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Newfoundland and Labrador NEWFOUNDLAND Pension Benefits Act Regulations (Amendment) (Filed April 1, 2022) 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, March 31, 2022. Krista Quinlan REGULATIONS Analysis 1.
S.2 Amdt. 2.
S.7 Amdt. 3.
S.18.2 Amdt. 4.
S.27 Amdt. 5.
S.33 Amdt. 6.
S.42.2 Amdt. 7.
S.42.3 Amdt. 8.
S.42.4 Amdt. 9.
S.42.5 Amdt. 10.
S.42.6 Amdt. 11. Commencement NLR 114/96 1. Paragraph 2(1)(g) of the Pension Benefits Act Regulations is repealed and the following substituted: (g) "escalated adjustment" means an adjustment made to a member's pension benefit or deferred pension benefit after the cessation of membership in a pension plan, which adjustment is not capable of being determined with certainty at the time the plan, or an amendment to that plan, is submitted for registration because the adjustment is related to the investment earnings of the pension fund or to future changes in a general wage or price index; 2. Subsection 7(2) of the regulations is amended by deleting the words "he or she" and substituting the words "the actuary". 3. Section 18.2 of the regulations is amended by deleting the words "he or she" and substituting the words "the person". 4. Subsection 27(1) of the regulations is amended by deleting the words "his or her" wherever they appear and substituting the words "the member's". 5. Subsection 33(1) of the regulations is amended by deleting the words "his or her" and substituting the words "the spouse's". 6. (1) Subsection 42.2(1) of the regulations is repealed and the following substituted: Municipalities pension plan exemption 42.2 (1) The Newfoundland and Labrador Municipal Employee Benefits Inc. Pension Plan is exempt from the requirement of paragraph 12(3)(d) for the period December 31, 2020 to December 31, 2023 in respect of the solvency deficiency of the plan. (2) Section 42.2 of the regulations is amended by adding immediately after subsection (1) the following: (1.1) Notwithstanding subsection (1), the participating employers 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, 2020 to December 31, 2023. 7. (1) Subsection 42.3(1) of the regulations is repealed and the following substituted: Town of Happy Valley-Goose Bay retirement plan exemption 42.3 (1) The Retirement Plan for Employees of the Town of Happy Valley-Goose Bay is exempt from the requirement of paragraph 12(3)(d) for the period of December 31, 2020 to December 31, 2023 in respect of the solvency deficiency of the plan. (2) Section 42.3 of the regulations is amended by adding immediately after subsection (1) the following: (1.1) Notwithstanding subsection (1), the Town of Happy Valley-Goose Bay 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, 2020 to December 31, 2023. 8. (1) Subsection 42.4(1) of the regulations is repealed and the following substituted: City of St. John's retirement benefit plan exemption 42.4 (1) The Retirement Benefit Plan for the Employees of the City of St. John's is exempt from the requirement of paragraph 12(3)(d) for the period of December 31, 2020 to December 31, 2023 in respect of the solvency deficiency of the plan. (2) Section 42.4 of the regulations is amended by adding immediately after subsection (1) the following: (1.1) Notwithstanding subsection (1), the City of St. John's 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, 2020 to December 31, 2023. 9. (1) Subsection 42.5(1) of the regulations is repealed and the following substituted: 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, 2020 to December 31, 2023 in respect of the solvency deficiency of the plans. (2) Section 42.5 of the regulations is amended by adding immediately after subsection (1) the following: (1.1) Notwithstanding subsection (1), the St. John's Transportation Commission shall fund any solvency deficit of either 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, 2020 to December 31, 2023. 10. Subsections 42.6(1) and (1.1) of the regulations are 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, 2020 to December 31, 2023 in respect of the solvency deficiency of the plan. (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, 2020 to December 31, 2023. Commencement 11. These regulations are considered to have come into force on December 31, 2020. ©Queen's Printer |