Defined Term	Description	Result
Solvency Liabilities	Liabilities that relate to defined benefit provisions and which are determined on the basis that the plan is terminated	$37,466,000
Solvency Assets	Market value of the assets that relate to the defined benefit provisions of a plan minus the estimated expense of the winding-up of the plan	$39,468,000
Solvency Ratio	Ratio of the solvency assets to the solvency liabilities, excluding those solvency assets and solvency liabilities that are attributable to benefits that are paid by means of an annuity, other than a revocable annuity, or an insurance contract	105.3%
Average Solvency Ratio	Arithmetic average of the solvency ratios at the valuation date, the prior valuation date and the prior second valuation date adjusted as prescribed for special payments, contribution holidays, amendments and transfer of assets	102.5%
Adjusted Solvency Asset Amount	Amount determined by multiplying the average solvency ratio by the amount of the solvency liabilities	$38,418,000
Solvency excess (deficiency)	Amount by which the adjusted solvency asset amount exceeds (is below) the solvency liabilities	$952,000
Solvency special payment	A special payment made in respect of a solvency deficiency	$0

Timing of Next Required Valuation

In accordance with the Act and the Superintendent’s Directives, an actuarial report must be prepared annually except where the solvency ratio disclosed in the most recent actuarial report filed under subsection 12(3) of the Act was 1.20 or greater.

Accordingly, the next valuation of the Plan will be required as of December 31, 2020.