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• 3 (1) The administrator shall provide the beneficiaries with the following information:

  • (a) the solvency ratio of the plan as at December 31, 2008 and December 31, 2009 and the estimated solvency ratio as at June 30, 2010;

  • (b) the amount by which the solvency liabilities exceed the solvency assets of the plan as at December 31, 2008 and December 31, 2009 and the estimated amount by which the solvency liabilities exceed the solvency assets as at June 30, 2010;

  • (c) a description of the extent to which the beneficiaries’ benefits would be reduced if the plan were fully terminated and wound up with the estimated solvency ratio as at June 30, 2010;

  • (d) a statement indicating that the application of these Regulations to the plan may result in a reduction of benefits as compared to those that the beneficiaries were entitled to receive as at June 30, 2010; and

  • (e) a statement indicating that the subsidized portion of early retirement benefits may only be paid if the aggregate amount of the subsidized portion does not result in the reduction of the solvency ratio as at December 31, 2008 by more than 10%.

• 10 (1) If the aggregate value of the subsidized portion of early retirement benefits consented to since January 1, 2009 reduces the solvency ratio of a Canadian Press pension plan as at December 31, 2008 by more than 10%, the employer shall immediately pay to the pension fund an amount that would restore the solvency ratio to the value as at December 31, 2008 minus 10% and shall immediately notify the Superintendent in writing of the payment.

• (2) For the purpose of subsection (1), the solvency ratio has been reduced by more than 10% if

  (A – B)/A > 0.10

  where

  A 

  is the solvency ratio determined as at December 31, 2008; and

  B 

  is the solvency ratio determined as at December 31, 2008 taking into consideration the aggregate value of the subsidized portion of early retirement benefits consented to since January 1, 2009.

[...]

7 For the 2012 and subsequent plan years, the Canadian Press pension plan shall be funded in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 with the following modifications:

• (a) the unfunded liability determined as at a valuation date after December 31, 2010 is the amount by which the going concern deficit determined as at that valuation date exceeds the sum of

  [...]

• (b) the solvency deficiency, determined as at a valuation date after December 31, 2010, is the amount by which the solvency liabilities exceed the sum of

  [...]

• (c) if there is a solvency deficiency as at a valuation date, the annual solvency special payments to fund this deficiency for the plan year following the valuation date shall be equal to the amount determined in accordance with the following formula:

  [...]

[...]

• 5 (1) The solvency deficiency as at December 31, 2009 is determined to be the amount by which the solvency liabilities exceed the sum of the solvency assets, not including the amounts deferred under section 7 of the Canadian Press Pension Plan Solvency Deficiency Regulations, and the present value of the going concern special payments payable for the period beginning on January 1, 2010 and ending December 31, 2023.

• (2) On December 1, 2010, the Canadian Press pension plan shall be funded by a payment equal to the aggregate of

  • (a) a amount equal to one sixth of one of the equal annual solvency special payments that would be sufficient to liquidate the solvency deficiency determined as at December 31, 2009 over 14 years;

  • (b) an amount equal to one sixth of the going concern special payments determined as at or before December 31, 2009 adjusted to exclude the special payments deferred under section 7 of the Canadian Press Pension Plan Solvency Deficiency Regulations from the going concern assets; and

• (3) Beginning on January 1, 2011, the plan shall be funded by monthly payments equal to the aggregate of the following amounts:

  • [...]

  • (b) an amount equal to one twelfth of the going concern special payments determined as at or before December 31, 2009 adjusted to exclude the special payments deferred under section 7 of the Canadian Press Pension Plan Solvency Deficiency Regulations from the going concern assets; and

• 1 (1) The following definitions apply in these Regulations.

  Canadian Press pension plan

  Canadian Press pension plan means the Canadian Press Pension Plan for Employees Represented by the Canadian Media Guild, registered under the Act as number 56945 and the Pension Plan of the Canadian Press, registered under the Act as number 56457. (régime de retraite de la Presse canadienne)

• (2) Except as otherwise provided in these Regulations, words and expressions used in these Regulations have the same meaning as in the Pension Benefits Standards Regulations, 1985 and the Solvency Funding Relief Regulations.