Ontario extends temporary exemptions under PBA for JSPPs and SOMEPPs
October 30, 2023
Ontario has made amendments to General Regulation under the Pension Benefits Act, R.R.O. 1990, Reg. 909, extending temporary exemptions in two areas: Jointly Sponsored Pension Plans (JSPPs) and Specified Ontario Multi-Employer Pension Plans (SOMEPPs).
The temporary exemption regarding JSPPs relieves these plans from the solvency funding concerns test, allowing them to only file their valuations once every 3 years, regardless of solvency funded status. This exemption has been extended until January 1, 2025, to allow time for a proposal of a new permanent funding concerns test.
The temporary exemptions regarding SOMEPPs have also been extended to allow time for a proposed permanent framework for target benefit plans. The extended exemptions include:
- the date on which a plan would no longer have SOMEPP status being extended until the date the first report is filed with a valuation date after January 1, 2025;
- temporary funding rules, including reduced solvency funding exemption, being extended until January 1, 2025;
- the date plan administrators can file an election to declare a plan a SOMEPP being extended until either: (i) the day before the proposed permanent legislative framework for target benefit pension plans comes into force; or (ii) January 1, 2025 (whichever takes place first)
- the exemption from the triennial filing requirement being extended until January 1, 2025.
Click on more information below to learn more about the amendments:
