Alberta Extends Solvency Funding Relief

Following up on the solvency funding relief for Alberta specified multi-employer pension plans (SMEPPs) which was passed last year, the Alberta government recently amended the Employment Pension Plans Regulation to also provide solvency funding relief to defined benefit plans which are not SMEPPs.

Notably, the regulation does not require any form of member consent, or lack of member objection, in order to implement the solvency funding relief. Defined benefit plans, which are not SMEPPs, may now apply to the Alberta Superintendent to:

• consolidate solvency funding deficiencies that are identified in actuarial valuation reports and cost certificates prepared as of the period beginning on December 31, 2011 and ending on December 31, 2012; and