38(1)If an actuarial valuation report under section 9 discloses
(a)
an actuarial gain under the pension plan in respect of a period commencing on or after the commencement of section 10 of the Act, and
(b)
no solvency deficiency,
the administrator who utilizes the actuarial gain shall apply the amount of the actuarial gain first and foremost to reduce the remaining balance of any actuarial loss, commencing with the most recent previous actuarial loss.
38(2)An administrator who reduces an actuarial loss under subsection (1) may have the actuary re-amortize the remaining balance of the actuarial loss over its existing amortization period or over a shorter period and special payments shall be required to be made over that re-amortization period.
38(3)An administrator referred to in subsection (1) may apply an actuarial gain referred to in paragraph (1)(a) to reduce any contributions respecting the normal cost of the pension plan if
(a)
there is no experience deficiency, no initial unfunded liability, no actuarial loss and no solvency deficiency, and
(b)
part or all of the contributions are employer contributions and the plan provides for such application.
38(3.1)For an actuarial valuation report with a review date on or after December 31, 2019, an administrator of a pension plan may apply a going concern excess to reduce any contributions respecting the normal cost of the pension plan if
(a)
there is no going concern unfunded liability and no solvency deficiency,
(b)
part or all of the contributions are employer contributions and the plan provides for such application, and
(c)
the reduction in contributions would not result in a solvency ratio of less than 105% or a going concern ratio of less than 105%.
38(3.2)An administrator who intends to apply a going concern excess under subsection (3.1) shall provide the members and former members of the pension plan with 60 days’ prior written notice of the administrator’s intention.
38(4)If an actuarial valuation report under section 9 discloses
(a)
an actuarial gain under the pension plan in respect of a period commencing on or after the commencement of section 10 of the Act, and
(b)
a new solvency deficiency or the remaining balance of a previous solvency deficiency,
the administrator shall not apply the amount of the actuarial gain to reduce any previously scheduled special payments pertaining to any experience deficiency, initial unfunded liability, actuarial loss or solvency deficiency during the remaining amortization period for any solvency deficiency.
38(5)An administrator who does not utilize an actuarial gain at the time of the review date of the actuarial valuation report in which the actuarial gain is identified may do so in accordance with subsection (1) at a later date, if there is no solvency deficiency at that later date.
38(6)Subject to subsection (7), subsections (1), (2), (3), (4) and (5) do not apply to an actuarial valuation report with a review date on or after December 31, 2019.
38(7)Subsections (1), (2), (3), (4) and (5) apply to an actuarial valuation report respecting a pension plan referred to in subsection 8.1(2), regardless of the review date of the actuarial valuation report.
38(8)Subsections (3.1) and (3.2) do not apply to an actuarial valuation report respecting a pension plan referred to in subsection 8.1(2).
38(1)If an actuarial valuation report under section 9 discloses
(a)
an actuarial gain under the pension plan in respect of a period commencing on or after the commencement of section 10 of the Act, and
(b)
no solvency deficiency,
the administrator who utilizes the actuarial gain shall apply the amount of the actuarial gain first and foremost to reduce the remaining balance of any actuarial loss, commencing with the most recent previous actuarial loss.
38(2)An administrator who reduces an actuarial loss under subsection (1) may have the actuary re-amortize the remaining balance of the actuarial loss over its existing amortization period or over a shorter period and special payments shall be required to be made over that re-amortization period.
38(3)An administrator referred to in subsection (1) may apply an actuarial gain referred to in paragraph (1)(a) to reduce any contributions respecting the normal cost of the pension plan if
(a)
there is no experience deficiency, no initial unfunded liability, no actuarial loss and no solvency deficiency, and
(b)
part or all of the contributions are employer contributions and the plan provides for such application.
38(4)If an actuarial valuation report under section 9 discloses
(a)
an actuarial gain under the pension plan in respect of a period commencing on or after the commencement of section 10 of the Act, and
(b)
a new solvency deficiency or the remaining balance of a previous solvency deficiency,
the administrator shall not apply the amount of the actuarial gain to reduce any previously scheduled special payments pertaining to any experience deficiency, initial unfunded liability, actuarial loss or solvency deficiency during the remaining amortization period for any solvency deficiency.
38(5)An administrator who does not utilize an actuarial gain at the time of the review date of the actuarial valuation report in which the actuarial gain is identified may do so in accordance with subsection (1) at a later date, if there is no solvency deficiency at that later date.
38(1)If an actuarial valuation report under section 9 discloses
(a)
an actuarial gain under the pension plan in respect of a period commencing on or after the commencement of section 10 of the Act, and
(b)
no solvency deficiency,
the administrator who utilizes the actuarial gain shall apply the amount of the actuarial gain first and foremost to reduce the remaining balance of any actuarial loss, commencing with the most recent previous actuarial loss.
38(2)An administrator who reduces an actuarial loss under subsection (1) may have the actuary re-amortize the remaining balance of the actuarial loss over its existing amortization period or over a shorter period and special payments shall be required to be made over that re-amortization period.
38(3)An administrator referred to in subsection (1) may apply an actuarial gain referred to in paragraph (1)(a) to reduce any contributions respecting the normal cost of the pension plan if
(a)
there is no experience deficiency, no initial unfunded liability, no actuarial loss and no solvency deficiency, and
(b)
part or all of the contributions are employer contributions and the plan provides for such application.
38(4)If an actuarial valuation report under section 9 discloses
(a)
an actuarial gain under the pension plan in respect of a period commencing on or after the commencement of section 10 of the Act, and
(b)
a new solvency deficiency or the remaining balance of a previous solvency deficiency,
the administrator shall not apply the amount of the actuarial gain to reduce any previously scheduled special payments pertaining to any experience deficiency, initial unfunded liability, actuarial loss or solvency deficiency during the remaining amortization period for any solvency deficiency.
38(5)An administrator who does not utilize an actuarial gain at the time of the review date of the actuarial valuation report in which the actuarial gain is identified may do so in accordance with subsection (1) at a later date, if there is no solvency deficiency at that later date.