NEWFOUNDLAND AND LABRADOR REGULATION 53/15

NEWFOUNDLAND AND LABRADOR
REGULATION 53/15

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2015-174)

(Filed August 25, 2015)

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, August 24, 2015.

Paula Burt
Deputy Clerk of the Executive Council

REGULATIONS

Analysis

NLR 114/96
as amended

1. The Pension Benefits Act Regulations are amended by adding immediately after section 42.4 the following:

St. John's Transportation Commission exemption

42.5 (1) The Pension Plan for the Union Employees of the St. John's Transportation Commission and the Pension Plan for the Non-Union Employees of the St. John's Transportation Commission are exempt from the requirement of paragraph 12(3)(d) for the period of December 31, 2013 to December 31, 2016 in respect of the solvency deficiency of the plans.

(2) Notwithstanding subsection (1), in the event of the termination of either plan, an amount that would have been payable under paragraph 12(3)(d) had the exemption not been given shall be paid by the St. John's Transportation Commission to the fund.