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  1. Air Canada Pension Plan Solvency Deficiency Funding Regulations - SOR/2004-174 (Section 9)
    Air Canada Pension Plan Solvency Deficiency Funding Regulations
    •  (1) The following definitions apply in this section.

      adjusted aggregate amount

      adjusted aggregate amount means, in respect of a plan year, the adjusted aggregate amount of annual special payments for that plan year as determined in accordance with subsection (4) or in accordance with subsections (4) and (5), as applicable. (total rajusté)

    • [...]

    • (4) Subject to subsection (5), the adjusted aggregate amount in respect of a plan year set out in column 1 of the schedule shall be determined by multiplying the unadjusted aggregate amount set out for that plan year in column 2 by the greater of

      • [...]

      • (b) the ratio of the aggregate amount of the initial solvency deficiencies of all of the plans to the sum of the present values, as at January 1, 2004, of each of the unadjusted aggregate amounts set out in column 2.

    • (5) If the adjusted aggregate amount determined in accordance with subsection (4) for the 2004 plan year is less than the result obtained by multiplying the assumed interest rate used in the valuation of the liabilities of the plans for the purpose of calculating their initial solvency deficiencies by the aggregate amount of the initial solvency deficiencies of all of those plans,

      • [...]

      • (b) the adjusted aggregate amount for each of the 2006, 2007 and 2008 plan years may be reduced by an equal amount for each of those plan years such that the sum of the present values, as at January 1, 2004, of each of the adjusted aggregate amounts determined for the 10 plan years referred to in subsection (2) is the same as it would be if it were calculated without reference to paragraph (a).

    • [...]

    • (7) Notwithstanding subsection 9(14) of the Pension Benefits Standards Regulations, 1985, the annual special payment referred to in subsection (2) in respect of the 2004 plan year shall be made in two installments as follows:

      [...]

    • (8) For greater certainty, the following special payments are not required to be paid in respect of a plan in a plan year:

      • (a) any special payment required to liquidate an initial unfunded liability emerging as at January 1, 2004 that would have been required to be paid in respect of that plan year under subsection 9(3) of the Pension Benefits Standards Regulations, 1985; and


  2. Air Canada Pension Plan Solvency Deficiency Funding Regulations - SOR/2004-174 (Section 21)
    Air Canada Pension Plan Solvency Deficiency Funding Regulations

     If the election referred to in subsection 17(1) is made in respect of any of the 2005 to 2009 plan years of a plan that does not have a surplus as at the first day of the plan year in respect of which the election is made, Part 1 continues to apply in respect of that plan, except that

    • (a) Air Canada shall have an actuarial report prepared in respect of the plan as at that day;

    • [...]

    • (c) the solvency deficiency disclosed by the actuarial report, if any, shall be considered to have emerged as at the valuation date of the actuarial report;

    • [...]

    • (e) except as otherwise provided in paragraph (d), sections 4, 6 to 9 and 11 to 15 cease to apply in respect of the plan on the first day of the plan year in respect of which the election is made.


  3. Air Canada Pension Plan Solvency Deficiency Funding Regulations - SOR/2004-174 (Section 16)
    Air Canada Pension Plan Solvency Deficiency Funding Regulations
    • [...]

    • (2) Subject to subsection (3), if a plan is fully terminated and the plan has a deficit as at the day of the termination, the annual payments due in respect of the principal outstanding amount of the promissory note that is issued in respect of the plan and referred to in section 4 of the Protocol shall be remitted to the pension fund as they become due and payable, until such time as the principal outstanding amount of that promissory note is paid or the deficit is eliminated, whichever is earlier.

    • (3) If the principal outstanding amount of the promissory note referred to in subsection (2) becomes due and payable in full as a result of the occurrence of an event of default under the terms of the promissory note, the annual payments referred to in that subsection are not required to be remitted.


  4. Air Canada Pension Plan Solvency Deficiency Funding Regulations - SOR/2004-174 (Section 7)
    Air Canada Pension Plan Solvency Deficiency Funding Regulations
    •  (1) For the purposes of this Part, paragraph (a) of the definition solvency deficiency in subsection 9(1) of the Pension Benefits Standards Regulations, 1985 shall be read as follows:

      [...]

    • (2) In this Part, for the purpose of paragraph (d) of the definition solvency deficiency in subsection 9(1) of the Pension Benefits Standards Regulations, 1985, the present value of any special payment calculated before January 1, 2004 and the present value of any special payment required to be made in respect of an initial unfunded liability emerging as at January 1, 2004 shall be zero.

    • (3) For the purposes of this Part, the definition solvency deficiency in subsection 9(1) of the Pension Benefits Standards Regulations, 1985 shall be read as including the following after paragraph (d):

      [...]


  5. Air Canada Pension Plan Solvency Deficiency Funding Regulations - SOR/2004-174 (Section 4)
    Air Canada Pension Plan Solvency Deficiency Funding Regulations

     An initial solvency deficiency and any subsequent solvency deficiency of a plan may be funded in accordance with this Part if the following information is filed with the Superintendent not later than the day on which the initial order expires:

    • (a) an actuarial report that values the plan as at January 1, 2004;

    • [...]

    • (d) a copy of the promissory note issued in respect of the plan and referred to in section 4 of the Protocol as well as a copy of the security agreement referred to in paragraph 5(b) of the Protocol; and



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