan during the period from the valuation date of the most recent prior report to the valuation date of the report under this section. iv. The contributions to the pension plan that, but for this Regulation, would have been required to be made during the period covered by the report. v. The determination of the contribution limit under the applicable rules in section 15. vi. The going concern funded ratio as of the valuation date. 4. The administrator shall give the employer a copy of the report immediately after filing it.
Final report
 25. (1) Before the employer ceases to fund the Hourly Employees Plan or the Salaried Employees Plan in accordance with this Regulation and begins to fund the pension plan in accordance with the General Regulation, the administrator of the relevant pension plan shall submit to the Chief Executive Officer a final report with a valuation date that is on the day on which the plan ceases to be funded in accordance with this Regulation, and shall do so within 120 days after the valuation date. O. Reg. 484/18, s. 25 (1); O. Reg. 150/19, s. 1. (2) The final report must set out the following information with respect to the pension plan to which the report relates: 1. The amount of contributions made to the pension plan during the period since the valuation date of the most recent prior report to the valuation date of the report under this section. 2. Any liability for benefit improvements described in sections 17 and 18 that remains to be funded as of the valuation date of the final report. O. Reg. 484/18, s. 25 (2).
Reports to the Chief Executive Officer — general
 26. (1) The administrator of the Hourly Employees Plan and the administrator of the Salaried Employees Plan shall ensure that reports required to be filed under sections 21 to 25 in respect of both pension plans have the same valuation dates and are filed on the same day. (2) The reports to be filed under sections 21 to 25 must satisfy the requirements set out in section 14 of the General Regulation, except as otherwise provided in this Regulation. (3) A report filed under section 21, 22, 23, 24 or 25 is deemed to be a report filed under section 14 of the General Regulation. Information for Members, Former Members and Retired Members
Documents to be filed
 28. The agreements listed in paragraphs 1 to 4 of section 1 are prescribed for the purpose of clause 9 (2) (f) of the Act with respect to the pension plan to which the agreement relates. Transition
Transition
 29. Any election or report filed with or submitted to the Superintendent under this Regulation, as it read prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018
came into force, is deemed to have been filed with or submitted to the Chief Executive Officer. O. Reg. 150/19, s. 1, 2.