Canadian Press Pension Plan Solvency Deficiency Funding Regulations, 2010 (SOR/2010-245)

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%.

(2) If the costs of compliance with subsection (1) are paid out of the Canadian Press pension plan, the employer shall reimburse the plan with an amount equal to those costs within 30 days of the coming into force of these Regulations.