Jobs and Economic Growth Act (S.C. 2010, c. 12)
Full Document:
- HTMLFull Document: Jobs and Economic Growth Act (Accessibility Buttons available) |
- PDFFull Document: Jobs and Economic Growth Act [3109 KB]
Assented to 2010-07-12
PART 9R.S., c. 32 (2nd Supp.)PENSION BENEFITS STANDARDS ACT, 1985
Amendments to the Act
Marginal note:1998, c. 12, s. 22
1818. Subsection 33.2(1) of the Act is replaced by the following:
Marginal note:Superintendent may bring actions
33.2 (1) In addition to any other action that the Superintendent may take in respect of a pension plan, the Superintendent may bring against the administrator, employer or any other person any cause of action that a member, former member or any other person entitled to a benefit from the plan could bring.
1819. (1) Subparagraph 38(1)(b)(ii) of the English version of the Act is replaced by the following:
(ii) in any record, writing or other document, makes a false or deceptive statement or a false or deceptive entry, or
(2) Subsection 38(5) of the English version of the Act is replaced by the following:
Marginal note:Corporations and other bodies
(5) If a corporation or other body is guilty of an offence under this section, every officer, director, agent or mandatary or member of the corporation or body who directed, authorized, assented to, acquiesced in or participated in the offence is a party to and guilty of the offence and is liable on summary conviction to the punishment provided for the offence, whether or not the corporation or body has been prosecuted or convicted.
1820. (1) Section 39 of the Act is amended by adding the following after paragraph (e):
(e.1) respecting the interest to be paid on the amounts due to the pension fund from the employer or the administrator;
(e.2) respecting the letters of credit referred to in subsection 9.11(1), including regulations
(i) specifying the types of payments that may be replaced by a letter of credit,
(ii) specifying the circumstances in which a payment or part of a payment may be replaced by a letter of credit and the conditions and restrictions that apply,
(iii) specifying the eligibility criteria that the issuer of the letter of credit and the trustee referred to in section 9.13 must meet,
(iv) specifying the terms and conditions that a letter of credit and a trust agreement must contain,
(v) specifying the circumstances in which, on the direction of the employer, a letter of credit may be cancelled or its face value amended and the conditions that apply, and
(vi) specifying the circumstances in which a letter of credit must be cancelled or its face value reduced and the amount — or part of the amount — in respect of which it was obtained to be paid by the employer into the pension fund;
(e.3) respecting the reduction of payments referred to in section 9.16, including specifying the conditions under which they may be reduced and the types of payments that may be reduced;
(2) Section 39 of the Act is amended by adding the following after paragraph (h.1):
(h.2) respecting solvency ratios and solvency ratio levels and the manner in which they are to be determined;
(3) Paragraph 39(i) of the Act is replaced by the following:
(i) authorizing the Superintendent to specify the information in respect of pension plans that is to be provided to the Superintendent by the administrator;
(i.1) authorizing the Superintendent to specify the information in respect of pension plans that is to be provided to the Superintendent by the employer;
(4) Paragraph 39(j) of the French version of the Act is replaced by the following:
j) régir la répartition des actifs d’un régime de pension en liquidation;
Marginal note:1998, c. 12, s. 26(3)
(5) Paragraph 39(j.1) of the Act is replaced by the following:
(j.1) respecting the manner in which the administrator of a pension plan must deal with complaints or inquiries from members of the pension plan, former members and any other persons entitled to pension benefits under the plan;
(6) Section 39 of the Act is amended by adding the following after paragraph (k.1):
(k.2) respecting variable benefits;
(7) Paragraph 39(l) of the French version of the Act is replaced by the following:
l) définir invalidité;
(8) Paragraph 39(m) of the Act is replaced by the following:
(l.1) defining the term “normal cost” for the purposes of paragraph 29(6)(a) and subsections 29.07(1) and 29.1(2);
(m) respecting the meaning of “impair the solvency” for the purposes of section 26.1;
(9) Section 39 of the Act is amended by adding the following after paragraph (m):
(m.1) respecting payment of the amount described in subsection 29(6.1);
(m.2) respecting the manner in which the amount described in subsection 29(6.1) is to be calculated, including the periodic adjustment of that amount between the date of termination and the date of the winding-up of the pension plan;
(m.3) respecting the determination of the portion referred to in subsection 29(6.3) and the reversion of that portion to the benefit of the employer;
(10) The portion of paragraph 39(n) of the French version of the Act before subparagraph (i) is replaced by the following:
n) régir la coordination des paiements suivants :
(11) Section 39 of the Act is amended by adding the following after paragraph (n):
(n.1) respecting the distressed pension plan scheme provided for in sections 29.01 to 29.3, including regulations
(i) specifying the circumstances in which the election referred to in subsection 29.03(1) may not be made,
(ii) specifying the form and content of the notice to be provided under subsection 29.03(5) as well as the manner in which and the period within which it is to be provided,
(iii) respecting the negotiation process,
(iv) respecting the determination of the day on which the negotiation period is to end, and
(v) respecting the funding schedule, including what it may provide for and the requirements that it must meet;
(12) Section 39 of the Act is renumbered as subsection 39(1) and is amended by adding the following:
Marginal note:Classes
(2) A regulation made under this Act may be made applicable generally to all pension plans or specifically to one or more classes of pension plans.
Marginal note:General or specific application
(3) A regulation made for the purposes of subsection 8(4.1) or 9(1), sections 9.11 to 9.15 or subsection 10.1(2) may be made applicable generally to all pension plans or specifically to one or more pension plans.
1821. The Act is amended by adding the following after section 39:
Marginal note:Incorporation by reference
39.1 (1) A regulation made under this Act may incorporate by reference a document produced by a person or body other than the Minister or the Superintendent.
Marginal note:Reproduced or translated document
(2) A regulation may incorporate by reference a document that the Minister or Superintendent reproduces or translates from a document produced by a person or body other than the Minister or Superintendent, with any adaptations of form or reference that will facilitate its incorporation.
Marginal note:Jointly produced document
(3) A regulation may incorporate by reference a document that the Minister or Superintendent produces jointly with a provincial or foreign government or government agency for the purpose of harmonizing the regulation with other laws.
Marginal note:Scope of incorporation
(4) A document may be incorporated by reference as it exists on a particular date or as it is amended from time to time.
Marginal note:Defence
(5) No person may be convicted of an offence or subjected to a penalty for the contravention of a regulation if a document that is relevant to the offence or contravention is incorporated by reference in the regulation unless it is proved that, at the time of the alleged contravention, the document was reasonably accessible to the person or reasonable steps had been taken to ensure that the document was accessible to the public.
Marginal note:Registration and publication
(6) For greater certainty, a document that is incorporated by reference in a regulation is not required to be transmitted for registration or published in the Canada Gazette by reason only that it is incorporated by reference.
Marginal note:Exception
(7) A regulation that is specifically applicable to one pension plan or one employer may not incorporate by reference a document produced by the employer or administrator or any person related to either of them, including any body corporate that — within the meaning of subsections 2(2), (4) and (5) of the Canada Business Corporations Act — is affiliated with either of them or is the holding body corporate or a subsidiary of either of them.
1822. Paragraphs 40(b) to (d) of the Act are repealed.
1823. The heading before section 43 and sections 43 to 45 of the Act are repealed.
Replacement of « acquises » with « accumulées »
1824. The French version of the Act is amended by replacing acquises with accumulées in the following provisions:
(a) paragraph (a) of the definition régime à cotisations déterminées in subsection 2(1);
(b) paragraph 16.1(5)(a); and
(c) paragraph 30(1)(c) and subsection 30(2).
- Date modified: