Staff
Ontario has extended the solvency funding exemption for specified Ontario multi-employer pension plans (SOMEPPs) to 2017. The exemptions were previously set to expire in September of this year.
The SOMEPP provisions were introduced as a temporary measure in the Pension Benefits Act Regulation in 2007, to exempt multi-employer plans (MEPPs) that have elected to become SOMEPPs from solvency funding requirements.
Eckler has issued a special notice outlining the extension of the rules and requirements for SOMEPPs.
For more information on SOMEPPs and the solvency rules in general, visit the Financial Services Commission of Ontario website, under Changes to the Funding Rules for Multi-Employer Pension Plans.