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O. Reg. 287/20: GENERAL
filed June 18, 2020 under Pension Benefits Act, R.S.O. 1990, c. P.8
Skip to contentontario regulation 287/20
made under the
Pension Benefits Act
Made: June 11, 2020
Filed: June 18, 2020
Published on e-Laws: June 19, 2020
Printed in The Ontario Gazette: July 4, 2020
Amending Reg. 909 of R.R.O. 1990
(GENERAL)
1. (1) Section 3 of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by adding the following subsection:
(2.1) Despite subsection (2), if an amendment was required to be submitted for registration on or after the day that is six months before June 18, 2020 and before July 1, 2020, the administrator shall file the report required under subsection (1) within 12 months following the date the amendment is required to be submitted for registration.
(2) Subsection 3 (2.1) of the Regulation, as made by subsection (1), is revoked.
2. (1) Clause 6 (5) (b) of the Regulation is amended by striking out “subsection 14 (10)” at the end and substituting “subsection 14 (10) or (10.1), as the case may be”.
(2) Clause 6 (5) (b) of the Regulation, as amended by subsection (1), is amended by striking out “subsection 14 (10) or (10.1), as the case may be” and substituting “subsection 14 (10)”.
3. (1) Subsection 13 (1.0.1) of the Regulation is revoked and the following substituted:
(1.0.1) For a plan that is established on or after the day that is 90 days before June 18, 2020 and before July 1, 2020, the administrator shall submit the report described in subsection (1) within 180 days after the establishment of the plan.
(2) Subsection 13 (1.0.1) of the Regulation, as remade by subsection (1), is revoked.
4. (1) Subsection 14 (10.1) of the Regulation is revoked and the following substituted:
(10.1) Despite subsection (10), for a report required under this section with a valuation date that is on December 31, 2019 or January 1, 2020, the administrator shall file the report within 12 months after the valuation date.
(2) Subsection 14 (10.1) of the Regulation, as remade by subsection (1), is revoked.
5. (1) Subsection 18 (1) of the Regulation is amended by striking out “subsection 29 (4)” and substituting “subsections 29 (4) and (4.1)”.
(2) Subsection 18 (1) of the Regulation, as amended by subsection (1), is amended by striking out “subsections 29 (4) and (4.1)” and substituting “subsection 29 (4)”.
(3) Section 18 of the Regulation is amended by adding the following subsection:
(2) Subject to subsections 29 (4) and (4.1), if, under subsection (1) of this section, the last day on which an annual information return must be filed is a day that falls on or after June 18, 2020 and before December 31, 2020, the deadline set out in subsection (1) does not apply and instead the administrator shall file the annual information return no later than December 31, 2020.
(4) Subsection 18 (2) of the Regulation, as made by subsection (3), is revoked.
6. The definition of “bank deposit rate” in subsection 24 (1) of the Regulation is amended by,
(a) adding “using the rate reported for the last Wednesday of each month” before “as determined”; and
(b) striking out “V122515” and substituting “V80691336”.
7. (1) Section 29 of the Regulation is amended by adding the following subsections:
(3.1) Despite subsection (3), if the effective date of the wind up is on or after the day that is six months before June 18, 2020 and before October 1, 2020, the administrator shall file the wind up report within nine months following the effective date of the wind up of the plan.
. . . . .
(4.1) Despite subsection (4), if the effective date of the wind up is on or after the day that is six months before June 18, 2020 and before October 1, 2020, the administrator shall file all outstanding annual information returns required to be filed up to the effective date of the wind up of the pension plan within nine months after the effective date.
(2) Subsections 29 (3.1) and (4.1) of the Regulation, as made by subsection (1), are revoked.
8. (1) Section 29.1 of the Regulation is amended by adding the following subsection:
(2) Despite subsection (1), if the effective date of the wind up is on or after the day that is six months before June 18, 2020 and before October 1, 2020, the administrator shall file the documents set out in paragraphs 1 and 2 of subsection (1) within nine months after the effective date.
(2) Subsection 29.1 (2) of the Regulation, as made by subsection (1), is revoked.
9. (1) Section 32 of the Regulation is amended by adding the following subsection:
(1.1) Despite subsection (1), if the valuation date of the report is on or after January 1, 2020 and before July 1, 2020, the administrator shall file the report no later than the day that is nine months after the valuation date of the report or December 31, 2020, whichever is earlier.
(2) Subsection 32 (1.1) of the Regulation, as made by subsection (1), is revoked.
10. (1) Subsections 37 (14) and (14.1) of the Regulation are amended by striking out “as of the date the amount is due” wherever it appears and substituting in each case “as determined under subsection (15) for the month in which the amount is due”.
(2) Subsection 37 (15) of the Regulation is amended by,
(a) striking out “shall be determined” and substituting “for a month shall be determined using the rate reported for the last Wednesday of each month as determined”; and
(b) striking out “V122495” and substituting “V80691311”.
11. (1) Section 39 of the Regulation is amended by adding the following subsection:
(1.1) If, under subsection (1), the last day on which the administrator must transmit the notice and explanation of the amendment is a day that falls on or after June 18, 2020 and before November 1, 2020, the reference in subsection (1) to “sixty days” shall be read instead as “120 days”.
(2) Subsection 39 (1.1) of the Regulation, as made by subsection (1), is revoked.
12. (1) Section 40 of the Regulation is amended by adding the following subsection:
(2.1) If, under subsection (2), the last day on which the statement must be provided to members is a day that falls on or after June 18, 2020 and before December 31, 2020 and if, on or before that last day, the administrator has given a notice to the Chief Executive Officer that the statements will be delayed, the deadline set out in subsection (2) does not apply and instead the administrator is required to provide the statement to members no later than December 31, 2020.
(2) Subsection 40 (2.1) of the Regulation, as made by subsection (1), is revoked.
13. (1) Section 40.1 of the Regulation is amended by adding the following subsection:
(3.1) If, under subsection (2) or (3), as the case may be, the last day on which the statement required under subsection 27 (2) of the Act must be provided to former members is a day that falls on or after June 18, 2020 and before December 31, 2020 and if, on or before that last day, the administrator has given a notice to the Chief Executive Officer that the statements will be delayed, the deadline set out in subsection (2) or (3), as the case may be, does not apply and instead the administrator is required to provide the statement to former members no later than December 31, 2020.
(2) Subsection 40.1 (3.1) of the Regulation, as made by subsection (1), is revoked.
14. (1) Section 40.2 of the Regulation is amended by adding the following subsection:
(3.1) If, under subsection (2) or (3), as the case may be, the last day on which the statement required under subsection 27 (2) of the Act must be provided to retired members is a day that falls on or after June 18, 2020 and before December 31, 2020, and if, on or before that last day, the administrator has given a notice to the Chief Executive Officer that the statements will be delayed, the deadline set out in subsection (2) or (3), as the case may be, does not apply and instead the administrator is required to provide the statement to retired members no later than December 31, 2020.
(2) Subsection 40.2 (3.1) of the Regulation, as made by subsection (1), is revoked.
15. (1) Section 76 of the Regulation is amended by adding the following subsection:
(4.1) If, under subsection (4), the last day on which the financial statements and, if applicable, the auditor’s report must be filed is a day that falls on or after June 18, 2020 and before December 31, 2020, the deadline set out in subsection (4) does not apply and instead the financial statements and, if applicable, the auditor’s report shall be filed no later than December 31, 2020.
(2) Subsection 76 (4.1) of the Regulation, as made by subsection (1), is revoked.
16. (1) Section 77 of the Regulation is amended by adding the following subsection:
(1.1) If, under subsection (1), the last day on which an investment information summary must be filed is a day that falls on or after June 18, 2020 and before December 31, 2020, the deadline set out in subsection (1) does not apply and instead the administrator shall file the summary no later than December 31, 2020.
(2) Subsection 77 (1.1) of the Regulation, as made by subsection (1), is revoked.
17. (1) Section 78 of the Regulation is amended by adding the following subsections:
(5.1) If, under subsection (5), the last day on which the administrator must file a statement of investment policies and procedures is a day that falls on or after June 18, 2020 and before November 1, 2020, the reference in subsection (5) to “60 days” shall be read instead as “120 days”.
. . . . .
(6.1) If, under subsection (6), the last day on which the administrator must file an amendment to the statement of investment policies and procedures is a day that falls on or after June 18, 2020 and before November 1, 2020, the reference in subsection (6) to “60 days” shall be read as “120 days”.
(2) Subsections 78 (5.1) and (6.1) of the Regulation, as made by subsection (1), are revoked.
Commencement
18. (1) Subject to subsection (2), this Regulation comes into force on the day it is filed.
(2) Subsections 1 (2), 2 (2), 3 (2), 4 (2), 5 (2) and (4), 7 (2), 8 (2), 9 (2), 11 (2), 12 (2), 13 (2), 14 (2), 15 (2), 16 (2) and 17 (2) come into force on July 1, 2021.