Public Pensions Reporting Act

An Act to impose reporting requirements with respect to public pension plans and to amend certain Acts in consequence thereof Short title This Act may be cited as the Public Pensions Reporting Act. Definitions In this Act, Chief Actuary means the Chief Actuary of the Office of the Superintendent of Financial Institutions; (actuaire en chef) Minister, in relation to any provision, means such member of the Queen’s Privy Council for Canada as is designated by the Governor General in Council as the Minister for the purpose of that provision. (ministre) Pension plan review The Minister shall cause the Chief Actuary to conduct actuarial reviews, in accordance with this section, of the pension plans established under the following Acts: the Canadian Forces Superannuation Act; the Members of Parliament Retiring Allowances Act; the Public Service Superannuation Act; the Royal Canadian Mounted Police Superannuation Act; the Judges Act; and the Old Age Security Act. Supplementary Retirement Benefits Act Each pension plan referred to in paragraphs (1)(a) to (e) shall be deemed to include the related benefits payable under the Supplementary Retirement Benefits Act and the related assets of the Supplementary Retirement Benefits Account. Review dates The review dates as of which the actuarial reviews under subsection (1) must be conducted are in respect of each of the pension plans referred to in paragraphs (1)(a) to (e), a date not later than four years after the last review date and, thereafter, dates not more than three years apart; in respect of the pension plan established under Part I of the Old Age Security Act, a date not later than December 31, 1988 and, thereafter, dates not more than three years apart; and in respect of the pension plans established under Parts II and III of the Old Age Security Act, a date fixed by the Governor in Council and, thereafter, dates not more than three years apart. Meaning of last review date In paragraph (3)(a), the last review date shall be deemed to be in relation to the Canadian Forces Superannuation Act, December 31, 1983; in relation to the Members of Parliament Retiring Allowances Act, March 31, 1982; in relation to the Public Service Superannuation Act, December 31, 1983; in relation to the Royal Canadian Mounted Police Superannuation Act, December 31, 1985; and in relation to the Judges Act, December 31, 1983. Where plan is amended Where an amendment is made to a pension plan referred to in subsection 3(1) and the amendment affects the cost of benefits or creates an initial unfunded liability, the Minister shall cause the Chief Actuary to conduct an actuarial review of the plan as of the effective date of the amendment. Cost certificate The Chief Actuary shall, within eighteen months after the review date of a pension plan reviewed in accordance with section 3, file with the Minister a cost certificate in respect of the plan. Contents of cost certificate A cost certificate filed pursuant to subsection (1) in respect of a plan referred to in paragraphs 3(1)(a) to (e) shall set out the estimated cost of benefits under the pension plan (expressed as a percentage of pensionable payroll, showing separately the employer contributions and the employee contributions) in respect of service for the three plan years following the review date, where that date falls on the last day of a plan year, or for the plan year in which the review date falls and the two subsequent plan years, where that date falls on any other day of a plan year; the actuarial method for computing the cost of benefits, including, where applicable, the rule for allocating the cost between the employer and the employees in respect of service for the next two plan years following the applicable plan year referred to in paragraph (a); and the amounts of any new initial unfunded liability and any new experience deficiency or surplus on the review date and any special payment to be made in respect thereto. Idem A cost certificate filed pursuant to subsection (1) in respect of a plan referred to in paragraph 3(1)(f) shall show the estimated annual cost of monthly pensions, monthly guaranteed income supplements, allowances, and other benefits, if any, for each of the ten years following the review, and for each fifth year thereafter for a period not less than thirty years from the date of such a review. Valuation report The Chief Actuary shall, in respect of a review required pursuant to paragraphs 3(1)(a) to (e), file with the Minister a valuation report based on the review of the plan, within the time limit referred to in subsection 5(1). Contents of valuation report A valuation report filed pursuant to this section shall be prepared in a manner consistent with the guides and Recommendations for the preparation of an actuarial report in connection with a pension plan, published by the Canadian Institute of Actuaries, and shall include such additional information as the Minister may from time to time require. Change in actuarial methods or assumptions Where, in the review of a pension plan, actuarial assumptions or methods are used that differ from those used for the immediately preceding review in respect of which a cost certificate was filed pursuant to section 5 and such different assumptions or methods result in a decrease in the going concern unfunded actuarial liability but do not result in an excess of going concern assets over the going concern actuarial liabilities, the outstanding special payments shall be recalculated by multiplying each of the amounts thereof by a factor having, as numerator, the going concern unfunded actuarial liability and, as denominator, the sum of the present values of the previously determined special payments where the present values are calculated on the basis of the actuarial assumptions used at the current review; or in an excess of the going concern assets over the going concern actuarial liabilities, the valuation report referred to in section 6 shall include a statement as to the method, if any, proposed for the disposition of such excess. Assets report The Minister shall cause a certification of the assets of a pension plan established under the Canadian Forces Superannuation Act, the Members of Parliament Retiring Allowances Act, the Public Service Superannuation Act, the Royal Canadian Mounted Police Superannuation Act and the Supplementary Retirement Benefits Act to be made and a report thereof to be filed with the Minister at the same time as a cost certificate is filed pursuant to subsection 5(1). Assets report by Comptroller General The certification and the assets report referred to in subsection (1) shall be made by the Comptroller General of Canada. Reports laid before Parliament The Minister shall lay before Parliament any cost certificate, valuation report or assets report filed with the Minister pursuant to this Act, within thirty sitting days of their being filed if Parliament is then sitting, or if Parliament is not then sitting, on any of the first thirty days thereafter that Parliament is sitting. Dissolution of Parliament If, at the time any cost certificate, valuation report or assets report is received by the Minister, Parliament is dissolved, the Minister shall forthwith cause a copy of the certificate or report to be published in the Canada Gazette. [Amendments] Coming into force This Act shall come into force on a day to be fixed by proclamation. [Note: Act in force December 1, 1986, see SI/86-213.]