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Volume 57, No. 20

196/2014

The British Columbia Gazette,

Part II

November 4, 2014

B.C. Reg. 196/2014 , deposited October 27, 2014, under the PENSION BENEFITS STANDARDS ACT [section 74 (2) (k)]. Order in Council 591/2014, approved and ordered October 24, 2014.

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

— M. DE JONG, Minister of Finance ; S. CADIEUX, 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:

(17) The Retirement Plan for Non-Teaching Employees of School District No. 43 (Coquitlam), with registration number P085320-1, and the employer, as defined in

Schedule 1.4 to this regulation, are exempt from the provisions of the Act and this regulation as set out in

Schedule 1.4, to the extent and on the conditions specified in that Schedule.

2 The following

Schedule is added:

Schedule 1.4

(section 3 (17))

Definitions

1 In this Schedule:

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

“exemption period” means the 3 year period beginning on the date this

Schedule comes into force;

“plan” means the Retirement Plan for Non-Teaching Employees of School District No. 43 (Coquitlam), with registration number P085320-1.

Exemption of plan and employer

(1) On the conditions set out in

section 3 and subject to subsection (2), the plan and the employer are exempt from the following in respect of any solvency deficiency of the plan:

(a)

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

(b)

section 35 (2) and (3) (c) (ii) of this regulation.

(2) The exemptions under subsection (1) apply to any special payments referred to in

section 35 (3) (c) (ii) of this regulation that the employer would otherwise be required to make during the exemption period.

Conditions of exemptions

(1) The exemptions under

section 2 are made on all of the following conditions:

(

a) the administrator of the plan discloses to members, former members, surviving spouses of deceased or former members and former spouses entitled to a benefit, in the manner and at the time set out in subsection (2), all of the following information:

(

i) the fact of the exemption from the requirement for special payments under

section 35 (3) (c) (ii) of this regulation;

(ii) the solvency ratio in relation to the plan as of the latest review date;

(iii) a description of how the security of pension benefits for members, former members, surviving spouses of deceased or former members and former spouses entitled to a benefit may be affected as a result of the exemption from special payments under

section 35 (3) (c) (ii) of this regulation;

(iv) the conditions described in this

section relating to the exemption;

(

b) despite

section 35 (10) of this regulation, the employer does not improve benefits under the plan during the exemption period unless the benefit improvement is required to comply with the Act or the Income Tax Act (Canada);

(

c) the plan complies with the requirements of

section 33 of the Act and

section 25 of this regulation;

(

d) if the plan is terminated, the requirements of

section 51 of the Act are complied with.

(2) The administrator of the plan must disclose the information referred to in subsection (1) (a) (

i) to (iv)

(

a) to members

(

i) in the annual statement required under

section 11 of this regulation for the fiscal year just ended before the date this

Schedule comes into force or, if the administrator of the plan has already provided the annual statement to the members, by written notice within 60 days after the date this

Schedule comes into force, and

(ii) in the annual statement required under

section 11 of this regulation for each fiscal year that includes any portion of the exemption period, and

(

b) to former members, surviving spouses of deceased or former members and former spouses entitled to a benefit by written notice at the same time as members are provided the information under paragraph (a) (

i) and (ii).

Solvency asset adjustment

4 For the purposes of preparing an actuarial valuation report with a review date falling within the exemption period, the administrator of the plan must include in the calculation of the solvency asset adjustment the present value of the special payments under

section 35 (3) (c) (ii) of this regulation that the employer would be required to make but for the exemptions made under

section 2 of this Schedule.

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