On September 11, 2017, the Alberta Treasury Board and Finance announced that the Superintendent of Pensions has extended the deadline to file actuarial valuation reports prepared as at December 31, 2016, by six months, to March 31, 2018, for all pension plans except collectively bargained multi-employer plans. Alberta also granted a six-month extension for actuarial valuation reports due to be filed between September 27, 2017 and December 31, 2017. The Superintendent’s authority to extend deadlines is provided for in the Employment Pensions Plan Act (Alberta).
The extension will allow the Superintendent’s office to undertake research, analysis and stakeholder engagement when developing options for private sector pension plan funding relief. It is unclear at this time whether the Superintendent’s office is considering temporary relief options, as applied in the past, or more substantive changes to the solvency funding regime.
Contributions must be continued in the amounts specified under the prior actuarial valuation until a new actuarial valuation report is filed.
If an actuarial valuation report prepared as at December 31, 2016 has already been filed, plan administrators are invited to contact the Superintendent’s office to discuss available options.