NEWFOUNDLAND AND LABRADOR REGULATION 122/04

NEWFOUNDLAND AND LABRADOR
REGULATION122/04

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2004-376)

(Filed October 5, 2004)

Under the authority of section 78 of the Pension Benefits Act, 1997, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John's, September 29, 2004.

Robert C. Thompson
Clerk of the Executive Council

REGULATION

Analysis

NLR 114/96
as amended

1. Section 41 of the Pension Benefits Act Regulations is amended by repealing subsection (4) and substituting the following:

(4) Notwithstanding subsection (1), the Memorial University Pension Plan is

(a) exempt for the period from April 1, 2002 until December 31, 2005 from the requirement that the employer pay an amount under paragraph 12(3)(d) of these regulations; and

(b) exempt from the requirement under paragraph 12(3)(c) of the regulations to liquidate the going concern unfunded liability arising from the cost of providing indexed benefits in relation to past service under section 24.1 of the Memorial University Pensions Act within the prescribed 15 year period and is instead permitted to liquidate this liability within 40 years from the day that indexing is effective.