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Volume 55, No. 13

136/2012

The British Columbia Gazette,

Part II

July 3, 2012

B.C. Reg. 136/2012 , deposited June 25, 2012, pursuant to the PENSION BENEFITS STANDARDS ACT [section 74 (2) and (4.2)]. Order in Council 459/2012, approved and ordered June 22, 2012.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective January 1, 2013, the Pension Benefits Standards Regulation, B.C. Reg. 433/93, is amended as set out in the attached Appendix.

— K. FALCON, Minister of Finance and Deputy Premier ; T. LAKE, Presiding Member of the Executive Council .

Appendix

Section 3 of the Pension Benefits Standards Regulation, B.C. Reg. 433/93, is amended by adding the following subsection:

(16) The Catalyst Paper Corporation Retirement Plan for Salaried Employees, with the registration number P085400-1, is exempt from the provisions of the Act and this regulation as set out in

Schedule 1.3 to the extent and on the conditions specified in that Schedule.

2 The following

Schedule is added:

Schedule 1.3

(section 3 (16) )

Definitions

1 In this Schedule:

"2012 actuarial valuation report" means the actuarial valuation report referred to in

section 3 (a);

"employer" means the employer, who, under the Act, is required to make contributions to the plan;

"exemption period" means the period beginning January 1, 2013 up to and including June 30, 2028, or until any unfunded liability and solvency deficiency identified in the 2012 actuarial valuation report are amortized, whichever comes first;

"plan" means the Catalyst Paper Corporation Retirement Plan for Salaried Employees, with the registration number P085400-1.

Exemption of plan and application

(1) On the conditions set out in

section 3 and subject to subsection (2), the plan and the employer are exempt from the following:

(a)

section 41 (1.1), (2) and (3) of the Act;

(b)

section 35 (2), (3) (

b) and (

c) and (5) of this regulation.

(2) The exemptions in subsection (1) apply during the exemption period in respect of any unfunded liability or solvency deficiency of the plan that is identified in the 2012 actuarial valuation report.

Conditions of exemptions

3 The exemptions under

section 2 are made on all of the following conditions:

(

a) the administrator files with the superintendent, on or before April 30, 2013, an actuarial valuation report concerning the plan with a review date of December 31, 2012;

(

b) if the 2012 actuarial valuation report identifies that the plan has an unfunded liability or a solvency deficiency, the employer pays into the plan equal payments made at least quarterly, beginning on April 30, 2013, in an amount that is at least 133 1/3% of the amount that would otherwise be sufficient to amortize the unfunded liability identified in the 2012 actuarial valuation report over the exemption period;

(

c) if the 2012 actuarial valuation report identifies that the plan has a solvency deficiency, the employer makes, on or before June 30, 2028, a payment into the plan that is sufficient to amortize the solvency deficiency;

(

d) the employer does not amend the plan to improve benefits under a defined benefit provision of the plan, unless the benefit improvement is required in order to comply with the Act or the Income Tax Act (Canada);

(

e) in respect of the exemption period, the administrator discloses to each former member and surviving spouse of a deceased former member, within 180 days after the end of each fiscal year, the information set out in

section 11 (

q) and (

r) of this regulation;

(

f) if an actuarial valuation report filed subsequent to the 2012 actuarial valuation report reveals that the plan has actuarial gains, the actuarial gains must not be used to amortize or to reduce the outstanding balance of any unfunded liability identified in the 2012 actuarial valuation report.

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