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O. Reg. 187/20: GENERAL
filed April 30, 2020 under Pension Benefits Act, R.S.O. 1990, c. P.8
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made under the
Pension Benefits Act
Made: April 30, 2020
Filed: April 30, 2020
Published on e-Laws: April 30, 2020
Printed in The Ontario Gazette: May 16, 2020
Amending Reg. 909 of R.R.O. 1990
(GENERAL)
1. (1) Section 37 of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by adding the following subsections:
(14.1) Despite subsection (14) and subject to subsection (14.2), an employer who fails to pay an amount that under this section is due on or after April 30, 2020 and before December 31, 2020 shall pay the amount to the Guarantee fund, together with interest calculated from the date the amount is due to the date of payment, at a rate equal to 3 per cent plus the chartered banks’ rate on prime business loans as of the date the amount is due.
(14.2) Subsection (14.1) only applies if the employer pays the amount with interest on or before December 31, 2020.
(2) Subsection 37 (15) of the Regulation is amended by striking out “subsection (14)” and substituting “subsections (14) and (14.1)”.
(3) Subsections 37 (14.1) and (14.2) of the Regulation, as made by subsection (1), are revoked.
(4) Subsection 37 (15) of the Regulation, as amended by subsection (2), is amended by striking out “subsections (14) and (14.1)” and substituting “subsection (14)”.
Commencement
2. (1) Subject to subsection (2), this Regulation comes into force on the day it is filed.
(2) Subsections 1 (3) and (4) come into force on January 1, 2021.