Shaded provisions are not in force. (4) The administrator shall give the members, former members, retired members and other persons entitled to benefits under the single employer pension plan a notice about the proposed conversion of the pension plan and transfer of assets to the jointly sponsored pension plan, in accordance with such requirements as may be prescribed by regulation, and the notice must contain the following information and such other information as may be prescribed: 1. 2. (12) Despite subsection (11), this section does not apply with respect to a jointly sponsored pension plan or a multi-employer pension plan. 1990, c. P.8, s. 54 (4). 23, s. 12, 23, 26; 2020, c. 36, Sched. 31, s. 2. 26, s. 2 (3). (5) At or after the hearing, the Tribunal by order may confirm, vary or revoke the order or substitute another order. A municipality as defined in section 1 of the Municipal Act, 2001. 28 (1) The administrator of a pension plan shall give to each member who terminates employment with the employer or otherwise ceases to be a member, or to any other person who as a result becomes entitled to a payment under the pension plan, within the prescribed period, a written statement containing the prescribed information about the benefits, rights and obligations of the member or person. 77 Subject to the application of the Guarantee Fund, where the money in a pension fund is not sufficient to pay all the pension benefits and other benefits on the wind up of the pension plan, the pension benefits and other benefits shall be reduced in the prescribed manner. 19, s. 5; 2018, c. 8, Sched. 35, s. 2 (2). 1990, c. P.8, s. 48 (10). 2017, c. 8, Sched. On the date of death, the member, former member or retired member had a spouse described in clause (b) of the definition of “spouse” in subsection 1 (1) and a spouse described in clause (a) of that definition from whom the member, former member or retired member was living separate and apart. The pension plan known as The Essar Steel Algoma Inc. Pension Plan for Hourly Employees, registered under this Act as number 1079904. 26, s. 5 (2). (3) Upon the death of the retired member, the pension payable to his or her surviving spouse shall not be less than 60 per cent of the pension paid to the retired member during their joint lives. (13) Subject to section 89 (notices and hearings), the Chief Executive Officer may, by order, require the insurance company from which the pension, deferred pension or ancillary benefit was purchased under subsection (2), (6) or (6.1) to repay an amount not greater than the amount of the payment, with interest, if the purchase does not satisfy the requirements of this section. 3. 2011, c. 9, Sched. 2. R.S.O. 2010, c. 9, s. 21. (4) If a pension plan is a successor pension plan and if it is being wound up in whole or in part, the employer is not entitled to payment of surplus under the pension plan unless the documents that created and supported the original pension plan and pension fund and those that create and support the successor pension plan and pension fund both provide for payment of surplus to the employer on the wind up or partial wind up, as the case may be, of the pension plan. 2009, c. 11, s. 49. 2010, c. 9, s. 55 (5). 2019, c. 14, Sched. R.S.O. 9, s. 30. 21.2 Prescribing additional rules for the purposes of subsection 67.4 (10). R.S.O. (2) An increase in the value of the pension or deferred pension in respect of employment before the 1st day of January, 1987 that results from an amendment to the pension plan made on or after that date may be included in calculating the commuted value of the pension or deferred pension for the purposes of subsection (1). ii. 18, s. 6 (1); 2010, c. 9, s. 39 (2). Chief Executive Officer’s order re information. 33, s. 38; 2018, c. 8, Sched. 23, s. 23. 23, s. 23. 2019, c. 14, Sched. (5) The transfer is subject to the restrictions set out in this section and to such other restrictions as may be prescribed. (7) The applicable fee referred to in subsection (4) or (5) cannot exceed such amount as may be prescribed. (4) For greater certainty, an agreement may provide for the following matters: 1. (3) In determining the combination of age and membership or employment for subsection (1), one-twelfth credit shall be given for each full month of age and for each full month of continuous employment or membership as of the date of termination of employment. 9, s. 32. 27, s. 14; 2017, c. 34, Sched. 18, s. 7. 2019, c. 7, Sched. Prescribing, for the purposes of subsection 67.4 (4), i. the manner in which the administrator shall revalue the retired member’s pension, including for the purposes of determining the amount of a single pension to be paid to a spouse under subsection 67.4 (10) but not including any actuarial methods or assumptions to be used in revaluing the pension, and. (3) If the Chief Executive Officer receives a written request from the administrator or from a person described in subsection 29 (1) and receives payment of the applicable fee, the Chief Executive Officer shall provide prescribed records by mail or electronically to the administrator or other person in such circumstances as may be prescribed. 23, s. 23. 35, s. 3 (1). (12) An entitlement to a transfer under this section prevails over any other entitlement under this Act to a payment from the defined contribution provision of the pension plan in respect of the retired member. (10.1) An administrator who made a payment under subsection (1) or (2) before October 31, 2012 is deemed to have been discharged on making the payment if all of the following circumstances exist: 1. 5.0.1 Section 67.4.1 (Division of pension from a successor pension plan for certain family law purposes). 1999, c. 15, s. 8; 2005, c. 5, s. 56 (21). R.S.O. 2010, c. 9, s. 73 (7). 2010, c. 9, s. 18 (3); 2018, c. 8, Sched. 5. A district school board as defined in subsection 1 (1) of the Education Act. (4) For the purpose of determining entitlement to a deferred pension, a member of a multi-employer pension plan who terminates employment with a participating employer or an employer on whose behalf contributions are made under the pension plan shall be deemed not to have terminated employment until the member terminates membership in the pension plan. 86 (1) Where money is paid out of the Guarantee Fund as a result of the wind up, in whole or in part, of a pension plan, the Chief Executive Officer has a lien and charge on the assets of the employer or employers who provided the pension plan. 1990, c. P.8, s. 95 (1); 2010, c. 1, Sched. (2) Subsection (1) does not apply if an amendment is required as a result of a judicial decision or in such other circumstances as may be prescribed. (8) The regulations may authorize the Chief Executive Officer to vary the prescribed requirements for determining whether consent is given or is deemed to have been given by the members of the single employer pension plan, and to vary the prescribed requirements for obtaining their consent. 26, s. 12. Clause 48 (1) (b) (pre-retirement death benefit). 1990, c. P.8, s. 55 (2); 2005, c. 31, Sched. 33, s. 23 (2). 22 (1) The administrator of a pension plan shall exercise the care, diligence and skill in the administration and investment of the pension fund that a person of ordinary prudence would exercise in dealing with the property of another person. 3. 1990, c. P.8, s. 69 (1); 2002, c. 18, Sched. 23, s. 23. 3. 33, s. 6 (1); 2018, c. 8, Sched. 37, s. 10). 23, s. 23. (8.3) Section 50.1 applies with respect to any payment into a registered retirement savings arrangement. 23, s. 23, 24. 12.6 Prescribing the period of time and information for the purposes of subsection 39.1.1 (10.1). 1990, c. P.8, s. 83 (2); 1997, c. 28, s. 204 (2); 2010, c. 1, Sched. (b) sent by regular mail to the person’s last known address; (c) sent by email to the person’s last known email address; or. “successor pension plan” means the pension plan into which the assets referred to in subsection (1) have been transferred on or after the family law valuation date or any pension plan into which those assets have subsequently been transferred. (4) The registry shall be organized in the manner and kept in the form that the Chief Executive Officer may determine. The purchase must meet any other requirements, conditions or limitations that may be prescribed, including requirements, conditions or limitations relating to funding. 37, s. 1 (4)), “optional benefit” means a benefit that is prescribed for the purposes of subsection 40.1 (1) as an optional benefit; (“prestation optionnelle”), “optional contribution” means a contribution to the pension fund that is made to obtain an optional benefit under the pension plan and that is made by a member of the pension plan beyond any amount that the member is required to make; (“cotisation optionnelle”), “partial wind up” means the termination of part of a pension plan and the distribution of the assets of the pension fund related to that part of the pension plan; (“liquidation partielle”), Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “partial wind up” in subsection 1 (1) of the Act is repealed. 2010, c. 24, s. 43. 4. 26, s. 5 (3). (5) If the lump sum is not transferred under subsection (4) before the death of the eligible spouse, the lump sum is payable instead to the eligible spouse’s estate or as otherwise permitted by regulation. 23, s. 7 (4). 33, s. 4 (10). A statement that the employer and the members of a jointly sponsored pension plan are required to make contributions in respect of any going concern unfunded liability, solvency deficiency or reduced solvency deficiency, as applicable, and that these contributions may be required in respect of benefits that accrued before the date of the conversion. Note: On a day to be named by proclamation of the Lieutenant Governor, section 79.1 of the Act is amended by adding the following subsection: (See: 2020, c. 36, Sched. Same, allocation of amounts from Guarantee Fund. (5) The administrator of a pension plan may administer or permit administration of the pension plan and the pension fund in accordance with an amendment pending registration or refusal of registration of the amendment. The normal retirement date under the pension plan. R.S.O. 23, s. 23. A statement of the imputed value, for family law purposes, of the member’s pension benefits or the former member’s deferred pension under the original pension plan has been obtained under section 67.2 or 67.2.1. (8) Subject to compliance with the requirements of this section and the regulations, the administrator shall comply with the direction within the prescribed period of time after delivery of the direction. (2.1) Any contributions that members of a jointly sponsored pension plan are required to make for the provision for adverse deviations in respect of the normal cost of the pension plan may be reduced or suspended in the prescribed manner if the pension plan has a surplus and if such other requirements as may be prescribed are satisfied. (15) The Chief Executive Officer by order may require the administrator of the successor pension plan to return to the original pension plan, with interest calculated in the prescribed manner, assets transferred in contravention of this Act or the regulations. 2010, c. 9, s. 61. 33, s. 33. If the surplus is to be paid to the employer on the wind up of the pension plan in whole, Note: On a day to be named by proclamation of the Lieutenant Governor, paragraph 2 of subsection 77.11 (7) of the Act is amended by striking out “on the wind up of the pension plan in whole” in the portion before subparagraph i and substituting “on the wind up of the pension plan”. (a) a pension in accordance with the terms of the pension plan, if, under the pension plan, the member is eligible for immediate payment of the pension benefit; (b) a pension in accordance with the terms of the pension plan, beginning at the earlier of, (i) the normal retirement date under the pension plan, or, (ii) the date on which the member would be entitled to an unreduced pension under the pension plan if the activating event had not occurred and if the member’s membership continued to that date; or. 1990, c. P.8, s. 75 (2). 1990, c. P.8, s. 54 (3). 3. R.S.O. 6. 23, s. 18. (6) A member, former member or retired member described in subsection (1) may designate a beneficiary and the beneficiary is entitled to be paid an amount equal to the commuted value of the deferred pension or pension benefits mentioned in subsection (1) or (2) unless on the date of death the member, former member or retired member has a spouse who has an entitlement under subsection (1) or (2). (4) An agreement under section 100 is not a regulation within the meaning of Part III (Regulations) of the Legislation Act, 2006. Such other purposes as may be prescribed. 48, s. 1 (3). Implementation of the transfer of a lump sum by leaving it, to the credit of the eligible spouse, in the plan in which the retired member’s variable benefit account was established. (4) The eligible spouse may apply, in accordance with the prescribed requirements, to the administrator of the successor pension plan for division of the retired member’s pension and for payment of the eligible spouse’s share to him or her. Restriction, locked-in retirement account. (“régime de retraite subséquent”) 2010, c. 9, s. 66 (1). The payment was made to the spouse described in clause (b) of the definition of “spouse” in subsection 1 (1). Special exemption, revocation of registration under Income Tax Act (Canada). Essar Steel Algoma Inc., Algoma Steel Inc. and the parties specified by regulation must have entered into an agreement related to the application of subsection 55 (1) to the pension plan.
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