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Tuesday, March 26, 2019
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OC 264/2014 - The Pension Benefits Amendment Regulations, 2014 (Minister of Justice and Attorney General)
Description:

Title: The Pension Benefits Amendment Regulations, 2014

Minister: Minister of Justice and Attorney General

Summary: On July 1, 2014, these regulations will amend RRS P-6.001 Reg 1 to:

  • Extend the period of time over which unfunded liabilities with respect to the Regina Police Pension Plan may be amortized;
  • Restrict the manner in which surplus assets in the Regina Police Pension Plan may be used to reduce previous unfunded liabilities;
  • Prohibit benefit improvements in the Regina Police Pension Plan until after three actuarial valuation reports have been filed. There is a further prohibition if either of the two following conditions exist:
    • The plan has an unfunded liability in the most recent actuarial valuation report or if the amendment would create an unfunded liability;
    • The plan is insolvent or the amendment would cause the plan to become insolvent;
  • Designate the new Target Retirement Income Plan for the Regina Police Service as a “specified plan” allowing the plan to be exempt from the requirement to fund solvency deficiencies and requiring going concern deficits to be amortized and paid into the plan over a period not to exceed ten years; and
  • Prescribe the new Target Retirement Income Plan for the Regina Police Service as a plan where an employer’s liability with respect to the plan may be limited to the amount that is provided for in the plan pursuant to subsection 40(5) of The Pension Benefits Act, 1992.
See: The Pension Benefits Act, 1992, section 69





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