Fixed contributions by employer to a defined benefit pension plan
37(1)A defined benefit plan established under
(a)
one or more collective agreements, or
(b)
a trust agreement,
in which the requirement that an employer or person required to make contributions on behalf of an employer contribute to the pension fund is limited to a fixed amount established in a collective agreement or a trust agreement, shall provide in the plan for the funding of pension benefits and any other benefits provided under the plan and shall set out the obligations of the employer or a person required to make contributions on behalf of the employer.
37(2)Subject to section 40, an employer or a person required to make contributions on behalf of an employer under a plan referred to in subsection (1) 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 permitted under the plan, and
(b)
any amounts required by the applicable collective agreement or trust agreement to be paid by the employer or person.
37(3)Contributions made and amounts paid under subsection (2) shall be made or paid
(a)
for contributions referred to in paragraph (2)(a), within fifteen days after the last day of the month in which the contribution or amount is received or withheld by the employer or person, and
(b)
for amounts referred to in paragraph (2)(b), within fifteen days after the last day of the month in which the period of employment giving rise to the amounts occurs.
37(4)An actuary who prepares an actuarial valuation report required under subsection 9(1) or (2) in respect of a pension plan referred to in subsection (1) shall
(a)
perform such tests as will demonstrate in the report that the contributions required to be made under a collective agreement or trust agreement referred to in subsection (1) are sufficient to ensure that all the benefits required to be provided under the plan, the Act and the regulations can be provided without allowing for a reduction of any of the benefits, or
(b)
if the actuary is unable to demonstrate that the contributions required to be made under a collective agreement or trust agreement are sufficient as required under paragraph (a), propose to the administrator, in the report, the optional courses of action that would result in the contributions being sufficient to provide all the benefits required to be provided under the plan, the Act and the regulations.
37(5)Notwithstanding subsection 9(8), an administrator to whom an actuary has proposed optional courses of action under paragraph (4)(b) in an actuarial valuation report shall
(a)
within thirty days after the date on which the actuary submits the report to the administrator, submit a copy of the report to the Superintendent, and
(b)
within one hundred and eighty days after the date on which the actuary submits the report to the administrator,
(i)
take one of the proposed optional courses of action, and
(ii)
file with the Superintendent all documents relevant to the course of action taken.
Fixed contributions by employer to a defined benefit pension plan
37(1)A defined benefit plan established under
(a)
one or more collective agreements, or
(b)
a trust agreement,
in which the requirement that an employer or person required to make contributions on behalf of an employer contribute to the pension fund is limited to a fixed amount established in a collective agreement or a trust agreement, shall provide in the plan for the funding of pension benefits and any other benefits provided under the plan and shall set out the obligations of the employer or a person required to make contributions on behalf of the employer.
37(2)Subject to section 40, an employer or a person required to make contributions on behalf of an employer under a plan referred to in subsection (1) 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 permitted under the plan, and
(b)
any amounts required by the applicable collective agreement or trust agreement to be paid by the employer or person.
37(3)Contributions made and amounts paid under subsection (2) shall be made or paid
(a)
for contributions referred to in paragraph (2)(a), within fifteen days after the last day of the month in which the contribution or amount is received or withheld by the employer or person, and
(b)
for amounts referred to in paragraph (2)(b), within fifteen days after the last day of the month in which the period of employment giving rise to the amounts occurs.
37(4)An actuary who prepares an actuarial valuation report required under subsection 9(1) or (2) in respect of a pension plan referred to in subsection (1) shall
(a)
perform such tests as will demonstrate in the report that the contributions required to be made under a collective agreement or trust agreement referred to in subsection (1) are sufficient to ensure that all the benefits required to be provided under the plan, the Act and the regulations can be provided without allowing for a reduction of any of the benefits, or
(b)
if the actuary is unable to demonstrate that the contributions required to be made under a collective agreement or trust agreement are sufficient as required under paragraph (a), propose to the administrator, in the report, the optional courses of action that would result in the contributions being sufficient to provide all the benefits required to be provided under the plan, the Act and the regulations.
37(5)Notwithstanding subsection 9(8), an administrator to whom an actuary has proposed optional courses of action under paragraph (4)(b) in an actuarial valuation report shall
(a)
within thirty days after the date on which the actuary submits the report to the administrator, submit a copy of the report to the Superintendent, and
(b)
within one hundred and eighty days after the date on which the actuary submits the report to the administrator,
(i)
take one of the proposed optional courses of action, and
(ii)
file with the Superintendent all documents relevant to the course of action taken.
Fixed contributions by employer to a defined benefit pension plan
37(1)A defined benefit plan established under
(a)
one or more collective agreements, or
(b)
a trust agreement,
in which the requirement that an employer or person required to make contributions on behalf of an employer contribute to the pension fund is limited to a fixed amount established in a collective agreement or a trust agreement, shall provide in the plan for the funding of pension benefits and any other benefits provided under the plan and shall set out the obligations of the employer or a person required to make contributions on behalf of the employer.
37(2)Subject to section 40, an employer or a person required to make contributions on behalf of an employer under a plan referred to in subsection (1) 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 permitted under the plan, and
(b)
any amounts required by the applicable collective agreement or trust agreement to be paid by the employer or person.
37(3)Contributions made and amounts paid under subsection (2) shall be made or paid
(a)
for contributions referred to in paragraph (2)(a), within fifteen days after the last day of the month in which the contribution or amount is received or withheld by the employer or person, and
(b)
for amounts referred to in paragraph (2)(b), within fifteen days after the last day of the month in which the period of employment giving rise to the amounts occurs.
37(4)An actuary who prepares an actuarial valuation report required under subsection 9(1) or (2) in respect of a pension plan referred to in subsection (1) shall
(a)
perform such tests as will demonstrate in the report that the contributions required to be made under a collective agreement or trust agreement referred to in subsection (1) are sufficient to ensure that all the benefits required to be provided under the plan, the Act and the regulations can be provided without allowing for a reduction of any of the benefits, or
(b)
if the actuary is unable to demonstrate that the contributions required to be made under a collective agreement or trust agreement are sufficient as required under paragraph (a), propose to the administrator, in the report, the optional courses of action that would result in the contributions being sufficient to provide all the benefits required to be provided under the plan, the Act and the regulations.
37(5)Notwithstanding subsection 9(8), an administrator to whom an actuary has proposed optional courses of action under paragraph (4)(b) in an actuarial valuation report shall
(a)
within thirty days after the date on which the actuary submits the report to the administrator, submit a copy of the report to the Superintendent, and
(b)
within one hundred and eighty days after the date on which the actuary submits the report to the administrator,
(i)
take one of the proposed optional courses of action, and
(ii)
file with the Superintendent all documents relevant to the course of action taken.