NEWFOUNDLAND AND LABRADOR
REGULATION 102/18

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2018-219)

(Filed November 1, 2018)

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

Dated at St. John's, November 1, 2018.

Ann Marie Hann
Clerk of the Executive Council

REGULATIONS

Analysis

        1.   S.42.6 Amdt.
Town of Grand Falls-Windsor exemption

        2.   Commencement

          

NLR 114/96
as amended

  1. (1) Subsection 42.6(1) of the Pension Benefits Act Regulations is repealed and the following substituted:

Town of Grand Falls-Windsor exemption

          42.6  (1) The Defined Benefit Retirement Plan for Employees of the Town of Grand Falls-Windsor is exempt from the requirement of paragraph 12(3)(d) for the period of December 31, 2016 to December 31, 2020 in respect of the solvency deficiency of the plan. 

             (2)  Section 42.6 of the regulations is amended by adding immediately after subsection (1) the following:

         (1.1)  Notwithstanding subsection (1), the Town of Grand Falls-Windsor shall fund any solvency deficit of the plan in accordance with these regulations where the deficit is incurred due to benefit improvements or granting of past service to plan members during the period of December 31, 2016 to December 31, 2020.

Commencement

        2. These regulations are considered to have come into force on December 31, 2016. 

 

©Queen's Printer