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Update: Ontario multi-employer plan solvency relief

Effective July 20, 2012, the Ontario Government has again extended temporary solvency funding relief for Specified Ontario Multi-Employer Pension Plans (SOMEPPs).

The SOMEPP regulations were introduced in August 2007 as a temporary measure until 2010, were extended until 2012 as mentioned in our January 2010 edition of News & Views, and are now extended until 2017. Relief available for a multi-employer pension plan that qualifies and elects to be a SOMEPP is available only for solvency funding.