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Ontario issues Regulation 395/24, ending temporary exemption for JSPPs on actuarial valuations

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November 25, 2024

Ontario has published Regulation 395/24, which replaces the temporary exemption allowing certain jointly sponsored pension plans (JSPPs) to forgo an annual actuarial valuation when their funded status falls below a specified threshold.

The new permanent funding concern test, which comes into effect on January 1, 2025, requires the JSPPs listed in subsection 1.3.1 (3) of Regulation 909 to file an annual actuarial valuation if the ratio of the JSPP’s going concern assets to its going concern liabilities falls below 0.9.

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