Acts and Regulations

2012-75 - Shared Risk Plans

Section 9
Disposition versions

Full text
Contributions
9(1)Subject to subsections (10) and (11), the initial contributions, including the portion paid by the employer and the members required to make contributions, shall be determined at the times referred to in subsection (2) taking into account the following:
(a) the funding policy normal cost;
(b) the portion of all expenses relating to the administration of the shared risk plan, including the amount of the expenses that pertain to investment and that exceed 0.50% of the pension fund; and
(c) an additional amount so that the risk management goals referred to in section 7 are met.
9(2)The times for the purposes of subsection (1) are when a shared risk plan is established and when a permanent benefit change is made, other than a change allowed under the funding policy.
9(3)Subject to subsection (3.1), the amount of the initial contributions shall be determined
(a) by using a fixed dollar amount, or
(b) by using either of the following calculations:
(i) a fixed dollar amount per hour worked by the members required to make contributions; or
(ii) a fixed percentage of earnings in respect of which contributions are made.
9(3.1)The method for determining the amount of the initial contributions shall not be changed unless changed as a result of a permanent benefit change that is approved by
(a) the employer or employers required to make contributions under the plan, and
(b) the trade union that represents the members of the plan if the change is approved as a result of collective bargaining.
9(4)If a shared risk plan allows for temporary contributions, it shall specify the amount of the temporary contributions, the portion paid by the members and the period over which the temporary contributions will be made.
9(5)Subject to subsection (5.1), the amount of the temporary contributions shall be determined
(a) by using a fixed dollar amount; or
(b) by using either of the following calculations:
(i) a fixed dollar amount per hour worked by the members required to make contributions; or
(ii) a fixed percentage of earnings in respect of which contributions are made.
9(5.1)The amount of temporary contributions determined under subsection (5) shall not be less than the amount of temporary contributions determined at the date the shared risk plan was established.
9(6)Subject to the Income Tax Act (Canada), if members are required to make contributions, their share shall not exceed 50% of the total amount of contributions.
9(7)If a shared risk plan allows for contribution adjustments, they shall be made no later than 12 months after the review date of the most recent actuarial valuation report that identified a need for an increase or a reduction in contributions.
9(8)The funding policy shall not allow contribution adjustments to exceed the greater of
(a) 2% of the earnings in respect of which contributions are made, and
(b) 25% of the initial contribution rate.
9(9)The initial contributions, contribution adjustments and temporary contributions shall be paid in accordance with the plan text, the funding policy and this Regulation.
9(10)Subject to subsection (11), if the administrator makes a permanent benefit change, the amount of the initial contributions shall be recalculated.
9(11)Subsection (10) does not apply to a change contemplated in the funding policy as it existed before the permanent benefit change is considered by the administrator.
9(12)If the amount of the initial contributions recalculated under subsection (10) is higher than the amount previously stated in the funding policy, the permanent benefit change shall not be made unless approved by the Superintendent and, if approved by the Superintendent, the amount of the initial contributions shall be increased to the level recalculated under subsection (10) no later than 12 months after the review date of the first actuarial valuation report that included the permanent benefit change in the funding policy liabilities.
9(13)Despite anything else in this Regulation, the total amount of the initial contributions, contribution adjustments and temporary contributions in any year shall not exceed the maximum contributions allowed under the Income Tax Act (Canada).
9(14)An employer required to make contributions under a shared risk plan or a person required to make contributions on behalf of an employer under a shared risk plan shall make contributions to the pension fund in amounts that are not less than the sum of
(a) any contributions received from members, including any amounts withheld from members by payroll deduction or otherwise as the members’ contributions under the plan and any additional voluntary contributions or optional ancillary contributions permitted under the plan, and
(b) any amounts required by the applicable plan text and funding policy to be paid by the employer or person.
9(15)Contributions made and amounts paid under subsection (14) shall be made or paid
(a) for contributions referred to in paragraph (14)(a), within 15 days after the last day of the month in which the contribution is received or the amount is withheld by the employer or person, and
(b) for amounts referred to in paragraph (14)(b), within 15 days after the last day of the month in which the period of employment giving rise to the amounts occurs.
9(16)Sections 35 to 41 of Regulation 91-195 do not apply to a shared risk plan.
2017-49
Contributions
9(1)Subject to subsections (10) and (11), the initial contributions, including the portion paid by the employer and the members required to make contributions, shall be determined at the times referred to in subsection (2) taking into account the following:
(a) the funding policy normal cost;
(b) the portion of the normal expenses relating to the administration of the shared risk plan, including the amount of the expenses that pertain to investment and that exceed 0.50% of the pension fund; and
(c) an additional amount so that the risk management goals referred to in section 7 are met.
9(2)The times for the purposes of subsection (1) are when a shared risk plan is established and when a permanent benefit change is made, other than a change allowed under the funding policy.
9(3)The amount of the initial contributions shall be the same amount for each year and shall be a fixed dollar amount or a fixed percentage of the earnings in respect of which contributions are made unless later changed as a result of a permanent benefit change that is approved by
(a) the employer or employers required to make contributions under the plan, and
(b) the trade union that represents the members of the plan if the change is approved as a result of collective bargaining.
9(4)If a shared risk plan allows for temporary contributions, it shall specify the amount of the temporary contributions, the portion paid by the members and the period over which the temporary contributions will be made.
9(5)The amount of the temporary contributions shall be the same amount for each year and shall be a fixed dollar amount or a fixed percentage of the earnings in respect of which contributions are made.
9(6)Subject to the Income Tax Act (Canada), if members are required to make contributions, their share shall not exceed 50% of the total amount of contributions.
9(7)If a shared risk plan allows for contribution adjustments, they shall be made no later than 12 months after the review date of the most recent actuarial valuation report that identified a need for an increase or a reduction in contributions.
9(8)The funding policy shall not allow cumulative increases or cumulative decreases to exceed the greater of
(a) 2% of the earnings in respect of which contributions are made, and
(b) 25% of the initial contribution rate.
9(9)The initial contributions, contribution adjustments and temporary contributions shall be paid in accordance with the plan text, the funding policy and this Regulation.
9(10)Subject to subsection (11), the amount of the initial contributions shall be recalculated if a permanent benefit change is to be made.
9(11)Subsection (10) does not apply to a change contemplated in the funding policy as it existed before the permanent benefit change is considered.
9(12)If the amount of the initial contributions recalculated under subsection (10) is higher than the amount previously stated in the funding policy, the permanent benefit change shall not be made unless approved by the Superintendent and, if approved by the Superintendent, the amount of the initial contributions shall be increased to the level recalculated under subsection (10) no later than 12 months after the review date of the first actuarial valuation report that included the permanent benefit change in the funding policy liabilities.
9(13)Despite anything else in this Regulation, the total amount of the initial contributions, contribution adjustments and temporary contributions in any year shall not exceed the maximum contributions allowed under the Income Tax Act (Canada).
9(14)An employer required to make contributions under a shared risk plan or a person required to make contributions on behalf of an employer under a shared risk plan shall make contributions to the pension fund in amounts that are not less than the sum of
(a) any contributions received from members, including any amounts withheld from members by payroll deduction or otherwise as the members’ contributions under the plan and any additional voluntary contributions or optional ancillary contributions permitted under the plan, and
(b) any amounts required by the applicable plan text and funding policy to be paid by the employer or person.
9(15)Contributions made and amounts paid under subsection (14) shall be made or paid
(a) for contributions referred to in paragraph (14)(a), within 15 days after the last day of the month in which the contribution is received or the amount is withheld by the employer or person, and
(b) for amounts referred to in paragraph (14)(b), within 15 days after the last day of the month in which the period of employment giving rise to the amounts occurs.
9(16)Sections 35 to 41 of Regulation 91-195 do not apply to a shared risk plan.
Contributions
9(1)Subject to subsections (10) and (11), the initial contributions, including the portion paid by the employer and the members required to make contributions, shall be determined at the times referred to in subsection (2) taking into account the following:
(a) the funding policy normal cost;
(b) the portion of the normal expenses relating to the administration of the shared risk plan, including the amount of the expenses that pertain to investment and that exceed 0.50% of the pension fund; and
(c) an additional amount so that the risk management goals referred to in section 7 are met.
9(2)The times for the purposes of subsection (1) are when a shared risk plan is established and when a permanent benefit change is made, other than a change allowed under the funding policy.
9(3)The amount of the initial contributions shall be the same amount for each year and shall be a fixed dollar amount or a fixed percentage of the earnings in respect of which contributions are made unless later changed as a result of a permanent benefit change that is approved by
(a) the employer or employers required to make contributions under the plan, and
(b) the trade union that represents the members of the plan if the change is approved as a result of collective bargaining.
9(4)If a shared risk plan allows for temporary contributions, it shall specify the amount of the temporary contributions, the portion paid by the members and the period over which the temporary contributions will be made.
9(5)The amount of the temporary contributions shall be the same amount for each year and shall be a fixed dollar amount or a fixed percentage of the earnings in respect of which contributions are made.
9(6)Subject to the Income Tax Act (Canada), if members are required to make contributions, their share shall not exceed 50% of the total amount of contributions.
9(7)If a shared risk plan allows for contribution adjustments, they shall be made no later than 12 months after the review date of the most recent actuarial valuation report that identified a need for an increase or a reduction in contributions.
9(8)The funding policy shall not allow cumulative increases or cumulative decreases to exceed the greater of
(a) 2% of the earnings in respect of which contributions are made, and
(b) 25% of the initial contribution rate.
9(9)The initial contributions, contribution adjustments and temporary contributions shall be paid in accordance with the plan text, the funding policy and this Regulation.
9(10)Subject to subsection (11), the amount of the initial contributions shall be recalculated if a permanent benefit change is to be made.
9(11)Subsection (10) does not apply to a change contemplated in the funding policy as it existed before the permanent benefit change is considered.
9(12)If the amount of the initial contributions recalculated under subsection (10) is higher than the amount previously stated in the funding policy, the permanent benefit change shall not be made unless approved by the Superintendent and, if approved by the Superintendent, the amount of the initial contributions shall be increased to the level recalculated under subsection (10) no later than 12 months after the review date of the first actuarial valuation report that included the permanent benefit change in the funding policy liabilities.
9(13)Despite anything else in this Regulation, the total amount of the initial contributions, contribution adjustments and temporary contributions in any year shall not exceed the maximum contributions allowed under the Income Tax Act (Canada).
9(14)An employer required to make contributions under a shared risk plan or a person required to make contributions on behalf of an employer under a shared risk plan shall make contributions to the pension fund in amounts that are not less than the sum of
(a) any contributions received from members, including any amounts withheld from members by payroll deduction or otherwise as the members’ contributions under the plan and any additional voluntary contributions or optional ancillary contributions permitted under the plan, and
(b) any amounts required by the applicable plan text and funding policy to be paid by the employer or person.
9(15)Contributions made and amounts paid under subsection (14) shall be made or paid
(a) for contributions referred to in paragraph (14)(a), within 15 days after the last day of the month in which the contribution is received or the amount is withheld by the employer or person, and
(b) for amounts referred to in paragraph (14)(b), within 15 days after the last day of the month in which the period of employment giving rise to the amounts occurs.
9(16)Sections 35 to 41 of Regulation 91-195 do not apply to a shared risk plan.