NEWFOUNDLAND AND LABRADOR
REGULATION 16/22

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2022-085)

(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, April 1, 2022.

Krista Quinlan
Clerk of the Executive Council

REGULATIONS

Analysis

        1.   S.41 Amdt.
Application to public sector plans

        2.   Commencement

NLR 114/96
as amended

        1. (1) Subsection 41(4) of the Pension Benefits Act Regulations is repealed and the following substituted:

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

             (a)  exempt for the period from April 1, 2020 to March 31, 2022 from the requirement that the employer pay an amount under paragraph 12(3)(d) of these regulations;

             (b)  exempt from the requirement under paragraph 12(3)(c) of these 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; and

             (c)  exempt for the period from April 1, 2020 to March 31, 2022 from the requirement that the employer pay an amount under paragraph 12(3)(c) of these regulations.

             (2)  Subsections 41(4.2), (4.3) and (4.4) of the regulations are repealed and the following substituted:

         (4.2)  Notwithstanding paragraph (4)(c), money required to be paid by the employer during the period from April 1, 2020 to March 31, 2022 shall be added to the end of the going concern special payment schedules in effect on April 1, 2020.

         (4.3)  The going concern special payment schedules in effect on April 1, 2020 based on the actuarial report of December 31, 2018 shall recommence on April 1, 2022 and shall be adjusted to add

             (a)  2 years of accrued interest; and

             (b)  2 additional years for payment.

         (4.4)  The interest referred to in subsection (4.3) shall be based on the going concern discount rate from the December 31, 2018 actuarial report.

Commencement

        2. These regulations are considered to have come into force on April 1, 2020.

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