Labourers' Pension Fund of Central and Eastern Canada

Text Size

Decrease Increase

News & Events

Notice of SOMEPP Election

Nov 25, 2011 - As we have done in the past, the Trustees have filed a written election with the Ontario Superintendent of Financial Services to be declared a Specified Ontario Multi-Employer Pension Plan ("SOMEPP").

The SOMEPP designation is a type of multi-employer pension plan (“MEPP”) under the Ontario pension legislation which is designed to provide temporary relief from solvency funding requirements until the province implements a permanent solution for MEPPs. Where a solvency deficiency exists, the Ontario pension regulator normally requires action to be taken to address the solvency shortfall, and for MEPPs such as ours, this may involve benefit reductions. Thus, the purpose of the SOMEPP election is to avoid any unnecessary and inappropriate benefit reductions.

The SOMEPP election will have no impact on your benefits except in the unlikely event that the plan were to be fully terminated, in which case, benefits would have to be reduced to reflect the plan’s transfer ratio.





NEWS!