© Published by Alberta King’s Printer Alberta King’s Printer Suite 700, Park Plaza 10611 - 98 Avenue Edmonton, AB T5K 2P7 Phone: 780-427-4952 E-mail: kings-printer@gov.ab.ca Shop on-line at kings-printer.alberta.ca Province of Alberta Office Consolidation Alberta Regulation 154/2014 With amendments up to and including Alberta Regulation 142/2025 Current as of June 11, 2025 EMPLOYMENT PENSION PLANS ACT EMPLOYMENT PENSION PLANS REGULATION

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Note All persons making use of this consolidation are reminded that it has no legislative sanction, that amendments have been embodied for convenience of reference only. The official Statutes and Regulations should be consulted for all purposes of interpreting and applying the law.

(Consolidated up to 142/2025) ALBERTA REGULATION 154/2014 Employment Pension Plans Act EMPLOYMENT PENSION PLANS REGULATION Table of Contents

Part 1

Interpretation 1

Definitions 2 Calculation of provision for adverse deviation 3 Calculation of actuarial excess and surplus 4 Initial legislation date 5 Jointly sponsored plans 6 Multilateral jurisdiction 7 Plans, schemes and arrangement s not constituting pension plans 8 Reciprocal jurisdiction 9 How commuted value is to be det ermined in relation to benefit formula provisions 10 Exemption of plans 10.1 Exemption relating to collectively bargained multi-employer plans with a defined benefit provision 10.2 Funding requirements exemption for 2020 10.3 Actuarial excess use exemption for 2020 11 Application to publicly funded plans 12 Application to Universities Academic Pension Plan 13 Plans for connected persons

Part 2 Pension Plan Requirements 14 Additional matters to be dealt with in the plan text document 15 Retired member recommencement of employment

Part 3 Registration and Amendment of Pension Plans 16 Period for administering established plan 17 Period for registering plan 18 Administrator statement required for registration 19 Period for filing records for amendment to plan text documents

AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 2 20 Administrator statement req uired for plan text document amendment 21 When administrator must amend pl an text document for benefit reductions or contribution increases 22 When administrator may ame nd for temporary benefit improvements 23 When Superintendent may refuse to register amendment 24 Period for filing records fo r amendment to supporting plan documents 25 Administrator statement requir ed for supporting plan document amendment

Part 4 Membership in Pension Plans 26 Auto-enrollment 27 When suspension may be lifted

Part 5 Administration of Pension Plans Division 1 Duties Related to Administration 28 Qualifications of administrator 29 Participation agreements Division 2 Disclosure of Records and Information 30 Plan

summary 31 Annual statement for active members 32 Annual statement for perso ns receiving pensions 33 Transfer statement for life income type benefits account 34 Termination of active membership statement 35 Information statement on relationship breakdown 36 Information statement after f iling family property order or agreement 37 Retirement statement 38 Phased retirement benefit statement 39 Lump sum payment statement 40 Statement on death of member before pension commencement 41 Statement on death of retired member receiving life income type benefits 42 Plan termination or winding-up statement 43 Calculation data

AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 3 44 Notice of changes in contributions or benefits 45 Prescribed person 46 Examination and provision of information Division 3 Reports and Returns 47 Annual information returns 48 Review of plan 49 Actuarial valuation repo rt or cost certificate 50 Filing of financial statements Division 4 Payment or Transfer of Contributions 51 Payment or transfer of contributions Division 5 Assessment of Plans and Plan Policies 52 Assessment of plan 53 Governance policy 54 Statement of investment policies and procedures 55 Funding policy Division 6 Participating Employers 56 Participation agreement Division 7 Fundholders 57 Fundholders 58 Responsibilities of fundholders

Part 6 Funding, Contributions and Assets Division 1 Funding of Plan 59

Definitions 60 Funding requirements applicable to defined benefit provisions 61 Funding requirements applicable to target benefit 62 Plan contributor’s share 63 Smoothing restrictions 64 Stress testing 65 Withdrawal of actuarial excess fr om a solvency reserve account before termination

AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 4 66 Withdrawal of surplus from a sol vency reserve account after plan termination 67 Use of letters of cr edit for meeting solvency deficiencies Division 2 Contributions to Plan 68 Remittance of contributions 69 Notice of failure to remit 70

Summary of contributions 71 Allocation or distribution of excess member contributions Division 3 Investing Plan Assets 72 Investment requirements 73 Interest, gains and losses on contributions Division 4 Use of Actuarial Excess or Surplus 74 Distribution of actuar ial excess or surplus 75 Use of actuarial excess to reduc e or eliminate contributions

Part 7 Benefits and Transfers Division 1 Restrictions on Access to Benefits 76 Exceptions to locking in 77 Adjustments in pension for statutory payments Division 2 Benefits may be Affected 78 Life income type benefits Division 3 Relationship Breakdown 79

Definitions 8 0 Family property orders and agreements 8 1 Conditions and distribution 8 2 Calculation of benefits 8 3 Adjustment of member pension partner’s share 8 4 Fees

AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 5 Division 4 Death Benefits 85 Waiver of pension partner ent itlement if member dies before pension commencement 86 Waiver of pension partner entit lement if member dies after pension commencement Division 5 Ancillary and Phased Retirement Benefits 87 Phased retirement benefits 8 8 Lump sum payments Division 6 Transfer of Commuted Value by Member 89 Target benefit funded ratio 90 Manner and extent of transfers 91 Required transfer 9 2 Election of options Division 7 Missing Persons 93 Information to Superintendent 9 4 Consent of Superintendent

Part 8 Changes in Plan Benefit Type or Plan Structure Division 1 Predecessor and Successor Plans 95

Definitions 96 Application 97 Prescribed events or transactions 98 Transfer of assets and liabilit ies between predecessor and successor plans 99 Required filings 100 Disclosure 101 Membership rights on occurr ence of event or transaction Division 2 Other Changes in Benefit Type or Plan Structure 102 Rules for conversion of plan provisions

AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 6 103 Participating employer’s withdrawal from non-collectively barg ained multi-employer plan

Part 9 Locked-in Retirement Accounts and Life Income Funds Division 1

Interpretation 104

Definitions 105 Authorized entities Division 2 Locked-in Retirement Accounts 106 Locked-in retirement accounts 107 Application to issuer doing internal transfer 108 Duties of issuer 109 Contract for locked-in retirem ent account must include addendum 110 Issuers must comply with addendum 111 Issuers must provide information 112 Expenses may be paid from locked-in retirement account 113 Restrictions on accepting transfer 114 Restrictions on making transfers 115 Remittance of securities 116 Liabilities for inappropriate payment or transfer 117 Transfers on death of owner 118 Conditions under which lu mp sum payment may be made 119 Conditions under which withdraw als for shortened life expectancy may be made 120 Conditions under which withdraw als for non-residency may be made 121 Conditions under which withdrawals for financial hardship may be made 122 Form of pension partner waiver for unlocking Division 3 Life Income Funds 123

Definitions 124 Life income funds 125 Application to issuer doing internal transfer 126 Duties of issuer 127 Contract for life income fu nd must include addendum 128 Issuers must comply with addendum

AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 7 129 Issuers must provide information 130 Expenses may be paid from life income fund 131 Restrictions on accepting transfer 132 Restrictions on making transfers 133 Remittance of securities 134 Payments out of a life income fund 135 Liabilities for inappropriate payment or transfer 136 Transfers on death of owner 137 Conditions under which lu mp sum payment may be made 138 Conditions under which withdraw als for shortened life expectancy may be made 139 Conditions under which withdraw als for non-residency may be made 140 Conditions under which withdrawals for financial hardship may be made 141 Form of pension partner waiver for unlocking

Part 10 Termination and Winding-up of Plan 142 Voluntary termination 143 Elimination of solvency deficiency on termination 144 Termination reports 145 Transfer rights on winding-up 146 Allocation and distribution of a ssets if assets are insufficient

Part 11 Administrative Penalties 147 Administrative penalties

Part 12 Alberta Employment Pension Tribunal 148 Notice of appeal 149 Tribunal qualifications

Part 13 Assessment for Administration of Act 150 Definition 151 Filing fee 152 Administration fee 153 Calculation of fee rate 154 Minimum and maximum fee

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 8

Part 14 Miscellaneous, Transitional, Repeal and Coming into force Division 1 Miscellaneous 155 Fees 156 Notice requirements 156.1 Electronic communications 157 Collection of personal information Division 2 Transitional Matters 158 Transitional items 159 Pension plan documents 160 Participation agreements 161 Disclosure statements 162 LIRAs and LIFs Division 3 Consequential Amendments, Repeal and Coming into Force 163-169 Consequential amendments 170 Repeal 171 Coming into force

Schedule 1 - Locked in retirement account addendum

Schedule 2 - Life income fund addendum

Schedule 3 - Up to 50% Unlocking Option

Schedule 4 - Exemptions and Other Provisions for Universities Academic Pension Plan

Schedule 5 - Fees

Schedule 6 - Forms

Part 1

Interpretation

Definitions 1(1) In this Regulation, (a) “accessible going concern excess”,

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 9 (

i) in the case of a pension plan that is not a divisional multi-employer plan, means the plan’s accessible going concern excess, or (ii) in the case of a divisional multi-employer plan, means, in relation to a participating employer in the plan, the participating employer’s accessible going concern excess; (b) “accessible solvency excess”, (

i) in the case of a pension plan that is not a divisional multi-employer plan, means the plan’s accessible solvency excess, or (ii) in the case of a divisional multi-employer plan, means, in relation to a participating employer in the plan, the participating employer’s accessible solvency excess; (c) “Act” means the Employment Pension Plans Act; (d) “actuarial gain”, in re lation to a benefit formula component of a pension plan, means the amount that represents the improvement, referred to in

section 60(6) or (8) or 61(6), between the projected financial position of the plan component and the actual financial position of the plan component; (e) “actuarial present value of component contributions” means the actuarial present value of the contributions that, in the current actuarial valuation report for the plan, are anticipated to be made in the period covered by the actuarial valuation report for application to the target benefit component; (f) “actuarial valuation report” , in relation to a pension plan, means the report filed in relation to the plan under

section 38(1)(b)(

i) of the Act; (g) “additional voluntary contributions account”, in relation to a member of a pension plan, means (

i) the additional voluntary contributions made to the plan by the member, (ii) interest allocated to the account, and (iii) administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in subclauses (

i) and (ii);

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 10 (h) “annual information return”, in relation to a pension plan , means a return referred to in

section 38(1)(

a) of the Act that relates to the plan; (i) “benefit formul a component” means (

i) a defined benefit component, or (ii) a target benefit component; (j) “benefit formula member-re quired contributions balance”, in relation to a member of a pension plan who is or will be entitled to receive benefits from a benefit formula component of the plan, means the amount that, as at any date, is determined by (

i) adding (

A) the member-required contributions made to the plan by the member to that date for application to the benefit formula component of the plan, and (

B) any interest earned on those contributions, a n d (ii) subtracting from that total any administration expenses paid out of, or other money deducted by payment, transfer or withdrawal from, the amounts referred to in subclause (

i) to that date; (k) “CANSIM rate”, in relation to a period of not more than 12 months for which interest is payable, means, except in

section 73 and

Schedule 2, the rate of interest on long-term bonds issued by the Government of Canada for the month of November preceding the year in relation to which the withdrawal factor is being calculated, determined by reference to the Canadian Socio-Economic Information Management System (CANSIM) Series V 122487 compiled by Statistics Canada and available on the website maintained by the Bank of Canada; (l) “component’s adjusted nor mal actuarial cost” means the sum of (

i) the amount obtained by adding the normal actuarial cost that has been estimated in relation to the component for the period covered by the actuarial valuation report, and

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 11 (ii) the amount referred to in subclause (

i) multiplied by the PfAD; (m) “cost certificate”, in rela tion to a pension plan, means the report filed in relation to the plan under

section 38(1)(b)(ii) of the Act; (n) “current actuarial valuation report”, in relation to a pension plan, means the actuarial valuation report most recently filed in relation to the plan; (o) “defined benefit component”, in relation to a pension plan of which the plan text document contains a defined benefit provision, means the portion of the plan that relates to the defined benefit provision, including, without limitation, the assets and liabilities of the plan that relate to that defined benefit provision; (p) “defined contribution account”, in relation to a member of a pension plan who is or will be entitled to receive benefits under a defined contribution provision of the plan, means (

i) the contributions, other than additional voluntary contributions, made to the plan by or on behalf of the member for application to the defined contribution component of the plan, (ii) interest allocated to the account, and (iii) administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in subclauses (

i) and (ii); (q) “defined contribution component”, in relation to a pension plan of which the plan text document contains a defined contribution provision, means the portion of the plan that relates to the defined contribution provision, including, without limitation, the assets and liabilities of the plan that relate to that defined contribution provision; (r) “divisional multi-employer p lan” means a plan where the participating employer’s share of the matters referred to in

section 62 must be determined in accordance with that section; (s) “federal

Schedule III” means

Schedule III to the Pension Benefits Standards Regulations, 1985 (Canada), SOR/87-19, as amended from time to time; (t) “fiscal year” means the fi scal year of a pension plan;

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 12 (u) “going concern assets value”, in relation to a benefit formula component, means the value of the assets of the component, including income due and accrued, which value is determined on a going concern basis; (v) “going concern basis” mean s a basis for determining the value of plan assets and liabilities that (

i) is adequate and appropriate, (ii) is in accordance with acc epted actuarial practice, and (iii) would apply to the plan if no decision has been made to terminate the plan; (w) “going concern funded ratio”, in relation to a defined benefit component or target benefit component, means the fraction obtained by dividing the component’s going concern assets value by the component’s going concern liabilities value; (x) “going concern liabilities value”, in relation to a benefi t formula component, means the actuarial present value of the accrued benefits of the component, including amounts due and unpaid, which actuarial present value is determined on a going concern basis; (y) “going concern valuation”, in relation to a benefit formul a component, means a valuation of the component’s assets and liabilities, prepared on a going concern basis; (z) “life annuity” means a no n-commutable life annuity contract issued or to be issued by an insurance business that meets the conditions set out in paragraph 60(

l) of the Income Tax Act (Canada); (aa) “life income type benefits account” means, (

i) in the case of a life inco me type benefits account of a member, the amount elected by the member under

section 78(5) plus any amounts transferred by the member under

section 78(7), or, in the case of a life income type benefits account of a surviving pension partner, the amount referred to in

section 78(12), (ii) interest allocated to the account, and (iii) administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in subclauses (

i) and (ii);

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 13 (bb) “life income type benefits balance”, in relation to the person’s life income type benefits account, means, (

i) in the calendar year in which the account is established, the balance of the person’s life income type benefits account as at the date on which the account is established, and (ii) in every subsequent calendar year, the balance of the person’s life income type benefits account as at January 1 of the calendar year in which the calculation is made; (cc) “life income type benefits maximum amount”, in relation to the life income type benefits that may be paid to a person in a calendar year, means the greatest of the following: (

i) the preceding year’s investment returns for the person’s life income type benefits account; (ii) the life income type benefits minimum amount applicable to the person for that year; (iii) the amount determined b y dividing the life income type benefits balance by the withdrawal factor; (dd) “life income type benef its minimum amount”, in relation to the life income type benefits that may be paid to a person in a calendar year, means the minimum amount of life income type benefits that, under the Income Tax Regulations (Canada), is required to be paid out of the person’s life income type benefits account in that year; (ee) “locked-in money” means (

i) money in a pension plan the withdrawal, surrender or receipt of which is restricted under

section 70 of the Act, (ii) money transferred under

section 99(1) of the Act, (iii) money to which subclause (

i) applies, that has been transferred out of the plan, and any interest on that money, whether or not that money had been transferred to one or more locked-in vehicles after it was transferred from the plan, (iv) in the case of money in a locked-in retirement account, money that was deposited into the locked-in retirement account under

section 116(1)(

a) of this

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 14 Regulation or paid to the locked-in retirement account issuer under

section 116(1)(

b) or (2) of this Regulation, and (

v) in the case of money in a life income fund, money that was deposited into the life income fund under

section 135(1)(

a) of this Regulation or paid to the life income fund issuer under

section 135(1)(

b) or (2) of this Regulation; (ff) “locked-in vehicle” means a locked-in retirement account or a life income fund; (gg) “member-required contribution”, in relation to a pension plan, including a jointly sponsored plan, means a contribution made by a member other than a contribution referred to in

section 57(3) of the Act; (hh) “normal actuarial cost”, i n relation to a benefit formula component of a pension plan in a fiscal year of the plan, means an amount, excluding special payments, estimated by a reviewer to be the cost of the component benefits that accrue to active members in that fiscal year of the plan determined on a going concern basis; (ii) “optional ancillary contributions account”, in relation t o a member of a pension plan, means (

i) the optional ancillary contributions made to the plan by the member, (ii) interest earned on those contributions, and (iii) administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in subclauses (

i) and (ii); (jj) “participating employer’s accessible going concern excess”, (

i) in relation to each participating employer in a divisional multi-employer plan and to any defined benefit component of that plan being funded by the participating employer, means the amount by which the participating employer’s share of the going concern assets values of the component exceeds 105% of the participating employer’s share of the going concern liabilities values of the component, as those amounts are determined in the current actuarial valuation report, or

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 15 (ii) in relation to a participa ting employer in a divisional multi-employer plan with respect to any target benefit component of the plan being funded by the participating employer, means the amount by which the participating employer’s share of the going concern assets values of the target benefit component exceeds the participating employers share of the amount determined by the following formula: (the going concern liabilities value of the target benefit component) + (the going concern liabilities value of the target benefit component x PfAD) - PfAD offset, as those amounts are determined in the current actuarial valuation report; (kk) “participating employer’s accessible solvency excess”, in relation to a participating employer in a divisional multi-employer plan and to any defined benefit component of the plan being funded by the participating employer, means the amount by which the participating employer’s share of the solvency asset values of the defined benefit component exceeds 105% of the participating employer’s share of the solvency liabilities values of the defined benefit component, as those amounts are determined in the current actuarial valuation report; (ll) “participating employer’s affected members”, in relation to a participating employer in a divisional multi-employer plan, means the members of the plan whose entitlements to benefits are or were accruing while those members are or were employed by the participating employer; (mm) “personal information” mea ns personal information within the meaning of the Protection of Privacy Act; (nn) “PfAD” in relation to a tar get benefit component, means the aggregate percentage determined under

section 2(1) to be the provision for adverse deviation in relation to the component; (oo) “PfAD offset”, in relation to a target benefit component, means the sum of the following: (

i) the amount, if any, by which the actuarial present value of component contributions exceeds the component’s adjusted normal actuarial cost, and

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 16 (ii) the amount, if any, by which the fair value of the component’s assets is greater than the component’s going concern assets value; (pp) “plan component” means (

i) a defined benefit component, (ii) a target benefit component, or (iii) a defined contribution component; (qq) “plan provision” means (

i) a defined benefit provision, (ii) a target benefit provision, or (iii) a defined contribution provision; (rr) “plan termination basis” m eans a basis for determining the value of plan assets and liabilities that (

i) is adequate and appropriate, (ii) is in accordance with acc epted actuarial practice, and (iii) would apply to the plan if (

A) the plan is assumed to terminate as at the review date, or (

B) the plan is terminating as at the review date; (ss) “plan’s accessible go ing concern excess”, (

i) in relation to the defined benefit component of a pension plan other than a divisional multi-employer plan, means the amount by which the going concern assets values of all the defined benefit components exceeds 105% of the going concern liabilities values of all the defined benefit component, as those amounts are determined in the current actuarial valuation report, or (ii) in relation to the target benefit component of a pension plan other than a divisional multi-employer plan, means the amount by which the going concern assets values of all the target benefit component exceeds the amount determined by the following formula:

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 17 (the going concern liabilities value of the target benefit component) + (the going concern liabilities value of the target benefit component x PfAD) - PfAD offset, as those amounts are determined in the current actuarial valuation report; (tt) “plan’s accessible solvency excess”, in relation to a defined benefit component of a pension plan other than a divisional multi-employer plan, means the amount by which the solvency asset values of all the defined benefit components of the plan exceeds 105% of the solvency liabilities values of all the defined benefit components of the plan, as those amounts are determined in the current actuarial valuation report; (uu) “review” means the pre paration, in accordance with

section 38(1)(

b) of the Act, of an actuarial valuation report and a cost certificate in relation to a plan; (vv) “review date”, in relation to a review, means the date as at which the actuarial valuation report and related cost certificate is or was required to be prepared; (ww) “reviewer” means the person referred to in

section 48(2) who prepares a review; (xx) “share”, in relation to a participating employer in a divisional multi-employer plan and a matter referred to in

section 62, means the share of that matter determined in relation to the participating employer under

section 62; (yy) “solvency asset adjustment”, in relation to a defined benefit component, means the sum of the following: (

i) the actuarial present value of payments referred to in

section 60(2)(

b) that are to be paid in relation to the component over the 5-year period that begins on the latest review date; (ii) the face amount of any prescribed letter of credit, as defined in

section 67(1), issued in relation to the defined benefit component; (zz) “solvency asset value”, in relation to a benefit formula component on any date, means the value of the assets of the component, including income due and accrued, which value is determined on a plan termination basis; (aaa) “solvency deficiency”,

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 18 (

i) in relation to a defined benefit component, means the amount, if any, by which the component’s solvency liabilities value as at the latest review date exceeds the sum of the component’s solvency asset value and the component’s solvency asset adjustment, both determined as at the latest review date, or (ii) in relation to a target be nefit component, means the amount, if any, by which the component’s solvency liabilities value as at the latest review date exceeds the component’s solvency asset value determined as at the latest review date; (bbb) “solvency liabilities value”, in relation to a benefit formula component, means the value of the component’s liabilities determined on a plan termination basis; (ccc) “solvency ratio”, in re lation to a benefit formula component, means the fraction obtained by dividing the component’s solvency asset value by the component’s solvency liabilities value, both determined as at the latest review date; (ddd) “special payments” means, (

i) in relation to a defined benefit component, the payments referred to in

section 60(2)(

b) or (

c) or (3), or (ii) in relation to a targe t benefit component, the payments referred to in

section 61(2)(

c) or (4); (eee) “target benefit component”, in relation to a pension plan of which the plan text document contains a target benefit provision, means the portion of the plan that relates to the target benefit provision, including, without limitation, the assets and liabilities of the plan that relate to that target benefit provision; (fff) “target benefit funded ra tio” means the target benefit ratio as defined in

section 89; (ggg) “transfer deficiency”, i n relation to a transfer under Division 4 of

Part 8 of the Act, Division 8 of

Part 8 of the Act or sections 89(1) and 110 of the Act of the commuted value of a member’s benefits under a defined benefit provision means, in a case where the defined benefit component’s solvency ratio is less than one as calculated in the current actuarial valuation report under

section 38(1)(

b) of the Act, the amount by which the commuted

Section 1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 19 value of the benefits exceeds the product of that commuted value and the component’s solvency ratio; (hhh) “transferred contributions”, in relation to a pension pl an, means contributions that (

i) have been transferred to the plan from another plan, or a locked-in retirement account, (ii) have not been used to secure improvements in, or to purchase benefits under a benefit formula provision, and (iii) consist of locked-in money; (iii) “transferred contributions account”, in relation to a member of a pension plan, means (

i) the transferred contributions transferred to the plan by or on behalf of the member, (ii) interest allocated to the account, and (iii) administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in subclauses (

i) and (ii); (jjj) “type” in relation to a p lan provision, means a type within the meaning of

section 112(2) of the Act; (kkk) “unfunded liability”, in relation to a benefit formula component, means, the amount, if any, by which the component’s going concern liabilities value exceeds the component’s going concern assets value, both determined as at the latest review date; (lll) “withdrawal factor” mean s, except in

section 123 and

Schedule 2, the actuarial present value, on January 1 of the year in which the calculation is made, of an annuity of $1 payable at the beginning of each year between that date and December 31 of the year during which the person reaches the age of 90 years and calculated by using (

i) for the first 15 years in relation to which the actuarial present value is determined, the greater of the following: (A) 6% per year; (

B) t h e C A N S I M r a t e ; (ii) for each year after the f irst 15 years, 6% per year;

Section 2 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 20

(2) A reference to “Form” followed by a number refers to the form by that number set out in

Schedule 6.

(3) For the purposes of the Act and this Regulation, “medical practitioner” means (

i) a person who is a regulated member of the College of Physicians and Surgeons of Alberta who holds a practice permit issued under the Health Professions Act, and who is not under suspension, or (ii) a physician who is regulate d, registered or certified in that capacity in another jurisdiction in Canada and who is not under suspension. AR 154/2014 s1;121/2024;142/2025 Calculation of provision for adverse deviation 2(1) In relation to a target benefit component, the “provision for adverse deviation” is the sum of (a) 7.5%, and (

b) a percentage equal to or greater than 0% determined by a reviewer, to the satisfaction of the Superintendent, to meet the requirements set out in subsection (2).

(2) The percentage determined under subsection (1)(

b) must be sufficient, in the opinion of the reviewer and when added to the percentage set out in subsection (1)(a), for the plan to be able to (

a) achieve the funding objec tives set out in the funding policy established under

section 44 of the Act in relation to the plan, and (

b) manage the material risks identified in the funding policy established under

section 44 of the Act in relation to the plan. AR 154/2014 s2;121/2024 Calculation of actuarial excess and surplus 3(1) If actuarial excess is being calculated in relation to a solvency reserve account in a defined benefit component of a pension plan for the purposes of

section 65, the value of the component assets and the value of the component liabilities are to be calculated on a plan termination basis.

(2) If actuarial excess is being calculated in relation to a benefit formula component of a pension plan for the purposes of

section 74

Section 4 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 21 or 75, the value of the component assets and the value of the component liabilities are to be calculated on a going concern basis.

(3) If surplus is being calculated in relation to a benefit formula component of a pension plan for the purposes of

section 127 of the Act or

section 66 or 74 of this Regulation, the value of the component assets and the value of the component liabilities are to be calculated on a plan termination basis. Initial legislation date 4 The following dates are prescribed as the initial legislation dates for the purposes of the Act and this Regulation: (

a) in respect of employment in British Columbia, January 1, 1993; (

b) in respect of employment in Manitoba, July 1, 1976; (

c) in respect of employment in New Brunswick, December 31, 1991; (

d) in respect of employment in Newfoundland and Labrador, January 1, 1985; (

e) in respect of employment i n the Northwest Territories, October 1, 1967; (

f) in respect of employment in Nova Scotia, January 1, 1977; (

g) in respect of employment in Nunavut, April 1, 1999; (

h) in respect of employment in Ontario, January 1, 1965; (

i) in respect of employment in Quebec, January 1, 1966; (

j) in respect of employment in Saskatchewan, January 1, 1969; (

k) in respect of employment in Yukon, October 1, 1967; (

l) in respect of federally-regu lated employment, March 23, 1967. Jointly sponsored plans 5 For the purposes of

section 1(1)(dd)(

i) of the Act, the following criteria are prescribed in relation to a jointly sponsored pension plan:

Section 6 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 22 (

a) the administrator of the plan is a board of trustees, or other similar body acceptable to the Superintendent, that has been established under the supporting plan documents to administer the plan; (

b) the number of members of the board of trustees, or other similar body acceptable to the Superintendent, who are appointed by members of the plan is not less than the number of members who are appointed by participating employers; (

c) the plan documents set out the methods by which the persons referred to in

section 1(1)(dd)(iv) of the Act make decisions about (

i) the governance of the plan, and (ii) the appointment of the a dministrator of the plan or the appointment or selection of members of the board or body referred to in clause (a). Multilateral jurisdiction 6 For the purposes of

section 1(1)(jj) of the Act, the following provinces and territories are multilateral jurisdictions for the purposes of the Act and this Regulation: (

a) British Columbia; (

b) Manitoba; (

c) New Brunswick; (

d) Newfoundland and Labrador; (

e) the Northwest Territories; (

f) Nova Scotia; (

g) Nunavut; (

h) O n t a r i o ; (

i) Quebec; (

j) Saskatchewan; (

k) Yukon.

Section 7 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 23 Plans, schemes and arrangements not constituting pension plans 7(1) In this section, “deferred profit sharing plan”, “employees profit sharing plan”, “money purchase limit” and “retiring allowance” have the same meaning as in the Income Tax Act (Canada).

(2) The following plans, schemes and arrangements are not pension plans for the purposes of the Act and this Regulation: (

a) an employees’ profit sharin g plan or a deferred profit sharing plan; (

b) an arrangement to provide a retiring allowance; (

c) a supplemental pension plan of which the plan text document contains a defined benefit provision if, under that defined benefit provision, (

i) the participating employer is or will be required, or, in the case of a terminated plan, was required, to make contributions on behalf of members, and (ii) the only benefits to which members are entitled under the supplemental plan are benefits that are in excess of the maximum benefit under the Income Tax Act (Canada); (

d) a supplemental pension plan of which the plan text document contains a defined contribution provision if, under that defined contribution provision, (

i) the participating employer is or will be required, or, in the case of a terminated plan, was required, to make contributions on behalf of members, and (ii) the only contributions mad e in respect of that defined contribution provision are greater than the money purchase limit under the Income Tax Act (Canada); (

e) benefits insured under a contract issued under the Government Annuities Act (Canada); (

f) an RRSP; (

g) a RRIF. Reciprocal jurisdiction 8 For the purposes of

section 1(1)(bbb) of the Act, the following provinces and territories are reciprocal jurisdictions for the purposes of the Act and this Regulation:

Section 9 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 24 (

a) British Columbia; (

b) Manitoba; (

c) New Brunswick; (

d) Newfoundland and Labrador; (

e) the Northwest Territories; (

f) Nova Scotia; (

g) Nunavut; (

h) O n t a r i o ; (

i) Quebec; (

j) Saskatchewan; (

k) Yukon. How commuted value is to be determined in relation to benefit formula provisions 9(1) The actuarial present value of benefits that a person is or may become entitled to receive under a defined benefit provision must be determined in accordance with the standards of practice issued by the Canadian Institute of Actuaries, as amended from time to time.

(2) The actuarial present value of benefits that a person is or may become entitled to receive under a target benefit provision must be determined in accordance with the actuarial assumptions used in the current actuarial valuation report to determine the going concern liabilities value of the plan.

(3) Subject to

section 57(5) of the Act,

section 82 of this Regulation and subsection (5) of this section, if an active member of a pension plan who is entitled to a benefit under a benefit formula provision of the plan text document of the plan terminates active membership, the commuted value of that benefit must be determined as at the date of the member’s termination of active membership.

(4) Subject to subsection (5), if an active or deferred member of a pension plan who is entitled to a benefit under a benefit formula provision of the plan text document of the plan dies before the commuted value of the benefit is paid or transferred, the commuted value of that benefit must be determined as at the date of death.

Section 10 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 25

(5) If the payment or transfer of a benefit under a benefit formula provision occurs more than 180 days after the date on which the commuted value of the benefit was determined, the commuted value of the benefit must be re-determined as at a date that is not more than 30 days before the date of the payment or transfer of that benefit. Exemption of plans 10(1) In this section, (a) “current Act” means the Employment Pension Plans Act (SA 2012 cE-8.1); (b) “former Act” means the Employment Pension Plans Act (RSA 2000 cE-8); (c) “former Regul ation” means the Employment Pension Plans Regulation (AR 35/2000).

(2) Where (

a) a pension plan provides a benefit or allocates surplus or actuarial excess in respect of a person entitled to a benefit, and that benefit or surplus or actuarial excess allocation is in excess of the maximum benefit or the money purchase limit applicable to the plan under the Income Tax Act (Canada), or (

b) the commuted value of a benefit is in excess of the maximum amount that under the Income Tax Regulations (Canada) that may be transferred out of the plan to an RRSP, a RRIF or another pension plan, the amount of that benefit, surplus or actuarial excess allocation or commuted value that is in excess of that maximum limit is exempt from

section 70 of the Act.

(3) Pension plans that were subject to an exemption under

Schedule 0.2

section 3, 3.2 or 3.21 of the former Regulation continue to be exempt under this Regulation in accordance with those sections except that a reference in those sections to a provision of the former Act or the former Regulation is to be read as a reference to the corresponding provision in the current Act or this Regulation, as the case may be.

(4) Pension plans established before January 1, 1987 that were subject to an exemption under

Schedule 0.2

section 4 of the former Regulation continue to be exempt under this Regulation in accordance with that

section except that a reference in that

section to a provision of the former Act or the former Regulation is to be

Section 10.1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 26 read as a reference to the corresponding provision in the current Act or this Regulation, as the case may be.

(5) The following pension plans are exempt from the application of the Act and this Regulation: (

a) the Members of the Legisl ative Assembly (Registered) Pension Plan; (

b) the Provincial Judges and Applications Judges (Registered) and (Unregistered) Pension Plans; (

c) a plan that is supplemental to a plan referred to in clause (

a) or (

b) or any successor to such a plan. AR 154/2014 s10;136/2022 Exemption relating to collectively bargained multi-employer plans with a defined benefit provision 10.1(1) The Superintendent may, on the application of an administrator of a collectively bargained multi-employer plan of which the plan text document contains a defined benefit provision exempt, in writing, the plan from the funding requirements of sections 60 and 90 and require instead that the plan be funded in accordance with the funding requirements of

section 61 with respect to that defined benefit provision.

(2) An application referred to in subsection (1) must include (

a) a statement that while the plan is under the exemption (

i) the defined benefit provision will be funded as provided for in

section 61, subject to subsection (3), (ii) no improvements will be made to the plan without the consent of the Superintendent, (iii) the commuted value of t he defined benefit provision will be determined either (

A) in accordance with

section 9(1), or (

B) in accordance with the actuarial assumptions used in the current actuarial valuation report to determine the going concern liabilities value of the plan multiplied by the lesser of 1 and the going concern funded ratio, a n d (iv) if the commuted value of the defined benefit provision is determined in accordance with

section

Section 10.1 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 27 9(1), the plan will, on termination of active membership or pre-retirement death of the member, pay the full value of the benefit, regardless of the current solvency ratio of the provision, a n d (

b) an actuarial valuation and cost certificate that meet the requirements of subsection (3).

(3) The actuarial valuation and cost certificate required by subsection (2)(

b) must (

a) be performed in accordance with

section 61, and must be performed as at December 31, 2014 or the date agreed to by the Superintendent, (

b) recognize that the commute d value of benefits will be determined and paid in accordance with subsection (2)(a)(iii), and (

c) recognize that the contri bution required under

section 61(2)(b) (

i) will commence in the year in which the exemption is granted and will be 1/3 of the amount that would otherwise be required by that section, (ii) in the second year after the exemption is granted the amount will be 2/3 of the amount that would otherwise be required by that section, and (iii) each year thereafter will be the full amount required by that section.

(4) The exemption applies from the date the Superintendent considers appropriate for the plan and so specified in the Superintendent’s written consent to the exemption, and expires on the date that the Superintendent determines or such earlier date consented to in writing by the Superintendent pursuant to an application under subsection (5).

(5) An administrator may apply to the Superintendent to rescind an exemption at any time.

(6) An application under subsection (5) must be in writing and must include (

a) an actuarial valuation and cost certificate compliant with

section 60 as at the date the exemption is rescinded, and

Section 10.2 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 28 (

b) any other documentation or information required by the Superintendent.

(7) The Superintendent may, pursuant to

section 6 of the Act, impose any other terms or conditions on granting the exemption that may be considered appropriate to ensure compliance. AR 224/2014 s2;219/2017 Funding requirements exemption for 2020 10.2(1) The Superintendent may, on the application of an administrator of a plan of which the plan text document contains a benefit formula provision, exempt in writing the plan from the funding requirements of

section 60(2)(

b) and (

c) and 61(2)(

b) and (c), as applicable, for such period as the Superintendent may determine, which may begin no earlier than the day this

section comes into force and end no later than December 31, 2020.

(2) An administrator may apply to the Superintendent to rescind an exemption under subsection (1) at any time.

(3) An application under subsection (1) or (2) must be in writing, must be made no later than December 31, 2020 and must include any documentation or information required by the Superintendent.

(4) The Superintendent may, pursuant to

section 6 of the Act, impose any other terms or conditions on granting the exemption that may be considered appropriate to ensure compliance. AR 96/2020 s2 Actuarial excess use exemption for 2020 10.3(1) The Superintendent may, on the application of an administrator of a plan that is not a divisional multi‑employer plan, of which the plan text document contains a defined benefit provision, exempt in writing the plan from the limitation in

section 75(4)(

a) on the use of actuarial excess to reduce or eliminate contributions for an applicable fiscal year and permit instead that not more than 40% of the plan’s accessible going concern excess may be used to reduce or eliminate contributions in that fiscal year.

(2) The Superintendent may, on the application of an administrator of a divisional multi‑employer plan, of which the plan text document contains a defined benefit provision, exempt in writing a participating employer from the limitation in

section 75(4)(

b) on the use of actuarial excess to reduce or eliminate contributions for an applicable fiscal year and permit instead that not more than 40% of the participating employer’s accessible going concern excess may be used to reduce or eliminate contributions in that fiscal year.

Section 11 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 29

(3) An authorization referred to in subsection (1) or (2) may only apply to a single fiscal year ending no later than December 30, 2021.

(4) An application under subsection (1) or (2) must be in writing, must be made no later than December 31, 2020 and must include any documentation or information required by the Superintendent.

(5) The Superintendent may, pursuant to

section 6 of the Act, impose any other terms or conditions on granting the exemption that may be considered appropriate to ensure compliance. AR 96/2020 s2 Application to publicly funded plans 11(1) In this section, “jointly funded” means an arrangement in which the participating employers and active members are required to make contributions, including, without limitation, contributions to meet the funding requirements applicable to the plan.

(2) The Superintendent may, on application in writing by the administrator of a publicly funded plan, designate the plan to be jointly funded.

(3) The Superintendent may, on application by the administrator in writing, with respect to a publicly funded plan that is jointly funded, (

a) unless subsection (6.1) ap plies, exempt the publicly funded plan from the requirements of

section 57(2) or (2.1), as applicable, of the Act; (a.1) exempt the publicly funded plan from the application of

section 59(d)(

i) and (e)(

i) or (iii) and 68(3) of this Regulation; (

b) apply sections 44(1)(a), 59(d)(ii) and (e)(ii) and (e)(iv) or 68(4) of this Regulation to the publicly funded plan as if the publicly funded plan were a jointly sponsored plan.

(4) The Superintendent may, on application in writing by the administrator of a publicly funded plan, exempt the plan from the requirements of

section 60(2)(c), if the application includes (

a) in addition to the requirements of

section 23, an acknowledgment that the Superintendent may refuse any amendment to the plan if the plan has a solvency deficiency or its solvency ratio is less than one,

Section 11 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 30 (

b) an acknowledgment that s ection 74(3) will not be applied when paying benefits from the plan, and (

c) an agreement from all cont ributing employers that

section 121 of the Act will apply on termination of the plan.

(5) Where the Superintendent provides an exemption under subsection (4), the agreement in subsection (4)(

c) prevails on termination of the plan, even if the publicly funded plan is a jointly sponsored plan.

(6) Notwithstanding anything in this Act and the regulations, a publicly funded plan that is a supplemental pension plan under

section 1(1)(kkk) of the Act may contain provisions (

a) deeming any member of it who has made an election or decision relating to

section 99 of the Act under and in relation to the plan to which it is supplemental to have made the same election or other decision under and in relation to the supplemental pension plan, (

b) allowing that plan to use th e definition of pension partner as defined in the plan to which it is supplemental rather than the definition in

section 1(1)(vv) of the Act, (

c) allowing that plan to use the rules for division of pension s on relationship breakdown that apply to the plan to which it is supplemental, rather than the rules under sections 79 to 84, and (

d) in relation to the determination of the actuarial present value of benefits that a person is or may become entitled to receive under a benefit formula provision of the plan, requiring that plan to use the rules for the determination of commuted value that apply to the plan to which it is supplemental rather than the rules under

section 1(2) of the Act.

(6.1) Where a publicly funded plan that is a supplemental pension plan under

section 1(1)(kkk) of the Act contains provisions referred to in subsection (6)(d), that plan must also apply

section 57 of the Act and is deemed to be a jointly sponsored plan for the purposes of the application of

section 57 of the Act.

(7) The Superintendent may revoke an exemption granted under this

section by providing written notice to the administrator of the plan, including reasons for the revocation.

(8) Any plan that was a publicly funded plan before

section 3 of the Act comes into force continues to be a publicly funded plan,

Section 12 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 31 and any exemptions previously granted continue to apply as if it were made under this section. AR 154/2014 s11;224/2014;149/2019;160/2019;252/2021 Application to Universities Academic Pension Plan 12 The Act and this Regulation apply to the “Universities Academic Pension Plan” subject to the exemptions and other provisions that are contained in

Schedule 4. Plans for connected persons 13 The following provisions apply in respect of a pension plan if all of the members of the plan are connected with the participating employer within the meaning of

section 8500(3) of the Income Tax Regulations (Canada): (

a) sections 10, 32, 34, 40, 66 to 68, 70, 71, 77, 88 to 91, 9 3, 94 and 105 of the Act; (b)

section 37(1) and (2) of the Act with respect to sections 35, 36, 40, 41 and 46 of this Regulation; (

c) Division 4 of

Part 8 of the Act; (

d) Division 8 of

Part 8 of the Act; (

e) Part 9 of this Regulation.

Part 2 Pension Plan Requirements Additional matters to be dealt with in the plan text document 14(1) This

section applies for the purposes of

section 8(1) of the Act.

(2) The formula that is used to determine the amount of member-required and participating employer contributions under a defined contribution provision in relation to a member must, if the member is part of a class of members, be the same as the formula that is used to determine the amount of member-required and participating employer contributions under that defined contribution provision in relation to every other member of that class of members.

(3) The formula that is used to determine the amount of benefits to which a member is entitled under a benefit formula provision for each future year of active membership must, if the member is part of a class of members, be the same as the formula that is used to determine the amount of benefits to which every other member of

Section 15 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 32 that class is entitled under that benefit formula provision for each future year of active membership.

(4) If (

a) a temporary amount of benef it is payable after a member’s pension commencement date, in addition to the member’s pension, and (

b) a provision of the plan text document provides that that additional amount of benefit is to cease or be reduced when a pension becomes available or is received under the Canada Pension Plan (Canada) or the Quebec Pension Plan (Quebec), the plan provision referred to in clause (

b) must be interpreted as providing that the additional amount of benefit is to cease or be reduced when the member attains the age at which he or she is entitled to receive an unreduced pension under the Canada Pension Plan (Canada) or the Quebec Pension Plan (Quebec).

(5) The plan text document of a pension plan must provide for the effective date of the plan.

(6) The plan text document of a pension plan must be separate from the collective agreement, if any, and from any other document, under which the plan was created.

(7) If the plan text document of a negotiated cost plan provides that benefits payable out of the benefit formula component of the plan are to be determined by reference to contributions, the plan text document must also provide that a change in the contribution rate applicable to that component must not change the benefits that are payable out of that component with respect to benefits that accrued before the date on which the contribution rate changed.

(8) The plan text document of a pension plan that contains a defined contribution provision must include a provision that indicates whether the member or the administrator or both are responsible for the direction of the plan’s investments. Retired member recommencement of employment 15(1) The plan text document of a pension plan must, in accordance with subsection (2), provide for what is to occur if a retired member recommences work or service (

a) in employment covered by the plan, or (

b) if the administrator of the plan has entered into an agreement referred to in

section 1(9)(c)(iii) of the Act

Section 15 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 33 with the administrator of a collectively bargained multi-employer plan registered in a reciprocal or multilateral jurisdiction other than Alberta, in employment covered by that collectively bargained multi-employer plan.

(2) The plan text document of a pension plan must provide that one or more of the following, as applicable, applies to a retired person referred to in subsection (1): (

a) payment of the pension is to continue and the retired member is not eligible to become an active member; (

b) payment of the pension is to be suspended, and the retired member is to become an active member, with effect from the date of commencement of the subsequent employment; (

c) if and to the extent allowed by the Income Tax Act (Canada), the pension is to continue and the retired member is to become an active member, with effect from the date of commencement of the subsequent employment;

(3) Subject to subsection (4), where the plan text document of a pension plan provides for more than one clause in subsection (2) to apply, the retired member referred to in subsection (1) may elect which clause is to apply.

(4) The plan text document of a pension plan may provide that a specific clause of subsection (2) is to apply to a retired member referred to in subsection (1) in any other circumstance acceptable to the Superintendent.

(5) If a plan text document of a pension plan provides for the suspension of the payment of a pension under subsection (2)(b), or for the suspension of payment of a pension to obtain a phased retirement benefit, the plan text document of a pension plan must provide that, if a retired member who has commenced receiving life income type benefits from the plan recommences work or service, any contributions made as a result of the retired member’s re-employment must not be remitted to the retired member’s life income type benefits account while the retired member is employed by that employer.

(6) If a plan text document of a pension plan provides for the suspension of the payment of a pension under subsection (2)(b), or for the suspension of payment of a pension to obtain a phased retirement benefit, the plan text document must provide that the pension payable at the commencement of the retired member’s subsequent pension commencement date must be not less than the

Section 16 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 34 amount determined by adding the amounts determined under clauses (

a) and (b): (

a) the pension applicable to the period of employment that preceded the initial pension commencement date (the “initial employment period”) calculated as follows: (

i) if the retired member’s initial pension commencement date occurred before the plan’s pension eligibility date, the amount of pension to which the retired member would have been entitled, under the terms of the plan text document as it read on the initial pension commencement date, had the retired member retired (

A) at the assumed age determined under subsection (7), and (

B) after having worked the initial employment period; (ii) if the retired member’s initial pension commencement date occurred at or after the plan’s pension eligibility date, the amount of pension that was payable at the initial pension commencement date; (

b) the pension for the period of employment that followed the initial pension commencement date (the “subsequent employment period”) being the amount of pension to which the retired member is entitled, under the terms of the plan text as it reads on the subsequent pension commencement date, for the subsequent employment period.

(7) The assumed age for the purposes of subsection (6)(a)(i)(

A) is the age of the retired member at the subsequent pension commencement date less the period, expressed as a number of years and months or portions of months, between the effective date of pension suspension and the initial pension commencement date.

Part 3 Registration and Amendment of Pension Plans Period for administering established plan 16 The period prescribed for the purposes of

section 12(2) of the Act is 60 days after the date of the plan’s establishment.

Section 17 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 35 Period for registering plan 17 For the purposes of

section 13 of the Act, the administrator of a pension plan that has not yet been registered must apply for registration of the plan within 60 days after the date of the plan’s establishment. Administrator statement required for registration 18 The statement that an administrator of a pension plan must file under

section 13(

c) of the Act must be in Form 1. Period for filing records for amendment to plan text documents 19 For the purposes of

section 18 of the Act, the administrator of a pension plan must, if the plan text document of that plan is amended, file the records referred to in

section 18 of the Act within 60 days after the date on which the amendment is made, or, if the Superintendent requires additional records under

section 18(

c) of the Act, within the period specified by the Superintendent in relation to those additional records. Administrator statement required for plan text document amendment 20 The statement that an administrator of a pension plan must file under

section 18(

b) of the Act must be in Form 2. When administrator must amend plan text document for benefit reductions or contribution increases 21(1) Subject to subsection (2), if an actuarial valuation report that is to be filed for a pension plan of which the plan text document contains a target benefit provision demonstrates that the expected contributions will be insufficient to fund the payments required under

section 61(2) or (4) in relation to that target benefit provision, the administrator of the plan must file, concurrently with the filing of that actuarial valuation report and in accordance with

section 20(2)(

b) of the Act, an amendment to the plan text document to reduce or eliminate benefits, or to increase contributions, the effect of which demonstrates that the changes are sufficient to allow the plan to meet the plan’s funding requirements under

section 61. (2) Subsection (1) does not apply if the administrator satisfies the Superintendent that a contribution increase, sufficient to allow the plan to meet the plan’s funding requirements under

section 61 in relation to that target benefit provision, has been incorporated into any applicable collective agreement.

Section 22 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 36 When administrator may amend for temporary benefit improvements 22 The administrator of a pension plan of which the plan text document contains a target benefit provision may amend the plan text document of the plan under

section 21(2) of the Act to provide for a temporary improvement in benefits if there is filed with, or within 60 days before, the filing of the amendment to the plan text document an actuarial valuation report and cost certificate that demonstrate that (

a) the target benefit compone nt has accessible going concern excess, and (

b) after taking into account the cost of the temporary improvement in benefits, the target benefit component will continue to have accessible going concern excess. When Superintendent may refuse to register amendment 23 Without limiting any other authority under this Regulation where the Superintendent may refuse to register an amendment to the plan text document of a pension plan, the Superintendent may refuse to register an amendment to the plan text document of a pension plan (

a) i f (

i) the plan text document contains a defined benefit provision, (ii) the effect of the amendment would be to reduce the defined benefit component’s solvency ratio, and (iii) there has not been filed, in support of the amendment, (

A) an actuarial valuation report that demonstrates that, immediately after the amendment takes effect, the defined benefit component’s solvency ratio would be at least 0.9, and (

B) any other information or records required by the Superintendent, o r (

b) i f (

i) the plan text document contains a target benefit provision,

Section 24 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 37 (ii) the effect of the amendment would be to reduce the target benefit component’s going concern funded ratio, and (iii) there has not been filed, in support of the amendment, (

A) an actuarial valuation report and cost certificate that demonstrate that (

I) immediately after the amendment takes effect, the target benefit component will have accessible going concern excess, and (II) when determining whether the target benefit component has accessible going concern excess, that determination must be made using a going concern asset value that is based on the fair value of the target benefit component’s assets, a n d (

B) any other information or records required by the Superintendent. Period for filing records for amendment to supporting plan documents 24 For the purposes of

section 26(1) of the Act, the administrator of a pension plan must (

a) if a supporting plan document of that plan is amended, file the records referred to in

section 26(1) of the Act within 60 days after the amendment is made, or (

b) if the Superintendent requires additional records under

section 26(1)(

c) of the Act, within the period specified by the Superintendent in relation to those additional records. Administrator statement required for supporting plan document amendment 25 The statement that an administrator of a pension plan must file under

section 26(1)(

b) of the Act must be in Form

Section 26 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 38

Part 4 Membership in Pension Plans Auto-enrollment 26(1) Notice under

section 29(2)(b)(

i) of the Act to an employee in relation to a pension plan must (

a) be provided, in writing, by the administrator of the plan, (

b) state that the employee w ill become a member of the plan unless the employee elects not to become a member of the plan in accordance with subsection (2), and (

c) be provided, (

i) subject to subclause (ii), at least 30 days before the date on which the employee first becomes eligible to become a member of that plan, or (ii) if the employee become s eligible to become a member within 30 days after the date of his or her employment, on or before the employee’s date of employment.

(2) For the purposes of

section 29(2)(b)(ii) of the Act, an employee’s election not to be a member of the plan must (

a) be in writing, (

b) state the employee’s name, (

c) state that the employee el ects not to become a member of the plan, (

d) be signed and dated by the employee, and (

e) be received by the partic ipating employer within the longer of (

i) the period specified in t he plan text document for the provision of the election, and (ii) the 60 day period immediately following the employee’s receipt of the notice referred to in subsection (1). When suspension may be lifted 27 For the purposes of

section 31(2)(

b) of the Act, a member of a pension plan who has suspended his or her active membership in

Section 28 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 39 the plan may lift that suspension effective January 1st and July 1st of any year.

Part 5 Administration of Pension Plans Division 1 Duties Related to Administration Qualifications of administrator 28 The following criteria, in addition to the criteria set out in

section 5, apply for the purposes of

section 33(

a) of the Act in relation to the administrator of a pension plan: (

a) if the plan is a single employer plan other than a jointly sponsored plan, the administrator must be (

i) the participating employer, or (ii) a board of trustees or other similar body acceptable to the Superintendent established under the supporting plan documents to administer the plan; (

b) if the plan is a non-collectively bargained multi-employer plan other than a jointly sponsored plan, the administrator must be (

i) the participating employ er, if any, who is identified in the participation agreement as the administrator of the plan, or (ii) if the participation agreement does not identify a participating employer as the administrator of the plan, a board of trustees or other similar body acceptable to the Superintendent established under the supporting plan documents to administer the plan; (

c) if the plan is a collectively bargained multi-employer pla n, the administrator must be one of the following bodies of which the number of members who are appointed by members of the plan is not less than the number of members who are appointed by participating employers: (

i) a board of trustees est ablished under the supporting plan documents to administer the plan; (ii) a similar board or body to a board of trustees, acceptable to the Superintendent, that has been

Section 29 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 40 established under the supporting plan documents to administer the plan; (

d) if the plan is a jointly sponsored plan, the administrator must be a person referred to in

section 5(a). Participation agreements 29 A written participation agreement referred to in

section 36(1) of the Act between an administrator of a non-collectively bargained multi-employer plan and the participating employers in the plan must (

a) set out (

i) the information and records that must be provided by participating employers to the administrator, (ii) when and how the information and records must be provided by participating employers to the administrator, and (iii) the other duties and obligations to be performed by participating employers, (

b) bind each participating employer to the terms of the plan documents, (

c) make each participating employer responsible for making contributions and special payments to the plan as required under the Act or the plan text documents, and (

d) set out the consequences to a participating employer of failing to meet the terms of the participation agreement, which consequences must be additional to and not in conflict with any consequences set out under the Act for that failure. Division 2 Disclosure of Records and Information Plan

summary 30(1) For the purposes of

section 37(1)(

a) and (

c) of the Act, an administrator of a pension plan must provide a plan

summary as follows: (

a) in the case of a new plan that is not a collectively bargained multi-employer plan, to each active member within 120 days after the establishment of the plan;

Section 30 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 41 (

b) in the case of a collectiv ely bargained multi-employer plan, to each active member when the first annual statement is provided to the member under

section 31; (

c) in the case of a plan in relation to which a notice under

section 29(2)(b)(

i) of the Act is provided to a person, within 30 days of the provision of that notice to that person; (

d) in the case of any other plan, to each employee who is, or is about to be, eligible to become an active member of the plan, (

i) subject to subclause (ii), at least 30 days before the employee is eligible or required to become an active member of the plan, or (ii) if the employee is eligib le or required to become an active member of the plan within 30 days after commencing employment, on or before the employee’s date of employment.

(2) A plan

summary referred to in subsection (1) must contain or be accompanied with the following information: (

a) the name of the plan an d its Canada Revenue Agency registration number; (

b) the name of, and contact information for, the administrator.

(3) A plan

summary referred to in subsection (1) must contain or be accompanied with the following information if and as it applies to the member or employee to whom the plan

summary is being provided: (

a) a

summary of the plan; (

b) a

summary of member entitlements and obligations under the plan; (

c) a

summary of participating employer rights and obligations under the plan; (

d) in the case of a plan of which the plan text document contains a defined contribution provision, if the plan text document provides that the member must provide direction regarding investments, (

i) a statement as to how that direction is to be provided, (ii) a description of the inves tment options available, and

Section 31 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 42 (iii) an explanation of how contributions will be dealt with if the member fails to provide direction regarding the investments; (

e) in the case of a plan, other than a jointly sponsored plan , of which the plan text document contains a benefit formula provision, an explanation of when and how member benefits under the plan may be reduced; (

f) in the case of a jointly sponsored plan, (

i) an explanation of when and how the administrator may increase or reduce contributions, or increase or reduce benefits, to meet the plan’s funding requirements under

section 60 or 61, as applicable, and (ii) an explanation of the methods by which the persons referred to in

section 1(1)(dd)(iv) of the Act make decisions about (

A) the governance of the plan, and (

B) the appointment of the a dministrator of the plan or the appointment or selection of members of the board or body referred to in

section 5(a); (

g) a statement of the right und er

section 37(2) and (3) of the Act of the recipient of the plan

summary to examine, or to obtain from the administrator, additional information and records referred to in sections 43 and 46 of this Regulation. Annual statement for active members 31(1) For the purposes of

section 37(1)(

a) of the Act, an administrator of a pension plan must provide an annual statement to each active member within 180 days after the end of each fiscal year.

(2) An annual statement referred to in subsection (1) must contain or be accompanied with the following information: (

a) the name of the plan an d its Canada Revenue Agency registration number; (

b) the name of, and contact information for, the administrator; (

c) the plan’s pension eligibility date;

Section 31 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 43 (

d) the name and date of birth of the member; (

e) the date on which the member joined the plan; (

f) the name of the member’s pension partner, if any; (

g) the name of the member’s designated beneficiary, if any; (

h) a

summary of the amendments made to the plan text document during the most recently completed fiscal year that affect to the member’s benefits and an explanation of how those amendments affect those benefits, except for any amendments that have already been disclosed to the member in a notice under

section 44; (

i) a statement of the right under

section 37(2) and (3) of the Act of the member to examine, or to obtain from the administrator, additional information and records referred to in sections 43 and 46 of this Regulation.

(3) An annual statement referred to in subsection (1) must contain or be accompanied with whichever one or more of the following reconciliations apply to the member: (

a) if the member is or will be entitled to receive benefits from a defined contribution component of the plan, the balance of the member’s defined contribution account immediately before the beginning of the most recently completed fiscal year and the balance of the member’s defined contribution account as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any member-required contributions made during the most recently completed fiscal year; (ii) any employer contributions made during the most recently completed fiscal year; (iii) any interest credited during the most recently completed fiscal year; (iv) any administration expenses deducted, and any other payments or withdrawals made, during the most recently completed fiscal year; (

b) if the member is or will be entitled to receive benefits from a benefit formula component of the plan and the plan is not a jointly sponsored plan, the member’s benefit formula member-required contributions balance for that

Section 31 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 44 plan component immediately before the beginning of the most recently completed fiscal year and the member’s benefit formula member-required contributions balance for that plan component as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any member-required contributions made to the plan for application to that benefit formula component during the most recently completed fiscal year; (ii) any interest credited during the most recently completed fiscal year; (

c) if the member has made ad ditional voluntary contributions to the plan, the balance of the member’s additional voluntary contributions account immediately before the beginning of the most recently completed fiscal year and the balance of the member’s additional voluntary contributions account as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any additional voluntary contributions made during the most recently completed fiscal year; (ii) any interest credited during the most recently completed fiscal year; (iii) any administration expens es deducted, and any other payments or withdrawals made, during the most recently completed fiscal year; (

d) if the member has made optional ancillary contributions to the plan, the balance of the member’s optional ancillary contributions account immediately before the beginning of the most recently completed fiscal year and the balance of the member’s optional ancillary contributions account as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any optional ancillary c ontributions made during the most recently completed fiscal year; (ii) any interest credited during the most recently completed fiscal year;

Section 31 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 45 (iii) any administration expens es deducted, and any other payments or withdrawals made, during the most recently completed fiscal year; (

e) if the plan fund includes transferred contributions transferred to the plan by or on behalf of the member, the balance of the member’s transferred contributions account immediately before the beginning of the most recently completed fiscal year and the balance of the member’s transferred contributions account as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any transferred contributions that were transferred to the plan during the most recently completed fiscal year; (ii) any interest credited during the most recently completed fiscal year; (iii) any administration expens es deducted, and any other payments or withdrawals made, during the most recently completed fiscal year.

(4) An annual statement referred to in subsection (1) must contain or be accompanied with the following information if and as it applies to the member: (

a) if the member is or will be entitled to receive life income type benefits from the defined contribution component of the plan, the earliest date on which the member will be entitled to start receiving those benefits; (

b) if the member is or will be entitled to receive benefits from a benefit formula component of the plan, the following information respecting the member’s pension from that plan component: (

i) the number of years that, as at the end of the most recently completed fiscal year, have been credited to the member for the purposes of calculating that pension; (ii) the amount that, as at the end of the most recently completed fiscal year, is the annual amount of that pension if that pension commences on the plan’s pension eligibility date;

Section 31 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 46 (iii) the earliest date on whi ch the member will be entitled to start receiving a pension from that plan component; (iv) the earliest date on whi ch the member will be entitled to start receiving a pension from that plan component without reduction or increase to the pension; (

c) if the member is or will be entitled to receive benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that solvency ratio is less than 100%, (

i) a statement that the current actuarial valuation report has determined that the value of the assets of the defined benefit component would not have been sufficient to cover the defined benefit component benefits had the plan terminated on the review date applicable to that actuarial valuation report, and (ii) a statement of the steps being taken by the participating employer to address any solvency deficiency; (

d) if the member is or will be entitled to receive benefits from a target benefit component of the plan, the target benefit funded ratio of the target benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that target benefit funded ratio is less than 100%, (

i) a statement that the current actuarial valuation report has determined that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits, (ii) a statement of the steps being taken by the participating employer to address the unfunded liability, (iii) a statement that failure to amortize the unfunded liability may result in a reduction of benefits, and (iv) an explanation of how the member’s benefits would be affected were the member to terminate active membership when the target benefit funded ratio is less than one;

Section 32 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 47 (

e) if the plan text document provides that the member may make optional ancillary contributions, a statement setting out an estimate of the maximum amount of optional ancillary contributions that, under the plan text document of the plan, the member is entitled to contribute in the fiscal year following the most recently completed fiscal year; (

f) if the member is a suspended member, information about when and how the member may lift the suspension. Annual statement for persons receiving pensions 32(1) For the purposes of

section 37(1)(

a) of the Act, an administrator of a pension plan must provide an annual statement to each person receiving a pension under the plan as follows: (

a) if the recipient of the sta tement is receiving life income type benefits from the defined contribution component of the plan, within 30 days after the end of each calendar year; (

b) for any other recipient of t he statement, within 180 days after the end of each fiscal year.

(2) An annual statement referred to in subsection (1) must contain or be accompanied with the following information: (

a) the name of the plan an d its Canada Revenue Agency registration number; (

b) the name of, and contact information for, the administrator; (

c) except where a notice unde r

section 44 has been provided to the person, a

summary of any amendments that affect the benefits to which the recipient of the statement is entitled and an explanation of how those amendments affect those benefits, as follows: (

i) if the recipient of the sta tement is receiving a pension from the benefit formula component of the plan, the amendments made to the plan text document during the most recently completed fiscal year; (ii) if the recipient of the s tatement is or will be entitled to receive life income type benefits from the defined contribution component of the plan, the amendments made to the plan text document during the most recently completed calendar year;

Section 32 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 48 (

d) a statement of the right und er

section 37(2) and (3) of the Act of the recipient of the statement, and, if a joint and survivor form of pension was elected by the retired member, the joint annuitant, to examine, or to obtain from the administrator, additional information and records referred to in sections 43 and 46 of this Regulation.

(3) An annual statement referred to in subsection (1) that is being provided to a person who is receiving a pension from a benefit formula component of the plan must contain or be accompanied with the following information if and as it applies to that person: (

a) if the recipient of the sta tement is receiving benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that solvency ratio is less than 100%, (

i) a statement that the current actuarial valuation report has established that the value of the assets of the defined benefit component would not have been sufficient to cover the defined benefit component benefits had the plan terminated on the review date applicable to that actuarial valuation report, and (ii) a statement of the steps being taken by the participating employer to address any solvency deficiency; (

b) if the recipient of the sta tement is receiving benefits from a target benefit component of the plan, the target benefit funded ratio of the target benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that target benefit funded ratio is less than 100%, (

i) a statement that the current actuarial valuation report has established that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits, (ii) a statement of the steps being taken by the participating employer to address the unfunded liability, and (iii) a statement that failure to amortize the unfunded liability may result in the reduction of benefits.

Section 33 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 49

(4) An annual statement referred to in subsection (1) that is being provided to a person who is receiving life income type benefits from the defined contribution component of the plan must contain or be accompanied with the following information if and as it applies to that person: (

a) the balance of the recipient of the statement’s life income type benefits account immediately before the beginning of the most recently completed calendar year and the balance of the recipient of the statement’s life income type benefits account as at the end of the most recently completed calendar year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any transfers into the life income type benefits account made during the most recently completed calendar year; (ii) any interest credited during the most recently completed calendar year; (iii) any administration e xpenses deducted during the most recently completed calendar year; (iv) any life income type ben efit payments, any transfers out of the life income type benefits account and any other payments or other withdrawals made during the most recently completed calendar year; (

b) the life income type ben efits minimum amount for the calendar year in which the statement is provided; (

c) the life income type benefits maximum amount for the calendar year in which the statement is provided; (

d) a statement requiring the recipient of the statement to advise the administrator as to the amount of life income type benefit payments the recipient of the statement wishes to receive in the calendar year in which the statement is provided and indicating that, unless the recipient of the statement provides that advice, the administrator will pay the life income type benefits minimum amount for the calendar year in which the statement is provided.

Transfer statement for life income type benefits account 33(1) If a person who is receiving life income type benefits from the defined contribution component of the plan transfers money out of the person’s life income type benefits account under Division 8

Section 34 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 50 of

Part 8 of the Act to a life income fund or to another pension plan, the administrator must, within 30 days after the date of the transfer, provide to the person a statement showing the balance of the person’s life income type benefits account as at the end of the most recently completed calendar year and the balance of the person’s life income type benefits account as at the time of the transfer, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

a) any interest credited between the beginning of the current calendar year and the time of the transfer; (

b) any administration expenses deducted between the beginning of the current calendar year and the time of the transfer; (

c) any payments and transfers made between the beginning of the current calendar year and the time of the transfer.

(2) If a person who is receiving life income type benefits from the defined contribution component of the plan transfers money into the person’s life income type benefits account, the administrator must, within 30 days after the date of the transfer, provide to the person information respecting (

a) the amount deposited into t he life income type benefits account, (

b) the value of the life income type benefits account immediately after the deposit, and (

c) subject to subsection (3), the life income type benefits maximum amount that may be paid or transferred from the life income type benefits account, calculated with respect to the amount deposited into the life income type benefits account referred to in clause (a).

(3) The additional payment or transfer under subsection (2)(

c) does not apply if the amount transferred into the life income type benefits account was transferred from another life income type benefits account or life income fund. Termination of active membership statement 34(1) For the purposes of

section 37(1)(

a) of the Act, an administrator of a pension plan must, subject to subsection (5) of this section, provide a termination of active membership statement to each deferred member as follows:

Section 34 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 51 (

a) unless the plan is a coll ectively bargained multi-employer plan, within 60 days after the deferred member’s termination of active membership in the plan; (

b) if the plan is a collectiv ely bargained multi-employer plan, within 90 days after the deferred member’s termination of active membership in the plan.

(2) A termination of active membership statement referred to in subsection (1) must contain or be accompanied with the following information: (

a) the name of the plan an d its Canada Revenue Agency registration number; (

b) the name of, and contact information for, the administrator; (

c) the plan’s pension eligibility date; (

d) the name and date of birth of the member; (

e) the date on which the member joined the plan; (

f) the date on which the member terminated active membership in the plan; (

g) the name of the member’s pension partner, if any; (

h) the name of the member’s designated beneficiary, if any; (

i) a statement of the right und er

section 37(2) and (3) of the Act of the member to examine, or to obtain from the administrator, additional information and records referred to in sections 43 and 46 of this Regulation.

(3) A termination of active membership statement referred to in subsection (1) must contain or be accompanied with whichever one or more of the following reconciliations apply to the member: (

a) if the member is entitled to receive benefits from the defined contribution component of the plan, the balance of the member’s defined contribution account as at the end of the most recently completed fiscal year and the balance of the member’s defined contribution account as at the date of the member’s termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any member-required contributions made since the end of the most recently completed fiscal year;

Section 34 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 52 (ii) any employer contributions made since the end of the most recently completed fiscal year; (iii) any interest credited since the end of the most recently completed fiscal year; (iv) any administration expenses deducted, and any other payments or withdrawals made, since the end of the most recently completed fiscal year; (

b) if the member is entitled to receive benefits from a benefit formula component of the plan and the plan is not a jointly sponsored plan, the member’s benefit formula member-required contributions balance for that plan component as at the end of the most recently completed fiscal year and the member’s benefit formula member-required contributions balance for that plan component as at the date of the member’s termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any member-required contributions made to the plan for application to that benefit formula component since the end of the most recently completed fiscal year; (ii) any interest credited since the end of the most recently completed fiscal year; (

c) if the member has made ad ditional voluntary contributions to the plan, the balance of the member’s additional voluntary contributions account as at the end of the most recently completed fiscal year and the balance of the member’s additional voluntary contributions account as at the date of the member’s termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any additional voluntary contributions made since the end of the most recently completed fiscal year; (ii) any interest credited since the end of the most recently completed fiscal year; (iii) any administration expens es deducted, and any other payments or withdrawals made, since the end of the most recently completed fiscal year;

Section 34 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 53 (

d) if the member has made optional ancillary contributions to the plan, the balance of the member’s optional ancillary contributions account as at the end of the most recently completed fiscal year and the balance of the member’s optional ancillary contributions account as at the date of the member’s termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any optional ancillary c ontributions made since the end of the most recently completed fiscal year; (ii) any interest credited since the end of the most recently completed fiscal year; (iii) any administration expens es deducted, and any other payments or withdrawals made, since the end of the most recently completed fiscal year; (

e) if the plan fund includes transferred contributions transferred to the plan by or on behalf of the member, the balance of the member’s transferred contributions account as at the end of the most recently completed fiscal year and the balance of the member’s transferred contributions account as at the date of the member’s termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any transferred contributions that were transferred to the plan since the end of the most recently completed fiscal year; (ii) any interest credited since the end of the most recently completed fiscal year; (iii) any administration expens es deducted, and any other payments or withdrawals made, since the end of the most recently completed fiscal year.

(4) A termination of active membership statement referred to in subsection (1) must contain or be accompanied with the following information if and as it applies to the member: (

a) if the member is entitled or required to transfer money out of the plan under Division 8 of

Part 8 of the Act, (

i) the commuted value of the pension to which the member is entitled as at the date of the member’s termination of active membership, and

Section 34 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 54 (ii) the maximum amount that under the Income Tax Regulations (Canada) may be transferred out of the plan to an RRSP, a RRIF or another pension plan and the amount, if any, by which the amount to which the member is entitled exceeds that maximum; (

b) if the member is entitled to receive benefits from a benefit formula component of the plan, the following information respecting the member’s pension from that plan component: (

i) the number of years that, as at the date of the member’s termination of active membership, have been credited to the member for the purposes of calculating that pension; (ii) the amount that, as at the date of the member’s termination of active membership, is the annual amount of that pension if that pension commences on the plan’s pension eligibility date; (

c) if the member is entitled to receive benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the current actuarial valuation report, expressed as a percentage, and unless

section 90(3)(a)(ii) applies, if there is a transfer deficiency applicable to the member’s benefits, (

i) a statement that the current actuarial valuation report has established that there is a transfer deficiency in that the value of the assets of the defined benefit component would not have been sufficient to cover the defined benefit component benefits had the plan terminated on the review date applicable to that actuarial valuation report, (ii) the amount of the transfer deficiency, (iii) a statement indicating that the amount of pension referred to in subsection (4)(a)(i), as at the date of the member’s termination of active membership, the member is entitled to receive is the commuted value referred to in that clause less the transfer deficiency, (iv) a statement explaining , in accordance with

section 90(3), when the member will be entitled to receive the transfer deficiency, and (

v) a statement indicating that the amount the member is entitled to receive on the date referred to in subclause

Section 34 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 55 (iv) is the transfer deficiency plus interest calculated in accordance with

section 73(3); (

d) if the member is entitled to receive benefits from a target benefit component of the plan, the target benefit funded ratio of the target benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that target benefit funded ratio is less than 100%, (

i) a statement that the current actuarial valuation report has established that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in the target benefit component in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits, (ii) a statement of the steps being taken by the participating employer to address the unfunded liability, (iii) a statement that failure to amortize the unfunded liability may result in a reduction of benefits, and (iv) a statement that if the member elects, as at the date of the member’s termination of active membership, to transfer the benefits to which he or she is entitled under the target benefit component, he or she is entitled to the amount determined by multiplying the commuted value referred to in subsection (4)(a)(

i) by the plan’s target benefit funded ratio as at the review date applicable to current actuarial valuation report; (

e) the amount of the member’s excess contributions; (

f) an explanation of (

i) the options available to the member under the plan text document in relation to each of his or her benefits under the plan, (ii) the deadlines under the plan text document for choosing any of those options, (iii) the consequences, if any, under the plan text document of not meeting those deadlines, and (iv) for each option that will lead to money being locked-in money, what that means to the member;

Section 34 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 56 (

g) if, under the plan text document, the member may or must defer receiving a pension until the plan’s pension eligibility date, (

i) an explanation of what happens to the member’s benefits if the member dies before pension commencement, including, without limitation, an explanation of the pension partner’s waiver option under

section 89(1)(

b) of the Act, (ii) an explanation of the options available to the member to elect a pension commencement date that is earlier or later than the plan’s pension eligibility date, and an explanation of any adjustments to the amount of pension in each case, (iii) an explanation of any cost of living adjustment provision of the plan text document that apply to the deferred pension, (iv) the name and address of the person to whom application must be made to start receiving the pension, (

v) a statement indicating that the member must notify the administrator of any change of the member’s address, (vi) in the case of a plan of which the plan text document contains a benefit formula provision, a statement of the circumstances under which the member’s benefits under the benefit formula provision may be reduced, and (vii) a statement indicating th at the amount, if any, of the member’s excess contributions will be recalculated and paid at the member’s pension commencement date; (

h) whichever of the following is applicable: (

i) a statement that the pension legislation of Alberta applies to determine the benefit entitlement of the member; (ii) if, under

section 1(9) of the Act, pension legislation of a jurisdiction other than Alberta applies to determine the benefit entitlement of the member, a statement identifying that jurisdiction and indicating that its pension legislation applies to determine the benefit entitlement of the member;

Section 35 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 57

(5) A member is not entitled to receive a statement under subsection (1) if the member has received a statement under

section 37 in relation to the plan. Information statement on relationship breakdown 35(1) For the purposes of

section 37(1)(

a) and (

d) of the Act, an administrator of a pension plan must, provide to each of the member pension partner and non-member pension partner, within 90 days after receiving a written request for it from either of them, a statement on relationship breakdown.

(1.1) For the purposes of

section 37(1)(

a) of the Act, where there has been a relationship breakdown between a member and a person who is not a pension partner but is or was the member’s adult interdependent partner within the meaning of the Family Property Act, an administrator of a pension plan must provide a statement on relationship breakdown to the member within 90 days after receiving a written request for it from the member.

(2) A statement on relationship breakdown must contain or be accompanied with the following information: (

a) the name of the plan an d its Canada Revenue Agency registration number; (

b) the name of, and contact information for, the administrator; (

c) the plan’s pension eligibility date.

(3) A statement on relationship breakdown must contain or be accompanied with whichever one or more of the following reconciliations apply to the member pension partner: (

a) if the member pension p artner is entitled to receive benefits from the defined contribution component of the plan, the balance of the member pension partner’s defined contribution account as at the end of the most recently completed fiscal year and the balance of the member pension partner’s defined contribution account as at the date of the date specified in the request, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any member-required contributions made by the member pension partner since the end of the most recently completed fiscal year;

Section 35 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 58 (ii) any employer contributions made since the end of the most recently completed fiscal year; (iii) any interest credited since the end of the most recently completed fiscal year; (iv) any administration expenses deducted since the end of the most recently completed fiscal year; (

v) any payments or other withdrawals made since the end of the most recently completed fiscal year; (

b) if the member p ension partner is not receiving a pension under the plan and has made additional voluntary contributions to the plan, the balance of the member pension partner’s additional voluntary contributions account as at the end of the most recently completed fiscal year and the balance of the member pension partner’s additional voluntary contributions account as at the date of the date specified in the request, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any additional voluntary contributions made since the end of the most recently completed fiscal year; (ii) any interest credited since the end of the most recently completed fiscal year; (iii) any administration expe nses deducted since the end of the most recently completed fiscal year; (iv) any amounts, other tha n expenses referred to in subclause (iii), withdrawn since the end of the most recently completed fiscal year; (

c) if the member p ension partner is not receiving a pension under the plan and has made optional ancillary contributions to the plan, the balance of the member pension partner’s optional ancillary contributions account as at the end of the most recently completed fiscal year and the balance of the member pension partner’s optional ancillary contributions account as at the date of the date specified in the request, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any optional ancillary c ontributions made since the end of the most recently completed fiscal year;

Section 35 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 59 (ii) any interest credited since the end of the most recently completed fiscal year; (iii) any administration expe nses deducted since the end of the most recently completed fiscal year; (iv) any amounts, other tha n expenses referred to in subclause (iii), withdrawn since the end of the most recently completed fiscal year; (

d) if the member p ension partner is not receiving a pension under the plan and the plan fund includes transferred contributions transferred to the plan by or on behalf of the member pension partner, the balance of the member pension partner’s transferred contributions account as at the end of the most recently completed fiscal year and the balance of the member pension partner’s transferred contributions account as at the date of the date specified in the request, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any transferred contributions that were transferred to the plan since the end of the most recently completed fiscal year; (ii) any interest credited since the end of the most recently completed fiscal year; (iii) any administration expe nses deducted since the end of the most recently completed fiscal year; (iv) any payments or other withdrawals made since the end of the most recently completed fiscal year; (

e) if the member p ension partner is not receiving a pension under the plan and is entitled to receive benefits from a benefit formula component of the plan and the plan is not a jointly sponsored plan, the member pension partner’s benefit formula member-required contributions balance for that plan component as at the end of the most recently completed fiscal year and the member pension partner’s benefit formula member-required contributions balance for that plan component as at the date of the date specified in the request, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances: (

i) any member-required contributions made by the member pension partner to the plan for application to

Section 35 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 60 that benefit formula component since the end of the most recently completed fiscal year; (ii) any interest credited since the end of the most recently completed fiscal year.

(4) A statement on relationship breakdown must contain or be accompanied with the following information if and as it applies to the member pension partner: (

a) the member pension partner’s name and date of birth; (

b) the date on which the member pension partner joined the plan; (

c) the date, if applicable, o n which the member pension partner terminated active membership in the plan; (

d) if the member p ension partner is not receiving a pension under the plan, the following information respecting the member pension partner’s benefit: (

i) the number of years that , as at the date specified in the request, have been credited to the member pension partner for the purposes of calculating that pension; (ii) the amount that, as at the date specified in the request, is the annual amount of that pension if that pension commences on the plan’s pension eligibility date; (iii) the commuted value of the pension calculated in accordance with

section 82(4) or (5) as applicable, to which the member pension partner is entitled as at the date specified in the request; (

e) if the member p ension partner is receiving a pension under the plan, the annual amount and form of pension being paid to the member pension partner; (

f) if the member pension part ner is or will be entitled to receive benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the most recently filed actuarial valuation report, expressed as a percentage, and, if that solvency ratio is less than 100%, (

i) a statement that the most recently filed actuarial valuation report has determined that the value of the assets of the defined benefit component would not

Section 35 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 61 have been sufficient to cover the defined benefit component benefits had the plan terminated on the review date applicable to that actuarial valuation report, and (ii) a statement of the steps being taken by the participating employer to address any solvency deficiency; (

g) if the member pension par tner is or will be entitled to receive benefits from a target benefit component of the plan, the target benefit funded ratio of the target benefit component as set out in the most recently filed actuarial valuation report, expressed as a percentage, and if that target benefit funded ratio is less than 100%, (

i) a statement that the most recently filed actuarial valuation report has determined that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits, and (ii) a statement of the steps being taken by the participating employer to address the unfunded liability; (

h) whichever of the following is applicable: (

i) a statement that the pension legislation of Alberta applies to determine the benefit entitlement of the member pension partner; (ii) if, under

section 1(9) of the Act, pension legislation of a jurisdiction other than Alberta applies to determine the benefit entitlement of the member pension partner, a statement identifying that jurisdiction and indicating that its pension legislation applies to determine the benefit entitlement of the member pension partner; (

i) a statement of the right und er

section 37(2) and (4) of the Act of the member pension partner and non-member pension partner to examine, or to obtain from the administrator, additional information and records referred to in

section 43 of this Regulation.

(5) For the purposes of subsection (1.1),

Section 36 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 62 (

a) all references in subsections (3) and (4)(

a) to (

h) to the “member pension partner” are to be read as references to the member, and (

b) the reference in subsection (4)(

i) to the “member pension partner and non-member pension partner” is to be read as a reference to the member. AR 154/2014 s35;160/2019 Information statement after filing family property order or agreement 36(1) For the purposes of

section 37(1)(

a) and (

d) of the Act, an administrator of a pension plan must provide an information statement to the member pension partner and non-member pension partner within 60 days after a family property order or family property agreement that meets the requirements of

section 80 of this Regulation has been filed by either the member pension partner or the non-member pension partner.

(2) A statement referred to in subsection (1) must contain or be accompanied with the following information: (

a) the name of the plan an d its Canada Revenue Agency registration number; (

b) the name of, and contact information for, the administrator.

(3) Where the non-member pension partner’s share is to be satisfied in accordance with

section 81(2) or (3)(a), a statement referred to in subsection (1) must be provided to the non-member pension partner and must contain or be accompanied with the following information: (

a) the amount of the non-member pension partner’s share; (

b) if the member pension partner is entitled to receive benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the most recently filed actuarial valuation report, expressed as a percentage, and, unless

section 90(3)(a)(ii) applies, if there is a transfer deficiency applicable to the non-member pension partner’s share; (

i) a statement that the most recently filed actuarial valuation report has established that there is a transfer deficiency in that the value of the assets of the defined benefit component would not have been sufficient to cover the defined benefit component

Section 36 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 63 benefits had the plan terminated on the review date applicable to that actuarial valuation report; (ii) the amount of the transfer deficiency; (iii) a statement indicating that the amount that, as at the date of the transfer of the non-member pension partner’s share, the non-member pension partner is entitled to receive is the amount referred to in clause (

a) less the transfer deficiency; (iv) a statement explaining , in accordance with

section 90(3), when the non-member pension partner will be entitled to receive the transfer deficiency; (

v) a statement indicating that the amount the member pension partner is entitled to receive on the date referred to in subclause (iv) is the transfer deficiency plus interest calculated in accordance with

section 73(3); (

c) if the member pension p artner is entitled to receive benefits from a target benefit component of the plan, the target benefit funded ratio of the target benefit component as set out in the most recently filed actuarial valuation report, expressed as a percentage, and, if that target benefit funded ratio is less than 100%, (

i) a statement that the most recently filed actuarial valuation report has established that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in the target benefit component in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits, and (ii) a statement indicating that the amount that, as at the date of the transfer of the non-member pension partner’s share, the non-member pension partner is entitled to receive is the amount referred to in clause (

a) multiplied by the plan’s target benefit funded ratio as at the review date applicable to most recently filed actuarial valuation report; (

d) an explanation of (

i) the options available to the non-member pension partner under the plan text document in relation to his or her share,

Section 36 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 64 (ii) the deadlines under the plan text document for choosing any of those options, (iii) the consequences, if any, under the plan text document of not meeting those deadlines, and (iv) for each option that will lead to money being locked-in money, what that means to the non-member pension partner; (

e) whichever of the fo llowing is applicable: (

i) a statement that the pension legislation of Alberta applies to determine the benefit entitlement of the member; (ii) if, under

section 1(9) of the Act, pension legislation of a jurisdiction other than Alberta applies to determine the benefit entitlement of the member, a statement identifying that jurisdiction and indicating that its pension legislation applies to determine the benefit entitlement of the member; (

f) a statement of the right und er

section 37(2) and (4) of the Act of the non-member pension partner to examine, or to obtain from the administrator, additional information and records referred to in sections 43 and 46 of this Regulation.

(4) Where the non-member pension partner’s share is to be satisfied in accordance with

section 81(3)(b), a statement referred to in subsection (1) must be provided to the non-member pension partner and must contain or be accompanied with the following information: (

a) a statement that the non-member pension partner’s share will be determined at the earlier of the member pension partner’s termination of active membership, or termination of the plan; (

b) a statement that, when the non-member pension partner’s share is determined under clause (a), the information in subsection (3) will be provided to the non-member pension partner as calculated as of that date; (

c) the name and address of the person to whom the application must be made to receiving the non-member pension partner’s share;

Section 37 AR 154/2014 EMPLOYMENT PENSION PLANS REGULATION 65 (

d) a statement indicating that the non-member pension partner must notify the administrator of any change of the non-member pension partner’s address; (

e) in the case of a plan of which the plan text document contains a benefit formula provision, a statement of the circumstances under which the non-member pension partner’s be