Characteristics of shared risk plans
2012, c.38, s.4
100.4(1)A shared risk plan shall meet the following criteria:
(a)
the employer and the members make contributions to the pension plan in the amount set in accordance with the plan and the funding policy;
(b)
subject to the prior consent of the Superintendent, a funding policy for the pension plan is established at inception and reviewed at least annually by the administrator in accordance with the regulations;
(c)
subject to the prior consent of the Superintendent, an investment policy for the pension plan is established at inception and reviewed at least annually by the administrator in accordance with the regulations;
(d)
subject to the prior consent of the Superintendent, risk management goals and procedures for the pension plan are established at inception and reviewed at least annually by the administrator in accordance with the regulations;
(e)
escalated adjustments may only be granted in respect of past periods and if the funding policy so permits;
(f)
contributions shall not be reduced or suspended except in accordance with the
Income Tax Act (Canada) and the funding policy;
(g)
disclosure of the purpose and characteristics of the pension plan is made to its members in accordance with the regulations;
(h)
a dispute resolution process is established at inception in the shared risk plan to resolve a deadlock among the trustees on a board of trustees with respect to any resolution or motion before them; and
(i)
the base benefits and ancillary benefits satisfy any other criteria prescribed by regulation.
100.4(2)The financial obligation of persons making contributions under a shared risk plan is limited to making or remitting, within the time prescribed by regulation, the contributions required under the shared risk plan and the funding policy.
2012, c.38, s.4; 2017, c.47, s.3