Air Canada Pension Plan Solvency Deficiency Funding Regulations
P.C. 2004-899 2004-08-09
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to the definition “surplus”Footnote a in subsection 2(1), subsection 9(1), paragraph 10.1(2)(b)Footnote b and section 39Footnote c of the Pension Benefits Standards Act, 1985Footnote d, hereby makes the annexed Air Canada Pension Plan Solvency Deficiency Funding Regulations.
1. (1) The following definitions apply in these Regulations.
- “Air Canada pension plan”
“Air Canada pension plan” or “plan” means a defined benefit plan in respect of which Air Canada is the administrator and that was established before January 1, 2004. (régime de pension d’Air Canada ou régime)
- “beneficiary representative”
“beneficiary representative” means a union representative or a court-appointed representative of the members or former members of a plan or of the other beneficiaries of a plan. (représentant des bénéficiaires)
- “initial order”
“initial order” means the order issued on April 1, 2003 in respect of Air Canada under section 11 of the Companies’ Creditors Arrangement Act. (ordonnance initiale)
- “initial solvency deficiency”
“initial solvency deficiency” means the solvency deficiency of a plan emerging as at January 1, 2004. (déficit initial de solvabilité)
“Protocol” means the Air Canada/OSFI Pension Funding Relief Protocol of May 14, 2004 entered into by Air Canada and the Office of the Superintendent of Financial Institutions. (protocole)
(2) Except as otherwise provided in these Regulations, expressions used in these Regulations have the same meaning as in the Pension Benefits Standards Regulations, 1985.
2. These Regulations apply in respect of Air Canada pension plans.
3. The funding of a plan shall be considered to meet the standards for solvency if the funding is in accordance with Part 1 or 2.
PART 1SOLVENCY STANDARDS FOR AIR CANADA PENSION PLANS
Information to Be Filed With Superintendent
4. An initial solvency deficiency and any subsequent solvency deficiency of a plan may be funded in accordance with this Part if the following information is filed with the Superintendent not later than the day on which the initial order expires:
(a) an actuarial report that values the plan as at January 1, 2004;
(b) a statement by Air Canada confirming that the beneficiary representatives have consented on behalf of the members, former members and other beneficiaries of the plan to the funding of the solvency deficiency of the plan in accordance with these Regulations;
(c) a certified copy of a resolution of the board of directors of Air Canada agreeing to the funding of the solvency deficiency of the plan in accordance with these Regulations;
(d) a copy of the promissory note issued in respect of the plan and referred to in section 4 of the Protocol as well as a copy of the security agreement referred to in paragraph 5(b) of the Protocol; and
(e) confirmation by Air Canada that contributions equal to the normal cost of the plan required to be remitted on or before the day on which these Regulations come into force and, if applicable, the special payments referred to in paragraph 11(c) of the Protocol have been remitted to the pension fund.
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