Ontario publishes proposed amendments to Regulation 909 under the Pension Benefits Act
August 13, 2024
Ontario has published a draft regulation to replace the temporary exemption from the requirement to submit an annual actuarial valuation in instances where a pension plan’s funded status falls below a specified threshold for certain jointly sponsored pension plans (JSPPs) with a permanent funding concern test.
If the regulation becomes law, the new test will require identified JSPPs 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.
The Ontario Ministry of Finance is also proposing amendments to remove the requirement for administrators of JSPPs to include information about the plan’s transfer ratio in members’ annual statements, and retiree and former members’ biennial statements.
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