NEWFOUNDLAND AND LABRADOR REGULATION 72/23

NEWFOUNDLAND AND LABRADOR
REGULATION 72/23

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2023-214)

(Filed September 14 , 2023)

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 11, 2023.

Krista Quinlan
Clerk of the Executive Council

REGULATIONS

Analysis

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 (1) Subsection 41(4) of the Pension Benefits Act Regulations is repealed and the following substituted: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, 2022 to December 31, 2023 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 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.

(2) Subsection 41(4.1) of the regulations is repealed and the following substituted:

(4.1) Notwithstanding paragraph (4)(a), in the event of the termination of the Memorial University Pension Plan, an amount that would have been payable under paragraph 12(3)(d) had the exemption not been given shall be paid by the employer to the fund.

(3) Subsections 41(4.2), (4.3) and (4.4) of the regulations are repealed.

Commencement

2. These regulations are considered to have come into force on April 1, 2022.