Common use of MAJOR AUTHORITY’S PENSION LEGISLATION Clause in Contracts

MAJOR AUTHORITY’S PENSION LEGISLATION. Major authority’s pension legislation 1. The pension legislation applicable to a pension plan shall be the pension legislation of the jurisdiction of the major authority for the plan in the following areas of pension legislation: Registration of pension plans 1. Legislative provisions respecting: (a) the duty of the pension plan administrator to ensure that the plan complies with the applicable pension legislation; (b) requirements that a pension plan be registered with the authority; (c) prohibitions against administering a pension plan not registered with the authority; (d) the pension plan registration process (including the filing of required forms and documents, the form in which such documents must be filed, the contents of documents and filing deadlines); (e) whether registration of a plan is proof of compliance with the applicable pension legislation; and (f) the authority’s power to refuse or revoke the registration of a plan due to non-compliance with the applicable pension legislation. 2. Legislative provisions respecting: (a) requirements that pension plan amendments, or amendments to prescribed pension plan documents, be registered with the authority; (b) the amendment registration process (including the filing of required forms and documents, the form in which such documents must be filed, the contents of documents and filing deadlines); (c) whether registration of an amendment is proof of compliance with the applicable pension legislation; (d) the authority’s power to refuse or revoke the registration of a plan amendment due to non-compliance with the pension legislation applicable to the plan under clause (a) of subsection (1) of section 6 of this Agreement; (e) the ability of the administrator to administer the amended plan if it does not comply with the applicable pension legislation; and (f) requirements for notice of registration of the amendment to be provided to active members or other persons, the form and content of the notice and deadlines for providing such notice. 3. Legislative provisions respecting: (a) requirements that a pension plan be administered by an administrator; (b) who may be an administrator, except where the pension legislation of a party to this Agreement expressly provides that the pension supervisory authority of that party’s jurisdiction shall act as administrator for part of the assets of a pension plan; and (c) the right of active members or other persons to establish an advisory committee to advise the administrator, and requirements respecting such an advisory committee. 4. Legislative provisions respecting: (a) requirements that the pension plan administrator or the trustee, custodian or holder of the pension fund: (i) administer the pension plan or pension fund in accordance with the applicable pension legislation and the plan terms; (ii) stand in a fiduciary relationship to active members or other persons; (iii) hold the pension fund in trust for the active members or other persons; (iv) act honestly, in good faith and in the best interests of the active members or other persons; (v) exercise the care, diligence and skill of a prudent person; (vi) invest the pension fund in accordance with the applicable pension legislation, the pension plan’s written investment policies, in the best interests of the active members or other persons or in a reasonable and prudent manner; and (vii) hold an annual or periodic meeting with the active members or other persons; (b) requirements that persons involved in the administration of a pension plan or pension fund: (i) employ all knowledge and skill they possess by reason of their business or profession; (ii) familiarize themselves with their fiduciary duties and obligations; and (iii) possess the skills, capability and dedication required to fulfill their responsibilities and seek advice from qualified advisors where appropriate; (c) conflict of interest requirements for persons involved in the administration of a pension plan or pension fund; (d) requirements for the selection, use and supervision of the administrator’s agents or advisors, and requirements for such agents or advisors; (e) requirements that the employer or trustee provide information to the administrator; and (f) requirements respecting the payment of expenses related to the pension plan. 5. Legislative provisions respecting: (a) how long any person must retain information related to the pension plan; and (b) requests by the plan administrator for information necessary for the administration of the pension plan. 6. Legislative provisions respecting the following requirements related to the funding of ongoing pension plans (but not for the situations described in clauses (c), (d) and (e) of subsection (1) of section 10 of this Agreement): (a) requirements for contributions made to the pension fund (including the type or form of contributions, the manner in which they must be made and deadlines for making them); (b) minimum plan funding and solvency levels (including plan funding and solvency levels related to pension plan amendments and the use of plan assets for the funding of plan amendments); (c) the ability to take contribution holidays; (d) requirements for actuarial valuation reports to be filed with the authority in respect of pension plans (including the form and content of such reports, filing deadlines and actuarial standards to be applied in preparing such reports); (e) requirements for refunds of contributions to employers, active members or other persons; (f) restrictions on the amount of the value of a person’s benefit entitlements under a pension plan, or the amount of a refund payable to the person from a pension plan, that can be initially transferred out of the pension fund of the plan where the plan is not fully funded on a solvency or going concern basis, and the deadline for transferring or paying the outstanding portion of the amount; (g) who may be the trustee, custodian or holder of the pension fund; and (h) requirements for the provision of information between administrators and the trustees, custodians or holders of pension funds with respect to contributions, and for notice to the authority of contributions not remitted when due.

MAJOR AUTHORITY’S PENSION LEGISLATION. Major authority’s pension legislation 1. The pension legislation applicable to a pension plan shall be the pension legislation of the jurisdiction of the major authority for the plan in the following areas of pension legislation: Registration of pension plans 1. Legislative provisions respecting: (a) the duty of the pension plan administrator to ensure that the plan complies with the applicable pension legislation; (b) requirements that a pension plan be registered with the authority; (c) prohibitions against administering a pension plan not registered with the authority; (d) the pension plan registration process (including the filing of required forms and documents, the form in which such documents must be filed, the contents of documents and filing deadlines); (e) whether registration of a plan is proof of compliance with the applicable pension legislation; and (f) the authority’s power to refuse or revoke the registration of a plan due to non-compliance with the applicable pension legislation. 2. Legislative provisions respecting: (a) requirements that pension plan amendments, or amendments to prescribed pension plan documents, be registered with the authority; (b) the amendment registration process (including the filing of required forms and documents, the form in which such documents must be filed, the contents of documents and filing deadlines); (c) whether registration of an amendment is proof of compliance with the applicable pension legislation; (d) the authority’s power to refuse or revoke the registration of a plan amendment due to non-compliance with the pension legislation applicable to the plan under clause (a) of subsection (1) of section 6 of this the Agreement; (e) the ability of the administrator to administer the amended plan if it does not comply with the applicable pension legislation; and (f) requirements for notice of registration of the amendment to be provided to active members or other persons, the form and content of the notice and deadlines for providing such notice. 3. Legislative provisions respecting: (a) requirements that a pension plan be administered by an administrator; (b) who may be an administrator, except where the pension legislation of a party to this Agreement expressly provides that the pension supervisory authority of that party’s jurisdiction shall act as administrator for part of the assets of a pension plan; and (c) the right of active members or other persons to establish an advisory committee to advise the administrator, and requirements respecting such an advisory committee. 4. Legislative provisions respecting: (a) requirements that the pension plan administrator or the trustee, custodian or holder of the pension fund: (i) administer the pension plan or pension fund in accordance with the applicable pension legislation and the plan terms; (ii) stand in a fiduciary relationship to active members or other persons; (iii) hold the pension fund in trust for the active members or other persons; (iv) act honestly, in good faith and in the best interests of the active members or other persons; (v) exercise the care, diligence and skill of a prudent person; (vi) invest the pension fund in accordance with the applicable pension legislation, the pension plan’s written investment policies, in the best interests of the active members or other persons or in a reasonable and prudent manner; and (vii) hold an annual or periodic meeting with the active members or other persons; (b) requirements that persons involved in the administration of a pension plan or pension fund: (i) employ all knowledge and skill they possess by reason of their business or profession; (ii) familiarize themselves with their fiduciary duties and obligations; and (iii) possess the skills, capability and dedication required to fulfill their responsibilities and seek advice from qualified advisors where appropriate; (c) conflict of interest requirements for persons involved in the administration of a pension plan or pension fund; (d) requirements for the selection, use and supervision of the administrator’s agents or advisors, and requirements for such agents or advisors; (e) requirements that the employer or trustee provide information to the administrator; and (f) requirements respecting to the payment of expenses related to the pension plan. 5. Legislative provisions respecting: (a) how long any person must retain information related to the pension plan; and (b) requests by the plan administrator for information necessary for the administration of the pension plan. 6. Legislative provisions respecting the following requirements related to the funding of ongoing pension plans (but not for the situations described in clauses (c), (d) and (e) of subsection (1) of section 10 of this Agreement):respecting: (a) requirements for contributions made to the pension fund (including the type or form of contributions, the manner in which they must be made and deadlines for making them); (b) minimum plan funding and solvency levels (including plan funding and solvency levels related to pension plan amendments and the use of plan assets for the funding of plan amendments); (c) the ability to take contribution holidays; (d) requirements for actuarial valuation reports to be filed with the authority in respect of pension plans (including the form and content of such reports, filing deadlines and actuarial standards to be applied in preparing such reports); (e) requirements for refunds of contributions to employers, active members or other persons; (f) restrictions on the amount of the commuted value of a person’s benefit entitlements under a pension plan, or the amount of a refund payable to the person from a pension plan, plan that can be initially transferred out of the pension fund of the plan where the plan is not fully funded on a solvency or going concern basis, and the deadline for transferring or paying the outstanding portion of the amount; (g) who may be the trustee, custodian or holder of the pension fund; and (h) requirements for the provision of information between administrators and the trustees, custodians or holders of pension funds with respect to contributions, and for notice to the authority of contributions not remitted when due.

MAJOR AUTHORITY’S PENSION LEGISLATION. Major authority’s pension legislation 1. The pension legislation applicable to a pension plan shall be the pension legislation of the jurisdiction of the major authority for the plan in the following areas of pension legislation: Registration of pension plans 1. Legislative provisions respecting: (a) the duty of the pension plan administrator to ensure that the plan complies with the applicable pension legislation; (b) requirements that a pension plan be registered with the authority; (c) prohibitions against administering a pension plan not registered with the authority; (d) the pension plan registration process (including the filing of required forms and documents, the form in which such documents must be filed, the contents of documents and filing deadlines); (e) whether registration of a plan is proof of compliance with the applicable pension legislation; and (f) the authority’s power to refuse or revoke the registration of a plan due to non-compliance with the applicable pension legislation. 2. Legislative provisions respecting: (a) requirements that pension plan amendments, or amendments to prescribed pension plan documents, be registered with the authority; (b) the amendment registration process (including the filing of required forms and documents, the form in which such documents must be filed, the contents of documents and filing deadlines); (c) whether registration of an amendment is proof of compliance with the applicable pension legislation; (d) the authority’s power to refuse or revoke the registration of a plan amendment due to non-compliance with the pension legislation applicable to the plan under clause (a) of subsection (1) of section 6 of t he this Agreement; (e) the ability of the administrator to administer the amended plan if it does not comply with the applicable pension legislation; and (f) requirements for notice of registration of the amendment to be provided to active members or other persons, the form and content of the notice and deadlines for providing such notice. 3. Legislative provisions respecting: (a) requirements that a pension plan be administered by an administrator; (b) who may be an administratoradministrator , except where the pension legislation of a party to this Agreement expressly provides that the pension supervisory authority of that party’s jurisdiction shall act as administrator for part of the assets of a pension plan; and (c) the right of active members or other persons to establish an advisory committee to advise the administrator, and requirements respecting such an advisory committee. 4. Legislative provisions respecting: (a) requirements that the pension plan administrator or the trustee, custodian or holder of the pension fund: (i) administer the pension plan or pension fund in accordance with the applicable pension legislation and the plan terms; (ii) stand in a fiduciary relationship to active members or other persons; (iii) hold the pension fund in trust for the active members or other persons; (iv) act honestly, in good faith and in the best interests of the active members or other persons; (v) exercise the care, diligence and skill of a prudent person; (vi) invest the pension fund in accordance with the applicable pension legislation, the pension plan’s written investment policies, in the best interests of the active members or other persons or in a reasonable and prudent manner; and (vii) hold an annual or periodic meeting with the active members or other persons; (b) requirements that persons involved in the administration of a pension plan or pension fund: (i) employ all knowledge and skill they possess by reason of their business or profession; (ii) familiarize themselves with their fiduciary duties and obligations; and (iii) possess the skills, capability and dedication required to fulfill their responsibilities and seek advice from qualified advisors where appropriate; (c) conflict of interest requirements for persons involved in the administration of a pension plan or pension fund; (d) requirements for the selection, use and supervision of the administrator’s agents or advisors, and requirements for such agents or advisors; (e) requirements that the employer or trustee provide information to the administrator; and (f) requirements respecting to the payment of expenses related to the pension plan. 5. Legislative provisions respecting: (a) how long any person must retain information related to the pension plan; and (b) requests by the plan administrator for information necessary for the administration of the pension plan. 6. Legislative provisions respecting respecting: the following requirements related to the funding of ongoing pension plans (but not for the situations described in clauses (c), (d) and (e) of subsection (1) of section 10 of this Agreement):of (a) requirements for contributions made to the pension fund (including the type or form of contributions, the manner in which they must be made and deadlines for making them); (b) minimum plan funding and solvency levels (including plan funding and solvency levels related to pension plan amendments and the use of plan assets for the funding of plan amendments); (c) the ability to take contribution holidays; (d) requirements for actuarial valuation reports to be filed with the authority in respect of pension plans (including the form and content of such reports, filing deadlines and actuarial standards to be applied in preparing such reports); (e) requirements for refunds of contributions to employers, active members or other persons; (f) restrictions on the amount of the commuted value of a person’s benefit entitlements under a pension planplan , or the amount of a refund payable to the person p erson from a pension plan, that can be initially transferred out of the pension fund of the plan where the plan is not fully funded on a solvency or going concern basis, and the deadline for transferring or paying the outstanding portion p ortion of the amount; (g) who may be the trustee, custodian or holder of the pension fund; and (h) requirements for the provision of information between administrators and the trustees, custodians or holders of pension funds with respect to contributions, and for notice to the authority of contributions not remitted when due.