Alberta And British Columbia Introduce Solvency Funding Relief Measures

In response to the current economic downturn, the Alberta and British Columbia governments have each recently implemented measures to respond to the significant financial pressures being faced by sponsors of defined benefit pension plans, albeit in different ways.

Alberta

On February 18, 2009 the Alberta Employment Pension Plans Amendment Regulation, 2009 (A.R. 28/2009) came into force. The Regulation amends the regulations under the Alberta Employment Pension Plans Act to provide solvency funding relief for Alberta registered defined benefit plans. These regulations provide the following relief:

Single-Employer Pension Plans (SEPPs) and Multi-Unit Pension Plans (MUPPs): 3-Year Solvency Funding Moratorium