A Specified Ontario Multi-Employer Pension Plan (a “SOMEPP”) is a special class of pension plans that has 15 or more contributing employers and therefore is much less likely to terminate. The MSPP is a SOMEPP and currently has over 185 contributing employers and continues to grow. Read the Plan’s SOMEPP Notice.
As a SOMEPP, the Plan is funded only on a going concern basis and is exempted from the solvency funding requirements of Ontario’s Pension Benefits Act. For certain jurisdictions, the Plan’s solvency-funded level does have an impact if a former member transfers their pension benefits out of the Plan.