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OC 505/2015 - The Pension Benefits (Regina Civic Employees) Amendment Regulations, 2015 (Minister of Justice and Attorney General)

Title: The Pension Benefits (Regina Civic Employees) Amendment Regulations, 2015

Minister: Minister of Justice and Attorney General

Summary: On January 1, 2016, these regulations will amend RRS P-6.001 Reg 1 to:

  • Remove the requirement that solvency deficiencies be funded;
  • Provide a 20-year period for the amortization of certain unfunded liabilities;
  • Restrict any benefit increases that would result in a solvency ratio of less than 0.90 for the Plan;
  • Restrict any reduction in initial contribution rates until the deficit established in the December 31, 2014 actuarial valuation report has been eliminated;
  • Require that key decisions regarding changes to contributions and benefits in the Plan have a deadlock resolution mechanism; and
  • Require the Plan to set out funding objectives, risk management procedures and actions for managing surpluses and deficits.
The amendments will enable the Plan to be brought into compliance with The Pension Benefits Act, 1992 (the “Act”) and to avoid cancellation of its registration by the Deputy Superintendent of Pensions.

See: The Pension Benefits Act, 1992, section 69

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