Registration
SOR/2008-28 January 31, 2008

SPECIAL RETIREMENT ARRANGEMENTS ACT

Regulations Amending the Retirement Compensation Arrangements Regulations, No. 1

P.C. 2008-0184 January 31, 2008

Her Excellency the Governor General in Council, on the recommendation of the President of the Treasury Board, pursuant to subsection 28(1) (see footnote a) of the Special Retirement Arrangements Act (see footnote b), hereby makes the annexed Regulations Amending the Retirement Compensation Arrangements Regulations, No. 1.

REGULATIONS AMENDING THE RETIREMENT COMPENSATION ARRANGEMENTS REGULATIONS, NO. 1

AMENDMENTS

1. Schedule 5 to the Retirement Compensation Arrangements Regulations, No. 1 (see footnote 1) is amended by adding the following in alphabetical order:

The Canadian Wheat Board
Commission canadienne du blé

2. Schedule 6 to the Regulations is amended by adding the following in alphabetical order:

The Canadian Wheat Board
Commission canadienne du blé

COMING INTO FORCE

3. These Regulations come into force on the day on which they are registered.

REGULATORY IMPACT
ANALYSIS STATEMENT

(This statement is not part of the Regulations.)

Description

An employer-sponsored pension plan must limit benefits in accordance with the provisions of the Income Tax Act (ITA) and Regulations. The ITA permits benefits in excess of these limits to be provided for under a retirement compensation arrangement. The Retirement Compensation Arrangements Regulations, No. 1 (RCA No. 1) were introduced in 1994 to provide for the payment of benefits in excess of the ITA limits. They also provide a mechanism for the transfer of an amount from the Retirement Compensation Arrangements Account in respect of individuals, to whom the RCA No. 1 applies, who choose to transfer their pension credits to an outside pension plan under a pension transfer agreement. The RCA No. 1 amount must be transferred to a retirement compensation arrangement established by an outside employer. Those outside employers that are eligible to receive the transfer of pension credits in respect of certain employees are found in the Regulations. The RCA No. 1 must be amended to add the Canadian Wheat Board to the list of employers found in Schedule 5 and Schedule 6 of the Regulations.

Alternatives

As the registered pension plans for federal employees are contained in statute, there is no alternative but to amend the Regulations.

Benefits and costs

The application of these amendments is limited to the affected individuals whose particular circumstances are described in the amendments.

Consultation

Consultations and discussions were held within the Pension and Benefits Sector, Treasury Board Secretariat and with officials of the Department of Public Works and Government Services.

Compliance and enforcement

The normal legislative, regulatory and administrative compliance structures will apply, including internal audits, the usual reports to Parliament, and responses to inquiries received from members of Parliament, affected plan members and their representatives.

Contact

Joan M. Arnold
Director
Pension Legislation DevelopmentPension and Benefits Sector
Treasury Board Secretariat
Ottawa, Ontario
K1A 0R5
Telephone: 613-952-3119

Footnote a
 S.C. 2000, c. 12, s. 294

Footnote b
 S.C. 1992, c. 46, (Sch. I)

Footnote 1
 SOR/94-785

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